In Kenya, where financial inclusion is a pressing issue, Leja Loan App has emerged as a reliable and user-friendly platform for individuals seeking quick access to low-cost loans. With its seamless repayment process and transparent terms, Leja Loan App aims to provide a convenient borrowing experience for its users.
In this article, we will explore the features of the Leja Loan App, the repayment options available, and the loan terms and fees associated with the service.
Repaying a Leja Loan
Repaying a loan through Leja Loan App is designed to be simple and straightforward. The app provides an intuitive interface that guides users through the repayment process. Users can easily navigate to the “Pay Now” section within the Leja app and follow the self-explanatory payment procedure to complete their loan repayment.
Alternatively, borrowers can choose to repay their Leja loan using the widely-used M-Pesa platform. To do so, borrowers can access their Safaricom menu, select “M-Pesa,” then choose “Lipa na M-Pesa.” From there, they can select the “Pay Bill” option and enter the business number 977888.
The registered phone number should be entered as the account number, followed by the payment amount and the M-Pesa PIN. After confirming the correctness of the details, the payment can be submitted by pressing “OK.”
By providing multiple repayment options, Leja Loan App ensures that borrowers can choose the most convenient method for them, making the loan repayment process hassle-free.
Leja Loan Terms and Fees
Leja Loan App offers borrowers flexibility in choosing loan amounts. Borrowers can request loans ranging from KES 1,000 to KES 50,000, allowing them to access the funds they need for various purposes.
To facilitate these loans, Leja charges a monthly facilitation fee ranging from 9% to 25% of the principal loan amount. This fee is intended to cover administrative costs and ensure the sustainability of the service.
The Annual Percentage Rate (APR) for Leja loans ranges from 27% to 260%. The APR takes into account the facilitation fee and provides borrowers with a clear understanding of the overall cost of borrowing. By disclosing the APR, Leja Loan App promotes transparency and responsible lending practices.
For example, let’s consider a 65-day loan with a principal amount of KES 1,000. In this case, the facilitation fee would amount to KES 250. Therefore, the total payable amount at the end of the loan period would be KES 1,250. It’s important to note that Leja Loan App does not charge any amount beyond the facilitation fee, except for a one-time late payment fee that may apply if the borrower fails to repay the loan within the specified grace period.
The repayment period for Leja loans ranges from a minimum of 65 days to a maximum of 120 days. This flexibility allows borrowers to select a repayment period that suits their financial situation and repayment capabilities. It’s crucial for borrowers to consider their financial circumstances and choose a repayment period that they can comfortably manage.
Terms and Conditions
Leja Loan App operates with a customer-centric approach, ensuring that borrowers have a positive borrowing experience. The platform charges affordable facilitation fees ranging from 9% to 25% of the principal loan amount, making the service accessible to a wide range of borrowers.
In the event that a borrower is unable to repay the loan on the due date, Leja Loan App extends a grace period of 7 days. This additional time allows borrowers to arrange the repayment. However, if the repayment is not made within the grace period, a one-time late payment fee of 10% will becharged on the payable amount.
This late payment fee serves as an incentive for borrowers to repay their loans promptly and to avoid unnecessary charges. It’s important for borrowers to prioritize timely repayments to ensure a positive borrowing experience and to avoid any additional fees.
Conclusion
Leja Loan App offers a convenient and flexible solution for individuals in Kenya seeking access to low-cost loans. With its user-friendly interface and multiple repayment options, borrowers can easily manage their loan repayments through the app or the M-Pesa platform. The loan terms and fees, including the loan amounts, facilitation fees, and APR, are clearly communicated to borrowers, promoting transparency and responsible borrowing practices. By adhering to these principles, Leja Loan App aims to enhance financial inclusion and provide a reliable borrowing option for individuals in need of quick access to cash.
Learn more about other loans apps in Kenya here.
