LOOP has announced that it has launched 30 day short term loans for its customers to meet immediate financial needs.
The LOOP Quick 30 Day Loan is available to all LOOP customers, via the app, with an assigned credit limit and no overdue loans. Customers can borrow amounts ranging from Ksh. 2,000 to Ksh. 100,000, with funds disbursed instantly to their LOOP wallet.
The key features of the LOOP Quick 30 Day Loan include:
· Instant loan disbursement via the LOOP App.
· Customers can top up their loan (up to their maximum limit) within the first 20 days.
· A facility fee of 7% is charged upfront, with an optional roll-over fee of 7% on unpaid principal applied on day 31.
· Excise Duty: 20% applicable on both the loan and roll-over fees.
“The LOOP Quick Loan is about putting control into the hands of our customers. We understand that sometimes people just need a boost to bridge short-term cash flow gaps, and now, they can access that help through their phones in a few taps. It is seamless and designed around the realities of modern life.” Said LOOP DFS CEO, Eric Muriuki
To apply for the LOOP Quick Loan, customers simply need to log into their LOOP app, check their limit, and accept the loan terms and conditions.
Commercial Bank of Africa (CBA), now NCBA, launched their digital banking service Loop in March 2017. They updated it to include loans and overdrafts. To register for an NCBA Loop account, you need to download the Android app , iOS app or go to their website loop.co.ke.