LOOP has launched a 30-day short-term credit facility designed to meet the immediate financial needs of customers with flexibility and ease.
The LOOP Quick 30-Day Loan is available to all registered LOOP customers with an assigned credit limit and no overdue loans. Customers can borrow amounts ranging from KES 2,000 to KES 100,000, with funds disbursed instantly to their LOOP wallet.
Key Features of the LOOP Quick 30-Day Loan Include:
- Fast Access: Instant loan disbursement via the LOOP App.
- Flexible Borrowing: Customers can top up their loan (up to their maximum limit) within the first 20 days.
- Transparent Pricing: 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 facility 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.
The launch of the LOOP Quick Loan builds on LOOPs broader commitment to a robust digital ecosystem that supports lifestyle and financial wellness through innovation, inclusion, and convenience.
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.
Read Also: Why LOOP By NCBA Is The Financial Sidekick Every Entrepreneur Needs