Okolea digital lending platform launches newly upgraded platform with new benefits.
Growing from just an experiment, Okolea is following in the footsteps of mobile Applications that have transitioned to the space of big lenders. It allows users to access up to three different loans with different rates and duration.
“You can now borrow up to three times but within your assigned limit without paying your first loan, a feature meant to encourage customers to only borrow what they need at a time,” Peter Muraya, Okolea International, Chief Executive said.
He added, “it is a testament that at Okolea we are in the business of helping people, not exploiting them.”
The app approves a loan within five seconds of application and quickly disburses the credit within five seconds of approval highlighting that digital lending is now becoming a huge source of credit in Kenya.
“Okolea is now in the process of setting standards in the industry through features that seek to promote responsible lending and to protect consumers from exploitation,” Muraya said recently.
He said the move would ensure that customers could continue to get access to working capital and emergency funds instantly through the App.
Okolea is one of the first digital players to embrace the duplum rule ensuring interest for late payments do not exceed the principal amount.
The in duplum rule is a common law rule that provides that arrear interest ceases to accrue once the sum of the unpaid interest equals the amount of capital outstanding at the time and not the amount of capital originally advanced.
The company has also lowered its interest rates to a minimum 5 per cent for those who pay within 2 weeks and a maximum 15 per cent from its previous high of 20 per cent for one month.
“Okolea recognizes that having rates fixed per month is detrimental to the welfare of the customer since some customers pay before the month ends,” Muraya added.
This has led to introduction of interest bands, which depend on time repaid thus passing benefits to those who pay early.
“This app has changed the way I get credit to run my business, I am at a position to carry on different small projects by borrowing small amounts responsibly, repaying and borrowing again” Lawrence Maina, a grocery trader in Umoja noted.
To access Okolea just go to google play, download the Okolea app, register and borrow instantly.