Zamcash App is an online lending platform in Zambia that provides quick, short-term loans to individuals for urgent cash needs. Here's a summary of how the service works and its key features:
Key Features of Zamcash Loans
Loan Amounts and Terms:
- Borrow between ZMW 200 and ZMW 2,000.
- Repayment terms are typically 14 or 30 days, depending on the loan amount and agreement.
Application Process:
- 100% online and mobile-friendly. No paperwork, guarantors, or collateral are required.
- Applications are reviewed and approved automatically by the system, with funds disbursed to an MTN or Airtel mobile money account within 5 minutes.
Eligibility:
- Must be a Zambian citizen aged 21–60.
- Requires a National Registration Card (NRC) and an active mobile money account.
Interest Rates:
- A flat interest rate of 20% per month is charged. For example, borrowing ZMW 500 would require a repayment of ZMW 600 within 14 days.
- Late repayments incur a 10% daily fee on the outstanding balance.
Customer Support:
- Available 24/7, with 92% of issues reportedly resolved promptly.
Pros and Cons
- Pros:
- Fast processing and disbursement.
- No hidden fees or extra charges for extending terms.
- Loyalty program for timely repayments, allowing access to higher amounts at better terms.
- Cons:
- High-interest rates compared to traditional financial institutions.
- Short repayment periods may increase financial strain.
Contact Information
- Website: zamcash.co.zm
- Phone: +260 766279648 / +260 763533080
- Email: customercare.zamcash@gmail.com
Zamcash is operated by Biu Capital Ltd. and regulated by the Bank of Zambia, ensuring compliance with local financial standards. While it is a convenient option for emergencies, borrowers are advised to evaluate their repayment ability to avoid penalties and excessive debt accumulation. For more details, you can visit their official website.
Zamcash App
The Zamcash loan app facilitates easy access to short-term loans in Zambia for emergency financial needs. Here's a guide to the app and its features:
Features of the Zamcash App
Loan Amounts and Repayment:
- Borrow between ZMW 200 and ZMW 2,000.
- Repayment terms typically range from 14 to 30 days, with a flat interest rate of 20%.
Application Process:
- The app is available on both the Google Play Store and Apple App Store. You can also access Zamcash services via their website.
- Users sign up with their phone number and complete a brief questionnaire, including personal and employment details.
- Loan approval is automated and completed within minutes, with funds sent to MTN or Airtel mobile money accounts.
Eligibility:
- Open to Zambian citizens aged 21–60 with a valid National Registration Card (NRC) and active mobile money account.
Repayment Options:
- Use the app or website to repay via MTN or Airtel mobile money platforms.
- A loyalty program offers better terms for consistent on-time repayments.
Additional Costs:
- A processing fee of approximately ZMW 25 may apply, deducted from the loan amount.
- Late repayments incur daily penalties.
How to Use the App
- Download the Zamcash app from your device’s app store.
- Register with your phone number and verify via a code sent to you.
- Complete your profile with required information, such as employment and NRC details.
- Apply for a loan by selecting the amount and repayment term.
Benefits and Considerations
- Benefits: Quick and easy online application, no paperwork, funds disbursed within minutes.
- Considerations: High-interest rates and short repayment terms. Ensure you can repay promptly to avoid penalties.
