After deciding to try out .Repayment dates mostly on the 12th june ,I can report that all loans about 38000kes have been repaid by today luckily no defaults.The trick is to lend out 3500 - 5000 per loan .Those who qualify for such amounts are people with a good report on crb.The conditions also state that if a loan is defaulted its up to them to follow up and 60 days after the lending date they refund you.The lending criteria is so tough that a person like me who has never defaulted only loan i took was helb which i cleared ,does not qualify for any amount even 500 bob.
How much is your profit?
about 5 percent per month
not much but basically you load money into the app they do everything and leave you with that as you sleep and do other things
Do they also determine the interest rate ?
yes for 10 day loan 8 %,20 day loan 9% and 30 day loan 10%. They take 35% of your profit then you pay kra 15% withhoding tax finally 22 bob to safaricon
How’s your relationship with KRA so far? Are you cutting any corners?
i pay taxes its not optional the withholding tax is deducted from your profit .Then ive realised an error somewhere I deposited 38,800 but I only lent out 30,500 .The profit was 1638.The mobile operator charge only applies when you withdraw money which i havent done.This works out to 5.37% for the month of may