MoLoCredit 1.0.7

MoLoCredit is a notable loan application in Tanzania, providing users with expedient access to financial resources. The platform allows for loan applications that are both straightforward and efficient, with a promise of quick approval processes and adaptable repayment terms. The service caters to a variety of needs, including emergencies, business ventures, and personal requirements, all within a secure environment.

Product Features:

• Loan Amount: up to TZS 990,000
• Loan Term: 91 days to 365 days
• Service Fee: 5%
• Maximum Annual Percentage Rate (APR): 25%

Example Calculation:

If one were to secure a loan amount of TZS 990,000 with an APR of 16% per annum over a tenure of 365 days, alongside a service fee of 5%, the calculations would be as follows:

• Daily interest rate = 16% / 365 = 0.044%
• Interest for 365 days = TZS 990,000 * 0.044% * 365 = TZS 158,994
• Service fee = TZS 990,000 * 5% = TZS 49,500

This results in receiving TZS 990,000 with an expected repayment total of TZS 1,198,494 (comprising the principal amount plus interest and service fees).

Eligibility Criteria:

1. Aged between 18-65 years
2. A citizen of Tanzania
3. A regular source of income

Contact Information:

• Customer Service Email: [email protected]
• Address: P.O. Box 12345, Kijitonyama, Dar es Salaam, Tanzania