Rates, limits and how we operate

First, what we are not

We are not a deduction lender

We are not a company like the fortnightly salary-deduction lenders. We give short-term cash for repayment at or before fortnight time. That is why there is no repayment schedule — only a number of days that you choose when you apply.

How interest is calculated

Interest has two parts: a one-off 10% fixed interest, and 2.75% of the principal per day for as long as the loan runs.

• Borrow K1,000 and repay within 5 days: K137.50 daily interest + K100 fixed = you repay K1,237.50.
• Hold the same loan for 10 days: K275 + K100 = you repay K1,375.00.
• On K1,000 the daily interest is K27.50. On K300 it is K8.25.

You decide how much interest you pay. Drag out the repayment and it costs more; settle quickly and it costs less. The application form shows you the figure before you commit.

Your borrowing limit

There is no flat maximum — it depends on your payslip. We cap your limit at 60% of your take-home pay, and it is your total repayable that has to fit inside it, not just the amount you borrow.

So if your take-home pay is K1,000, your total repayable must not exceed K600. Apply for more than that and the system cancels the application automatically. This is deliberate: it keeps you borrowing only what you can actually repay.

If you default

If you go past the number of days you selected, the loan is classified as default under our terms and conditions. Another 10% fixed interest is added to the outstanding balance, and interest is then calculated at 4% per day. On a K1,000 loan that is K40 a day instead of K27.50.

Default also reduces your borrowing limit, and continued default leads to recovery action and a listing with the Credit & Data Bureau — which affects your ability to borrow anywhere.

Part payments

If you pay part of what you owe, that loan is settled and the remaining balance becomes a new loan on the same terms, with interest continuing on the outstanding amount. You will get an email with the new loan reference.

Overpayments

Pay more than the balance and the difference is held as credit on your account. You can put it toward a future loan or ask for it back.

How to repay

Cash, bank deposit or electronic transfer. Put your loan reference in the transaction description — if you are depositing over the counter, ask the teller to include it. Save your receipt and upload it against the loan in your dashboard.

Always log in and check your Total Due before paying, because the figure changes every day.