Nano Loan
Momokash is a nano-credit digital solution that provides access to small loans of up to 25,000 FCFA with competitive interest rates. This small loan amount is designed to meet immediate financial needs or address short-term cash flow gaps.
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Momokash implements a tiered interest rate structure. Initially, the interest rate is set as from 7.5% for the loan duration.
The loans provided by Momokash have a relatively short repayment period. Borrowers are typically expected to repay the loan within a matter of weeks rather than months. This short-term nature ensures that borrowers can quickly fulfill their financial obligations.
Momokash aims to provide fast and efficient loan approvals. Once the loan application is submitted through the mobile application, borrowers can expect a prompt decision, allowing for timely access to funds.
Approved loans are disbursed digitally, directly into the borrower’s provided mobile wallet. This eliminates the need for physical visits to a financial institution and facilitates convenient and secure fund transfers.
Momokash may offer credit reporting to credit bureaus, which means that borrowers who make timely repayments can use this loan as an opportunity to build their credit history. This can potentially enhance their creditworthiness and open doors to more favorable loan terms in the future.
It’s important to review the terms and conditions specific to Momokash, as interest rates, loan limits, and repayment periods may vary based on factors such as individual creditworthiness and local regulations.