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Updated
18/02/2024
Size
23 MB
Version
1.1.9
Requirements
5.0
Downloads
100,000+
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Description

MkopoWako is a leading modern, high-tech lending institution. With flexible repayment options, this app has assisted many customers facing financial difficulties. If you’re looking for a reliable source of quick loans, consider the lending services at MkopoWako. With just personal identification documents, you can access timely loans here.

Introduction to MkopoWako

MkopoWako is an online lending application that prioritizes personal identification documents, offering customers priority loans of up to TZS 200,000. Currently, the app only provides online lending, so individuals only need to use personal identification documents to complete the loan application without collateral.

Furthermore, the app does not require income proof or consider credit profiles. Therefore, customers of any working age can apply for online loans through this app.

The lending process on the app is essentially 100% online, including the disbursement process. Therefore, individuals only need to provide accurate information about their bank account for quick disbursement at home, saving time and energy on travel.

Information about loan categories at MkopoWako

Here is the loan information on MkopoWako that individuals can refer to:

  • Loan limit: Similar to other online lending apps, the maximum loan limit on the MkopoWako app is TZS 200,000, with a minimum of TZS 10,000.
  • Loan interest rate: MkopoWako’s interest rates typically range from 18-36% per annum, depending on the quality of the loan application. Additionally, the system also offers a 0% interest rate reduction package for new customers and students.
  • Loan term: The loan term on MkopoWako is 91 – 365 days, which is quite long. Moreover, the MkopoWako app also supports monthly loan repayment, so individuals can divide the loan amount and make monthly payments.

Eligible borrowers at MkopoWako

Customers wishing to apply for loans at MkopoWako need to meet the following requirements:

  • Tanzanian citizens aged 18 and above
  • Having a stable income of TZS 5000/month
  • Having a bank card to receive money
  • Having valid identification documents
  • Using the main
  • SIM card for over 3 months
  • Not being involved in bad debts

Steps to apply for a loan at MkopoWako

With just your phone number and identification documents, you can apply for a loan at MkopoWako without the need for collateral. Follow these steps to apply for a loan:

  • Step 1: Access the MkopoWako app to apply for a loan here. Then, enter your phone number and input the OTP code sent to your phone via text message to confirm.
  • Step 2: Provide personal information as requested by the system. This includes employment details, income, and contact address. Enter accurate banking information for receiving funds. Take photos of the front and back of your identification document to verify your identity.
  • Step 3: Review the loan application information displayed on the screen, then submit the application to the system.

After receiving the loan application information from the customer, the MkopoWako system will process it for review. If the application is successfully approved, a staff member will call to confirm the outcome and payment method. Then, the app will utilize the bank account provided by each individual.

Frequently Asked Questions at MkopoWako

Customers who have used MkopoWako services often have common questions like the following:

Why was my MkopoWako loan not approved?

Here are some reasons why a loan application might not be approved that people can refer to:

Minimum income too low. While MkopoWako does not require proof of income, the loan approval rate depends on the borrower’s income. If your income is above TZS 10,000 per month, you will be fully eligible for a loan. Blurry or incomplete photos of personal identification documents. Providing a bank account number that does not belong to you.

Can I apply for loans from multiple companies?

Loan companies operate independently, so if they can apply for multiple loans from different companies at the same time, they will still repay them fully. Additionally, many places offer the first loan with 0% interest.

How are penalties at MkopoWako calculated?

For violations, MkopoWako app handles them by adding an additional amount to the final loan balance. The penalty amount depends on the customer’s attitude. However, late payment penalties are not more than 10% of the loan limit, but in case of default, the penalty fees will increase without limit.

The above are all the information about MkopoWako that people can refer to. This is a reputable lending platform that does not require complex paperwork or procedures, convenient for everyone. With a success rate of 95% for customers, the app has helped many people in financial difficulties find suitable funding sources. Wish you success in borrowing money at MkopoWako.

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