Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The firm has also lowered its interest rates to a minimum 5 percent and a maximum 15 percent from its previous high of 20 percent/FILE

Kenya

Okolea App users to borrow loans three times simultaneously

Digital lending is now the leading source of credit in Kenya with over 6 million online borrowers in different platforms/FILE

NAIROBI, Kenya, Sep 17 – Okolea Mobile lending application has now launched multiple loans function that allows the users to have three loans simultaneously, a break from other digital lenders where the maximum is one loan.

The move allows users to have three different loans with different rates and duration.

“You can now borrow up to three times but within your assigned limit without paying your first loan, a feature meant to encourage customers to only borrow what they need at a time. This is a testament that at Okolea we are in the business of helping people, not exploiting them, ” said Peter Muraya, Chief Executive Okolea International.

The firm has also lowered its interest rates to a minimum 5 percent and a maximum 15 percent from its previous high of 20 percent.

“Okolea recognizes that having rates fixed per month is detrimental to the welfare of the customer since some customers pay before the month ends. This led to introduction of interest bands which depends on time repaid passing benefits to those who pay early,” Muraya added.

The interest bands are five percent for those who pay within two weeks, eight percent for one week repayments, 11 percent for two weeks, 13 percent for three weeks and 15 percent for one month.

Digital lending is now the leading source of credit in Kenya with over 6 million online borrowers in different platforms.

It is mostly used to finance working capital and day to day consumption needs.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...