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: k10,000Interest Rate: 10%Loan Term: 12 monthsTotal Interest: k6,667Total Repayment: k16,667Monthly Payment: k1,389Interest Calculation:For the first month, the interest payment would be (k10,000 x 20%) / 12 = k16,667Note: This is a representative example and the actual terms, fees and interest rates mayvary depending on the lender and the borrowers creditworthiness.The Maximum annual percentage rate(APR) on the app is is 35%.
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