1. Loan Eligibility and Pre-existing Products
The loan facilities borrowed under this product will be subject to the features and terms of
pre-existing products. Applicants must meet the eligibility criteria, which may be reviewed and
updated at our discretion.
2. Default on Loan Repayment
In case of default in repayment of USSD loans, the loan product facility will be considered in
arrears. In such cases, the usual collection processes, including notifications, penalties, and
other legal actions, will apply. The borrower will be responsible for any additional costs incurred
during the collection process.
3. Loan Amount
The maximum loan amount available under this product is Ksh 20,000. This is the
highest amount that can be borrowed during any given loan cycle. Loans will be subject to the
applicant’s eligibility and approval processes.
4. Non-refundable Verification Fee
A non-refundable verification fee of Ksh 223 will be charged to the borrower. This
fee is intended for detailed verification, including but not limited to identity, financial status,
and other relevant checks. This fee will not be refunded, regardless of whether the loan application
is approved or rejected.
5. Loan Repayment Terms
The loan amount is required to be repaid within 30 days from the date of borrowing.
The borrower agrees to repay the full loan amount on or before the due date. Failure to repay the
loan on time will result in penalties and may lead to further legal actions, as specified in our
collection policies.
6. Loan Disbursement Process
Once the loan is approved, the loan amount will be disbursed to the MPESA number
provided during the application. The loan will typically be processed within 5-7 working
days. The processing time may vary depending on factors such as verification, system
load, or other operational requirements. The borrower agrees to allow us a reasonable period for
processing.
7. General Conditions
- You must ensure that the MPESA number provided is correct and functional. If the disbursement
fails due to incorrect details, the loan may be canceled, and the application may need to be
resubmitted.
- Any changes to the terms of this loan facility will be communicated to the borrower in a timely
manner, and updated terms will be posted on our website or sent through official communication
channels.
- By accepting the loan, you consent to our privacy policy and acknowledge that your personal data
will be processed in accordance with our data protection practices.
8. Indemnification
You agree to indemnify and hold harmless [Your Company Name], its employees, affiliates, and agents
from any and all claims, damages, liabilities, and expenses arising out of your use of this loan
facility or any violation of these Terms and Conditions.
9. Governing Law and Dispute Resolution
These Terms and Conditions shall be governed by and construed in accordance with the laws of the
Republic of Kenya. Any dispute arising under this Agreement will be subject to the exclusive
jurisdiction of the courts in Kenya.
10. Acceptance of Terms
By submitting your loan application, you acknowledge that you have read, understood, and agree to be
bound by these Terms and Conditions.