Paul Mutie
Kasarani, Nairobi, Kenya, KenyaMay 13, 2022
Has the service fee changed from 5% of the loan amount? I applied for a loan of Kshs. 55,835/= and have been charged a service fee of Kshs. 8,375/= which translates to about 15% unlike the 5% have enjoyed in my previous loans. Kindly advice.
Hi Paul, previously loans carried both a service fee and a risk fee. Now the only fee is a service fee, and the percentage now depends on the size of the loan with larger loans carrying a higher fee rate (because they are held for longer). The total cost of the loan is usually lower than it was when risk fees were included.
Paul Mutie Kasarani, Nairobi, Kenya, Kenya May 13, 2022
Julia Kurnia Sterling, US May 13, 2022