UbaPesa

UbaPesa is a platform where you can borrow money. You could call it a Money Market.

*Getting Started*

1. Download app.

2. Register using your Mpesa Number.

3. Get approved and receive loan

UbaPesa offers non-recurring personal loans payable in 61 – 90 days. The loans are repayable either in multiple installments or one installment as per the borrower’s capacity.

- Loan facilitation/access fee is 10%

- Interest is applicable from the 14th day up to the 60th day up to a maximum of 15%

- No more interest charged after 60th day

- 10% late repayment penalty on outstanding amount charged on the 65th day.

- No more fees or penalty charged after the 90th day.

- Loan Breakdown Example

- Borrow Ksh 1000

- Repayment Period 61 - 90 days

- Access fee 10% = Ksh 100

- Interest rate 15% = Ksh 150

- Net Amount = Ksh 885

- Total to Pay = Ksh 1,150

- APR is 90% but not applicable as max period is 90 days