Our emergency loan product is designed to help you meet unplanned and unexpected expenses such as hospital bills, car or house repair, family bereavement or any other emergency situation.
Minimum loan is N5,000 and maximum of N50, 000. The amount approved will depend on your salary and your existing obligation.
No we do not allow repayment dates to be change or rollover. As responsible lenders we do not believe it is responsible to allow rollover, you have to pay the loan back on the date as agreed in your agreement.
A top up is returning/increasing the balances on an existing loan facility. The existing facility will be liquidated in order to process a new loan, as you cannot have two loans running simultaneously. The amount of money receivable (the difference between the New Principal and Unpaid Principal on the Existing Loan) will be communicated and disbursed into your account of choice.
No you cannot have more than one active loan at the same time.
Yes, we will carry out credit search before your loan is approved.
No, you need to apply via your designated HR/Admin officer in your office. Once your application has been endorsed by your Company, our loan officers will come to pick it up.
Yes you have to be in paid employment and your Company has to be registered with MKOBO.
You receive a confirmatory text telling you the status of your loan application.
The money will be paid directly into your bank account.
We aim to turn around all fully completed applications and pay out the money within 48hrs.
On your salary pay day.
You don’t have to do anything, it will be deducted automatically by your Employer and paid directly to MKOBO.
Easy. All our contact information is available on our contact page
Yes, you can pay down/liquidate your existing loan at any time.
There are no hidden charges. We offer a flat interest rate for our Emergency and Personal Loan products but we do charge a one off processing fee for our business loan product which is deducted automatically from your the loan before it is disbursed.
If you paid back your loan on time, then you can apply for another one anytime. Note as responsible lenders we will only allow a maximum of three consecutive loans.
We want to keep you as a customer, so please make every attempt to pay us back on time. If you are facing difficulties or have concerns then contact us as soon as possible at email@example.com
If you are still unable to make your payment, the following things can occur:
- We will be forced to suspend your access to our lending service
- Involvement with outside collection agencies
- Possible legal action (if applicable)
- Reporting your account delinquency to multiple credit bureaus which may impair your chances of getting credit in the future
Remember informing us early and working with us is a better option than not paying back your loan, so please contact us at anytime. We want the best for you, so anytime you are having issues, let us know and we can work together on a solution.
If you have a question that is not on here and you think it should be, please submit it to FAQ@mkobo.com