Popular & Trending •
Live Kenyan TV •
Live Kenyan Radio
Follow Us Like Us
Mobile Lenders That Deduct Fees Upfront Before Disbursing Loans
86 people viewed
|Mobile Lenders That Deduct Fees Upfront Before Disbursing Loans by Kenyans247(1): Sat Aug 2019 12:38am|
With the passing of each day, new mobile lenders emerge although with different operating models from the rest. While some prefer all fees to be paid to the principal during repayment, others prefer otherwise.
Below we look at some of the mobile lenders that deduct fees upfront before disbursing the requested loan.
UBAPESA ( FACILITATION FEE + MPESA TRANSACTION CHARGES)
This is a loan service offered by Ubapesa Ltd. Its minimum borrowing amount is KES 500 with flexible repayment periods of 10 and 21 days at 10% and 14% facilitation fees respectively.
There is also an additional fee charged which is the MPESA transaction fees whereby amounts between KES 500 – 1000 attract transaction fee of KES 15, while amounts between KES 1000 – 5000 attract a transaction fee of KES 22.
For example, if you take a loan of KES 500 for 10 days at 10%, the service fee charged will be KES 100 and factoring in the transaction fee of KES 15, total fees would amount to KES 115. However, the fee is deducted upfront bringing the disbursed amount to KES 885.
If you took the same amount for 20 days at 14%, the fee will be KES 70 and also factoring in the transaction fee of KES 15, the total fees will amount to KES 85. However, the fee is deducted upfront bringing the disbursed amount to KES 415.
OKASH ( ORIGINATION FEES.)
This is a loan service offered by Okash Ltd. Its minimum borrowing amount is KES 2500. It has a flexible repayment duration of 14 days and 21 days albeit at different fees. 14-day loans attract an origination fee of 14% while 21-day loans attract a fee of 16.8%.
How To Apply For Boma Yangu Affordable Housing Programme
Likewise, only loans between 2500 – 4500 have a fixed repayment of 14 days while loans of 6500 and above have a flexible repayment period of 14 or 21 days.
For example you take a loan amount of KES 6500 for 14days, the origination fee charged would be KES 910. However, the fee is deducted upfront and thus the disbursed amount will be KES 5590.
If you take the same loan amount for 21days, the service fee would be KES 1092. In the same case, the fee will be deducted upfront bringing the disbursed amount to KES 5408.
OPESA ( SERVICE FEE)
This is a loan service by TK Ltd. Its minimum borrowing amount is KES 2000 with a repayment period of 14 days with a 14% service fee charged.
For example if you take a loan amount of KES 2000 for 14 days, the service fee would be KES 336. However, the fee is deducted upfront bringing the disbursed amount to KES 1664.
BAYES ( MWEZI LOAN )
This is a loan service by Pi Capital Ltd. Its minimum borrowing amount is KES 800 with a repayment period of 30 days but through 4 weekly installments. The interest fee charged is at 24% but in addition, there is also a processing fee of KES 20.
For example if you take a loan of KES 800, the loan interest charged would be KES 192 but taking into consideration the processing fee, the total fees will amount to KES 212.
However, only the processing fee is deducted upfront bringing the disbursed amount to KES 780 so the total repayable amount will be KES 992 upon factoring in the service fee.
0 Shares 0 Like •
For you to post content on this website you have to log in or register, it only take few minute to create account
Recommended for youList Of Major Mobile Lenders In Kenya 2019 How To Improve Your Mobile Conversion Rates Best Mobile Loan Apps In Kenya 2019 How To Get A Savings Account Or Take A Loan With Mtn Mobile Money
Sections: Homepage, Religion, Africa, K247 Intelligence, Autos, Computers, Art, Graphics & Video, Innovation, Programing, Webmasters, Jokes Etc, Literature, Events, Emojipedia, Celebrities, Burundi Forum, Somalia Forum, Ugandan Forum, South Sudan Forum, Tanzania Forum,
Kenyans247 - Copyright © 2019 - 2020 Sande Kennedy. All rights reserved. See How To Advertise.
Disclaimer: Every Kenyans247 member is solely responsible for anything that he/she posts or uploads on Kenyans247.