More detailed information about us.
First things first, We are not a company like Fincorp or Moniplus that give out fortnight deduction loans. We give Dinau moni for repayment at or before fortnight time. That is why we have no repayment schedule, only number of days to be selected when applying online.
Our interest is calculated on a daily basis at a rate of 2.75% per day + 10% fixed interest. Which means, if you borrow K1000 from us and repay it within 5 days, you pay an interest of 137.5 + K100 fixed interest. If 10 days, you pay K275 + K100. This is calculated at K27.5 per day interest. For K300, the daily interest would be K8.25/day. So you actually decide how much interest you pay, if you drag the repayment, you pay more. If you pay back quickly, you pay less interest. On the online application form, in the loan information section, you can select the amount and the number of days and the interest will be shown to you so you can decide.
Interest is not fixed, if you apply for K1000 for K10 days, the total repayable at due date is K1,375 but if you repay it within 5 days, the total repayable becomes K1,237.5. If you default, meaning, you go beyond 10 days, according to our terms and conditions, the total payable becomes the new loan amount. In this case, Your new loan will be K1,375 and the new daily interest for your loan will be K37.91/day.
We have no borrowing limit, our maximum depend on individual payslips. The maximum we allow is 60% of take home pay. Which means, if your take home pay is K1000, you can only borrow an amount for a certain number of days and the Total Payable must not exceed K600 which is 60% of your take home pay. If it exceeds, we decline the loan. This is to make sure you only borrow what you need and when you really need.
And if you are satisfied with the information and wish to apply for a loan: The application form is also online. Just click on this link and fill in the form.
Just click on this link and fill in the form.
Things you MUST CONSIDER when applying:
a) Amount and day combination must give you total payable which is less or equal to 60% of you Take Home Pay.
b) You must attach 2x latest payslips, copy of you bank statement and copy of you work id. If self-employed, you must attach bank statement showing constant income.
c) MAKE SURE YOU FULLY UNDERSTAND OUR TERMS & CONDITIONS.
This is the process for an application:
1. You fill in the online form and send the application. You will receive an automatic confirmation email you the email address you specify on the application form.
2. We will receive it and review the application.
Things we consider during application review:
– Does the applicant have any existing loan with us? If yes, Decline. One loan at a time per client.
– Is the person working? If not, DECLINE.
– If self-employed, is bank statement attached? If not, DECLINE.
– Did the applicant attach payslips and bank statement? If not, DECLINE.
– Is the total repayable within 60% of take home pay? – If not, DECLINE.
3. If approved, we will make an online transfer to your nominated bank account in the application form. We will not transfer if Bank Account Name is not same as Name on Payslips and Application Form. We do not transfer to third party accounts.
4. We will include our bank account details in the confirmation email to you so you can make repayment(s) anytime.
5. Part payments are allowed, this will effectively reduce your daily interest rate.
Once you become a constant borrower, you can always call, sms, inbox, Whatsapp or email us and request for funds at anytime.
If you need more information, please click around our website for even more information.
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.