Can I repay over fortnights?
Instabuxx is not a financial institution to give fortnightly deductible loans. We lend money online just like salespeople lending money for repayment at fortnight time. Instead of giving a fixed 30~50% interest, we let you decide how much interest to pay by selecting number of days to borrow.
For example, If your fortnight is on Wednesday, but you need K1,000 today(Monday) to do something urgent. In the online application form, you borrow for 2 days so the Interest you will pay is Only K155! Not the usual 30% (300) or 50%(500).
We charge interest on days borrowed.
Example to show how INSTABUXX works:
Sheba’s pay information:
Gross – K2600
Deductions – K800
Net (to bank) – K1800
Bank Loan Debit – K600
Take Home – K1200
Loan Eligibility (60% of Take home) – K732
Case 1 - Loan Declined
Sheba applied for K700 in 4 days. The total payable is K847.00 which is more than her eligibility of K732. So the Loan will be declined. Total Payable (Capital + Interest) must not be greater than Loan Eligibility. Regardless of Sheba taking home K1200, the loan will be definitely declined. She can repay us and of course we will make more money out of it, but how will she survive? Will she continue a dinau cycle with us? No! We don’t want people to end up in that, this initiative is to assist with people who genuinely need money urgently.
Case 2 - Loan Approved
Sheba re-applied for K500 to be repaid in 13 days. The total payable is K728.75 which is within her eligibility of K732. So the Loan will be approved. And her nominated bank account will be credited by direct transfer.
Case 3 - Loan Repayment
When the loan was approved, and credited, Sheba was emailed our bank details so when its time to pay, Sheba must direct transfer or sms transfer or Deposit into our account. If that is not possible, she can drop off cash at our office (Click to View Office Location).
Case 4 - Loan Paid before borrowed days
If Sheba got lucky with some money on the 3rd day and wants to settle the loan, She will use the loan calculator for 3 days (Total Payable = K591.25) and pays only K591.25. By paying within 3 days, she saves K137.50.
Case 5 - Loan Repaid after borrowed days
If Sheba does not pay after 13 days, the loan goes into default. Default means, it becomes a new loan with the new amount as K728.75 and daily interest accumulates on this amount and we will randomly notify her of the balance on the date we communicate with her.
Case 6 - Part repayment Made
If Sheba has K300 on the 4th day and wants to offset some of the loan, this is what happens. When she pays K300, the amount is treated as the Total Payable paid in 4 days so its split like this:
Case 7 - Loan is not paid till next default term
If Sheba does not pay after defaulting for another term (days applied for). We will engage our debt recovery team, she must be ready to meet all legal costs. Later on, we will enter Sheba’s default in CDB and hope the banks will one day ask her to go clear her CDB first before getting a loan from them. We will make sure she pays every toea.