Loan Terms & Policies
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đź“Ś Collateral Requirement:
All loans are collateral-based. A loan will only be disbursed after the collateral is submitted and verified by a loan officer. Acceptable collateral includes electronics, furniture, and other valuable items. Items must be in good working condition and clearly owned by the borrower.
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đź’ł Repayment & Renewal:
Loans must be repaid by the agreed maturity date. Customers may choose to renew the loan if unable to repay in full. Renewals will require updated documentation and may attract additional interest.
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đź’° Excess Payments:
Any payment made beyond the scheduled interest amount will automatically reduce the principal loan balance, helping you pay off your loan faster.
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⚠️ Default Penalty:
If you fail to repay on time, a fixed penalty of K25 will be charged. Additionally, a daily interest of 1% will apply to the outstanding loan balance until it is cleared.
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đź”’ Collateral Policy:
Our objective is not to take ownership of your property. Collateral is held securely and only used as a guarantee for the loan. It remains your property unless the loan is defaulted.
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🛑 Loan Default Consequences:
If you do not settle the loan within the agreed terms, your collateral may be sold. The sale proceeds will cover the outstanding loan, accrued interest, and any additional administrative costs.
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👤 Ownership of Collateral:
Only submit items that you legally own. Submitting another person's property without permission may lead to legal action and loan rejection.
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🤝 Customer Commitment:
We value your trust and partnership. Our goal is to support you in achieving financial freedom. Let’s grow together—responsibly and confidently.
