Loans And Credit Loan App

Business & Finance / By Anita Mbuggus

All loans under Loans and credit fall within the following terms:
Minimum repayment period = 90 days
Maximum repayment period = 365 days
Maximum APR = 15%

Representative example

Loan amount – USD 100
Term of loan – 3 months
Interest per year 12%
Service fee – None.

Repayment

Interest is 12% x USD 100 X 3/12 months = USD 3
Monthly payments = USD 34.33 (comprising USD 33.33 principal + USD 1 interest)
Total amount to repay = USD 34.33 x 3 months = USD 103 (comprising USD 100 principal + USD 3 interest)

Total cost of the loan, including all applicable fees = Service Fee 0 + Interest USD 3 = Total Cost of Loan USD 3
You can learn more about loan apps in Kenya on this website

Author

Anita Mbuggus

Anita Mbuggus brings a unique blend of technical expertise and creative flair to the Jua Kenya team. A graduate of JKUAT University with a Bachelor of Science degree in Business Computing, Anita combines her analytical skills with a passion for storytelling to produce insightful and engaging content for our readers. See More on Our Contributors Page
View all posts