If you have a good credit history and can prove it, you may qualify for a loan from Skypesa. As an extension of the peer-to-peer lending model, users can apply for loans from friends, family, or other trusted individuals to cover emergency expenses or pay for education costs.
SkyPesa Loan Application Process
Once you’ve signed up on the app, you will be prompted to answer personal questions about your financial situation. This includes your income details and any irregular payments that occurred in the past six months.
As soon as you finish the registration process and verify your phone number with SMS, you will receive a loan request form from your contacts that you have added to your friend list or those who you already knew. Each lender has their own requirements so it is important that you read everything thoroughly before accepting or declining any requests. You can also choose not to accept any potential lenders as friends if that is comfortable for you.
Interest Rate on Skypesa Loans
The interest rate on loans is low because the peer-to-peer lending model allows borrowers and lenders to ultimately share in the risk of the loan. The interest rate varies depending on your personal credit rating and is usually between 5% – 7%.
Repayment of Skypesa Loan
The repayment term is flexible and you can choose to repay your loan in a certain amount of time or on a monthly basis. The interest rates also vary depending on the loan amount. One thing that is important to note is that if you decide to take on a loan, you will be charged interest when the total amount of money still owed is less than the loan amount. This means you will have to pay more over time because your payments are calculated based on the interest rate that was initially given to you by the lender.
How to pay off a Skypesa Loan
Once you have accepted a loan, it will appear on your app as an outstanding balance. You will have to repay the balance in full before it gets marked as paid. If you are unable to pay back the sum at once, you can choose to make payments over time or set up a payment plan with your lender.
SkyPesa Loan Interest Rates
Interest rates vary depending on how much you borrow and when you take out the loan. The average interest rate is 4 percent per month and there is no pre-payment cost. To find out what this means for any given individual, all they need to do is log into the app and look at their premium table.
What happens if you don’t repay a Skypesa Loan?
If you don’t repay the loan that you have been offered, your lender will be notified and they will contact you to remind you of your loan. If they are unable to reach you, they can also ask the other lenders on your friend list to help collect the d ue.
What is the interest rate for this loan?
The interest rate for loans differs based on different factors such as the loan amount, your credit score, and the lender’s requirements. Lenders will typically require a minimum monthly repayment of around $50.
What are my options if I can’t repay my loan?
If you cannot make your monthly payments, SkyPesa has a number of options to help. You can extend your loan, use your money as collateral or have your account paid off in full by someone else.
Does SkyPesa work with people outside of Kenya?
SkyPesa works with users in Kenya only at this time.
If you are looking for a loan and you want to know your Skypesa interest rate, then you are at the right place.
Here you will find the Skypesa interest rates as well as how to apply for a loan and how to repay one.
You can also find contact information for Skypesa.