Mwachangu is a Zambian mobile application that offers instant personal loans up to K5,000 through a fully online process.
Loan Terms and Fees:
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Loan Amounts: K100 to K5,000
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Loan Terms: 91 to 180 days
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Annual Percentage Rate (APR): 19.45% to 31.29%
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Service Fees: 1% to 3% of the loan amount
Example: For a K1,000 loan over 90 days at a 20% APR with a 1% service fee:
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Interest: Approximately K49.32
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Service Fee: K10
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Total Repayment: Approximately K1,059.32
User Reviews:
Specific user reviews for Mwachangu are limited. However, a comparison with PowerKwacha, another Zambian loan app, suggests that Mwachangu's fixed 20% APR offers predictable and affordable repayment amounts. Additionally, Mwachangu encourages timely repayments to increase borrowing limits in future applications.
Data Privacy and Security:
Mwachangu states that it does not share user data with third parties. The app collects information such as user payment details, crash logs, installed apps, approximate location, and device IDs, all of which are encrypted during transmission. Users can request data deletion through the app's privacy settings.
Considerations:
Before using Mwachangu or similar loan apps, consider the following:
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Interest Rates and Fees: Ensure you understand the total cost of the loan, including interest rates and service fees.
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Repayment Terms: Assess whether the repayment period aligns with your financial situation.
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Data Privacy: Review the app's data collection and sharing policies to ensure your personal information is handled securely.
Always read the terms and conditions thoroughly before proceeding with any loan application to make informed financial decisions.
Mwachangu loan app reviews
Mwachangu is one of the ealiest loan apps in Zambia and it has been trusted by many customers because of the cinsistence in service provision. The app is rated 4.4 by over 11000 people and has 500,000 downloads.
