Smega Quick Loan FAQs and Eligibility Criteria
Smega Quick Loan provides short-term micro-loans to eligible customers through a simple mobile phone process. Eligibility criteria include being an active Smega user between 18-65 years old with 6 months of Smega transaction activity. Loans range from P20 to P1500 with a repayment period of 30 days and an interest rate of 10% for the first 30 days. Customers can check eligibility and apply for loans through the *173# short code. Repayment can be done manually or through auto-debit. Existing Smega loans do not impact your Smega account balance. Take advantage of this convenient lending option to meet your financial needs.
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FREQUENTLY ASKED QUESTIONS
Product Summary PRODUCT SMEGA QUICK LOAN Age Registration 18 years to 65 years Min to borrow P20 Max to borrow P1,500 Repayment period 30 days 10% for first 30 days Additional 5% on day 31 (Month 2) Additional 5% on day 61 (Month 3) Self initiated payment Auto Deduct functionality (after day 30) Sound KYC Credit scoring Assess customer 6 months transaction activity Interest Payment/Collection medium Pre-Qualification Criteria
FAQs 1. What is Smega Quick Loan Smega Instant Loan is a short-term, real time, affordable and safe micro-loan for eligible Smega customers accessible through the Smega *173# short code on the mobile phone. 2. Who qualifies for the Loan? An active Smega user between the ages of 18 and 65 years , who has been active on Smega for 6 months or more. Eligibility and the loan amount will also depend on the customer s monthly Smega transactions e.g. Money transfers, Cash-In transactions, Bill Payments, Smega Airtime Purchases. 3. How do I request/ apply for the Loan? Dial the *173# Smega short code on your mobile phone, select Option 9 for Quick Loan and follow the simple prompts. 4. What is the loan repayment period? The loan has to be repaid within 30 days from the date of disbursement 5. What are the Loan interest rates? The loan has to be repaid within 30 days with a once-off interest of 10% and 5% penalty on 1st month default and an additional 5% on second month default.
FAQs 6. How much do I qualify for? Eligible Smega customers can instantly get a loan between P20 and P1,500. However, the loan amount specific for each customer will depend on their profile which is determined by consistent monthly Smega transactions e.g. Money transfers, Cash-In transactions, Bill Payments, Smega Airtime Purchases. 7. How many loans can I apply for? Eligible Smega customer can apply for 1 loan at a time, after successful repayment of an existing loan. 8. How do I check eligibility/ whether I qualify or not? Dial *173#, select Option 10 for Smega Instant Loan and then the Check Eligibility option. 9. How can I build my profile to qualify for the loan or a higher amount? Consistently increase the frequency and amounts of your monthly Smega transactions e.g. Money transfers, Cash-In transactions, Bill Payments, Smega Airtime Purchases to build your profile. Q. Do I get charged for applying for the loan, checking balance or eligibility? Apart from the loan interest rates, the use of the Smega *173# USSD platform is free. No airtime or any other chargers apply to you as a customer when you apply for the loan, check eligibility or loan balance.
FAQs Q. How do I pay back the loan? Dial *173#, select option 9 for loan and then the repay loan option. There will also be an automatic debit applied to the wallet at the end of the loan tenure (30 Days). Q. What happens if I default/ do not pay back the loan within the stipulated period of 30 days? The loan has to be repaid within 30 days with a once-off interest of 10% and 5% penalty on 1stmonth default and an additional 5% on second month default. Q. Won t my other money in my Smega account be tampered with if I have an existing Smega Loan? No. Your money is perfectly safe on your Smega account and will not be tampered with. When you receive the loan amount you applied for, this will add to your existing Smega account balance. As a customer you are expected to initiate the repayment loan process (before the 30thday). However, Smega will also deduct the repayment amount due directly from your account through our automated deduct function. Q: Can I cancel Smega Loan once the funds have been paid into Smega account? The customer will be allowed a cool off period of 2 days in which the customer can pay back the loan in full. If the customer does not return the loan within 2 days of it being disbursed, the interest rate will apply. Following the process articulated in the terms and conditions.
