FAQs

1. How long does it take me to get money disbursed to my wallet?

It takes 2 hours for you to get your Cash advance disbursed to you after you have properly followed the process and your Cash advance has been approved.


2. How is my interest rate determined and how is it calculated?

Interest rate is determined bySocial Lend Africa which bases on the borrower’s credit history which reflects the risk associated to the Cash advance. The more a borrower borrows from Social Lend Africa, the less their interest rate gets. Interest is calculated on a declining-balance basis.


3. Do I need collateral to get a Cash advance?

Yes, you need collateral to get a Cash advance as a first-time borrower. However, the more you borrow through us and develop a good credit history, you won’t need collateral. We also have products like business Cash advances which can be accessed without collateral.


4. How is my collateral assessed?

Your collateral is assessed on its condition of use and an accurate market value is attached to it.


5. What happens if I default on my Cash advance payments?

You are rated with a negative credit score and this history is later relayed to the Credit Reference Bureau which will alert all financial institutions not to lend you money.


6. Which payment method am I supposed to follow to pay back my Cash advance?

You deposit money on your wallet through mobile money before the due date and you initiate payment of the Cash advance which will be debited to the Lenders’ account.


7. Can I get an unsecured Cash advance?

Yes, you can get an unsecured Cash advance if you have a good credit rating. We also have products like business Cash advances which can be accessed without collateral.


8. Can I be trained on financial management after I have borrowed a business Cash advance?

Yes, you can be trained on financial management by any of our available staff at the office free-of-charge. You can also call the helpline for any inquiries on better management practices.


9. Does my Lender access my information?

Your Lender can see your details but is restricted from sharing it with any third parties.


10. How secure is my data with your system?

Social Lend Africa’s website is maintained by full-time developers who ensure its security. Your data can only be shared with Lenders, the Credit Reference Bureau and any statutorily mandated government authority.


11. Do I have to service the Cash advance after I have lent money to the borrower?

Social Lend Africa will service the Cash advance on your behalf including ensuring interest payments and updating the Cash advance schedule accordingly.


12. How much does Social Lend Africa take as commission from the interest I am supposed to get from the borrower?

Social Lend Africa takes 5% as its service fee for facilitating the Cash advance transaction.