The app allows you to apply and receive loans from the comfort of your home.
To be able to get a loan from the app , you must first contact a loan agent in your community, the loan agent will provide you with their agent code. You can then use the agent code to apply for a loan.
When you apply for a loan, the loan processing is handled by the agent, it is therefore important that you communicate with an agent before you apply on the app.
The rates on the loans are charge based on the loan tenure.
The loan rates are 15% on all loans with a tenure of 3 months, 20% for 6months, 25% for 9months and 30% for 12months. The maximum rate is therefore 30% with the minimum being 15%.
Representative Example of Total Cost of a Personal Loan:
Loan Amount: k10,000
Interest Rate: 10%
Loan Term: 12 months
Total Interest: k6,667
Total Repayment: k16,667
Monthly Payment: k1,389
Interest Calculation:
For the first month, the interest payment would be (k10,000 x 20%) / 12 = k16,667
Note: This is a representative example and the actual terms, fees and interest rates may
vary depending on the lender and the borrower's creditworthiness.
The Maximum annual percentage rate(APR) on the app is is 35%.