Peer to peer app to loan or lend money through M-Pesa
1. Download app.
2. Register using your Mpesa Number.
3. Get approved and receive loan
UbaPesa offers non-recurring personal loans payable in 61 – 90 days. The loans are repayable either in multiple installments or one installment as per the borrower’s capacity.
- Loan facilitation/access fee is 10%
- Interest is applicable from the 14th day up to the 60th day up to a maximum of 15%
- No more interest charged after 60th day
- 10% late repayment penalty on outstanding amount charged on the 65th day.
- No more fees or penalty charged after the 90th day.
- Loan Breakdown Example
- Borrow Ksh 1000
- Repayment Period 61 - 90 days
- Access fee 10% = Ksh 100
- Interest rate 15% = Ksh 150
- Net Amount = Ksh 885
- Total to Pay = Ksh 1,150
- APR is 90% but not applicable as max period is 90 days