What is collateral?

• Collateral is an asset or property that you offer to us (CENTS) as security for a loan or simply put, it is surety.

What is a collateral based loan?

• A collateral-based loan is a loan where you (client) are given money in exchange for a valuable item. The item is kept until you (client) payback the loan. After which the item will be given back to you.

What is the minimum amount I can get?

• For the time being ,the minimum amount offered is K200.

What is the maximum amount I can get?

• For now, The maximum amount offered is a K1000. This, however will increase with time.

How can I choose my collateral?

• Your collateral should be greater in value than the amount you would like to be loaned and the collateral should be owned by the person who wants to access the loan. Technology based collateral is most considered.

How do you calculate the interest I should pay?

• The interest is calculated based on the time frame of the loan.

What are the time frames of your loans?

• The time frames have been categorized in weeks with a special case to the one-day loan. Starting from 1 day (Special Case) and 1 week – 4 weeks. The loan duration will increase with time.

What happens when I payback my loan before the due date?

• As stated above, the loans have categories, so you can either get a 1 Day,1,2,3 or 4-week loan. Unless there is a promotion for an earlier payback discount, the payback amount will depend on the duration that you initially signed for.

Can I Reserve Some Money To Be Collected at a Later Date?

• Yes. Money can be reserved for you upon request, but only for 2 days.

Can I pay back my loan in instalments?

• Yes, of course you can. We try to make the process (Accessing and Payback) as simple as possible. Just keep in mind as you pay in instalments all the terms and conditions still apply.

What happens when I can not payback my loan on the due date?

• You will be given the option to extend the loan, however, interest for the previous duration MUST be paid. This can go on as long as the client gives consent.
•  E.g. You get a loan worth K500 for two weeks, on the due date you fail to pay. You can request to pay the interest of K115 and extend the loan for a duration of your choice (between 1 – 4 weeks).

What happens when I fail to payback the loan?

• The collateral will be kept for an additional 7 days, giving you additional time to payback the loan. After the 7 days elapse, the collateral will be disposed of and our monies retrieved.

When do you start counting the 7 days?

• The 7 days is entered 3 days after the payback date, i.e. when the client does not pay any amount (either for an extension or the total amount).