Dotcash is a trusted mobile loan app that offers a seamless solution, providing instant cash directly to your smartphone anytime and anywhere in Kenya.
The Dotcash loan app enables users to access loans ranging from Ksh 1,000 to Ksh 80,000. With flexible loan terms between 91 days and 365 days, Dotcash borrowers can choose repayment periods that best suit their financial situations.
The Dotcash app charges a one-time origination fee between Ksh 150 and Ksh 600, with an interest rate of 0%, making it one of the most affordable loan options available. The maximum Annual Percentage Rate (APR), which includes the origination fee, stands at 36%.
How to Apply for a Dotcash Loan
- Download the Dotcash App from the Google Play Store.
- Create an account by providing basic personal information.
- Submit your loan request in seconds.
- Receive funds instantly in your M-Pesa account.
To qualify for a Dotcash loan, applicants must be at least 22 years old and have stable employment. Consistently repaying loans on time increases the user’s borrowing limit, allowing access to larger amounts in the future.
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Example Loan Calculation
For instance, if a borrower applies for a Ksh 2,000 loan with a 91-day repayment period, they will receive the full loan amount immediately. The repayment due date will be set for three months later. With an origination fee of Ksh 150 and zero interest, the total amount to be repaid would be Ksh 2,150.
How to Repay a Dotcash Loan
Repaying a Dotcash loan can be done through:
- The one-click repayment feature on the Dotcash App.
- M-Pesa Paybill, using the registered phone number as the account reference.
- Partial payments before the due date to ease financial pressure.
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As a responsible financial service provider, Dotcash encourages users to borrow only what they can repay comfortably. Key recommendations include:
- Borrowing only for essential needs.
- Ensuring stable employment before taking a loan.
- Repaying on time to maintain a good credit history and avoid penalties.
Dotcash takes user privacy seriously. The Dotcash app requests permission to access data on the borrower’s phone for identity verification and credit scoring. All shared data is encrypted to protect user privacy, and no information is shared with third parties.