What is a tiny amount?

Created by Chinwendu Nwazojie, Modified on Sun, 10 Nov at 6:55 PM by Chinwendu Nwazojie

When applying for a loan, you may come across the term “tiny amount”.But what exactly does this mean? In the context of loan verification, a tiny amount refers to a small sum of money that is sent to your salary bank account for verification purposes.

Typically, this tiny amount ranges from #5 to #15. Yes, you read that right- it's a very small amount. This tiny amount is used to verify your identity and confirm that you are the rightful owner of the bank account.

The purpose of sending this tiny amount is to ensure that the loan application is genuine and not fraudulent. By verifying the tiny amount, Veend can confirm that the account details provided match the account holder’s information


Next step After Receiving the tiny amount


Congratulations! You’ve successfully received the tiny amount in your bank account. Now, you’re one step closer to completing your loan application. Here’s what to do next:

  1. Return to your loan application platform: whether you initiated the loan application process via USSD, mobile app or website, go back to the same platform and start the application process again from scratch.
  2. Enter the Tiny amount and proceed: When prompted, enter the exact tiny amount you received in your bank account. This verification step confirms that you’re the account holder and ensures the loan application is genuine. 
  3. Complete the loan application process: After entering the tiny amount, proceed with the loan application as usual. Fill in the required information, submit your loan application and wait for disbursement



Getting started with the loan application process https://www.veendhq.com/loans/apply

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