Okolea online lending application has now launched multiple loans function that allows the users to have three loans simultaneously, a break from other digital lenders where users can only borrow one loan and repay it before they borrow another.
Digital lending is now the leading source of credit in Kenya and that it is mostly used to finance working capital and day to day consumption needs. With over 6 million online borrowers in different platforms.
Through the okolea app, available on google play, users are now at a position to borrow responsibly following the developers major upgrade allowing users to have three different loans with different rates and duration.
Okolea was one of the first digital players to embrace the duplum rule ensuring interest for late payments does not exceed the principle borrowed. “This is a testament that at Okolea we are in the business of helping people, not exploiting them,” said Mr. Peter Muraya, CEO Okolea.
Okolea has also lowered its interest rates to a minimum 5% and a maximum 15% from its previous high of 20%. 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. The interest bands are 5% for those who pay within 2 days, 8 % for one week repayments, 11 % for two weeks, 13% for three weeks and 15% for one month.
Speaking to one of the consumers he remarked “This app has changed the way I get credit to run my business, I am at a position to carry on different small projects by borrowing small amounts responsibly, repaying and borrowing again” the construction manager remarked.
“Through its effectiveness the app approves your loan within five seconds of request and quickly disburses loans within five seconds of loan approval. The whole process is completed within ten seconds” Another user added.
Okolea aims to launch more features to promote responsible lending and to protect consumers from exploitation. This will ensure that customers can continue to get access to working capital and emergency funds instantly through the ever improving okolea app.