Bora Credit 1.1.6

Bora Credit offers a comprehensive borrowing solution that is worth evaluating for those in need of financial assistance. Here are the key features of their loan service:

• Loan Amount: Ranges from 500 Ksh to 50,000 Ksh
• Loan Term: Minimum period of 91 days and maximum of 180 days
• Annual Percentage Rate (APR): Varies between a minimum of 36% and a maximum of 72%
• Service Fee: 0%
• Eligibility: Applicants must be at least 18 years old

For example, if one applies for a loan of 2500 Ksh with a 180-day term at an APR of 72%, the total service fee would be calculated as follows: 2500 Ksh x 72% (APR) / 2 = 900 Ksh. Therefore, the total amount payable would be 2500 Ksh + 900 Ksh = KES 3400.

Regarding repayment options:

• If opting for a one-time repayment, the full amount of KES 3400 is due after 180 days.
• If choosing monthly repayments, the total can be divided into six equal installments, resulting in a monthly payment of approximately KES 566.67.

Fee breakdown for clarity:

• Loan principal: 2500 Ksh (180 days)
• Total fee for the loan: 900 Ksh (calculated as 2500 Ksh x 72% (APR) / 2)
• Total amount payable: KES 3400 (sum of loan principal and total fee)
• APR: 72%

The application process is straightforward and includes the following steps:

1. Register using your M-Pesa number.
2. Apply for the specific loan amount needed.
3. Await approval and receive the disbursed funds.
4. Repay on time to increase your credit limit to 50,000 Ksh.

Bora Credit emphasizes the importance of privacy and data security. The application process involves encrypted data sourced from your phone, including SMS history, to verify identity and assess creditworthiness. This ensures that your information remains secure and confidential, with no third-party sharing.