mifedha

MiFedha mobile phone app is a platform that facilitates Friend-to-Friend loan; credit sales - credit purchases and Chama (self-help group) - group member loans; View product summary https://youtu.be/1ftv1OLCFIAand for a full guide https://youtu.be/4XxOfz0hMwQ?list=PL4WZDOia7r0beHThiWsZkNnUxp9py5PGJMiFedha app ensures that the loaned is not exploited by his friend in this way:The loaned must first request from the friend or self-help group or credit seller. This ensures that it is the loaned who enters the rates of the loan as well as the repayment period to avoid exploitation. View demo on how to request from https://youtu.be/ABwUea4HybgThe loaning friend, from a list of placed requests, may grant or deny only the requested loans. View a demo on how to grant a requested loan from https://youtu.be/gdQLzgnvv5MNOTE:The Loan contract is purely between loan party. The Loan Party involve Friend and Friend, Group and Group member, credit seller and credit buyer. MiFedha system simply facilitates the funds transfer, then facilitates loan repayments. If the loaned defaults to repay the loaning friend, group or credit seller then the loaner may blacklist that person. View guide from https://youtu.be/WtfxXLLHwNsOnce blacklisted, MiFedha system will also ensure you honor your promise to repay. View demo https://youtu.be/k4rwla7eduEOnce you have downloaded and installed the app please sign up then sign. View sign up guide on https://youtu.be/uzxFF3ezkCEApplicable rates and Fees:Loan Amount = Determined by the loaned when requesting the loan. This is the amount debited into the loaned Main Account.Repayment Amount = Determined by the loaned during the request phase. It is the amount that the loaned promise to repay to the loaner. It may or may not be equal to the loaned amount. I will be debited to the loaners account once the loan is repaid.View demo https://youtu.be/ABwUea4HybgTransaction fee during loaning = 2%; The loaner facilitates this fee and it is added to the Amount to be repaid by the loaned.Transaction fee during loan repayment= 2% of the amount being transacted;Advocacy Fee (Optional) = 2.5% of the loaned amount. Factored in if the loan party wish to involve an advocate. Since the loaner facilitates this fee, it is therefore added to the Amount the loaned will repay. Goes to the advocates account.Clearance Fee = 2.5% of the repayment amount for late repayment if the loaned gets blacklisted by the loaner; only becomes effective if the loaned defaults repaying the loan and is blacklisted by the friend.Repayment penalty (Optional); it is entered by the loaner. Can be zero but should not be more than 20% of the repaid amount; view demohttps://youtube.com/shorts/lpoRAli4mr8This only becomes effective if the loan is blacklisted and is added to the amount to be repaid to the the loaning friend. Goes to the loaning Friend and is debited to the loaning friend account once the loan is cleared.Minimum repayment period = 61 days. View demo https://youtu.be/WtfxXLLHwNsMaximum repayment period = 5 years;Maximum Annual Percentage Rate = 9% These are: Transaction fee during loaning (2%) + Transaction fee during loan repayment(2%) +Coverage Fee (Optional --> 2.5% of the loaned amount) + Clearance Fee Effective only if the loaned gets blacklisted by the loaner (2.5% of the amount to be repaid) For Example:If a loaned requests Ksh 100 loan to be repaid as Ksh 100 at the end of 1 year and involves an advocate, it will be calculated as follows when granted by the loaning friend who attaches Ksh 2 for loan default penalty:(2.5% (transfer fee)*100(loan amount)) + (2%(Advocacy fee)*100) + 100(Repayable amount) = Ksh 104.50 (Amount Repayable).If defaulted and subsequently blacklisted, Loan Amount Repayable becomes:(2.5%(Clearance Fee)*Ksh 100(Amount repayable))+(Ksh 2 (Default Penalty))+Ksh 104.50(Amount Repayable) = Ksh 109.