Frequently Asked Questions (FAQ) – Loan Repayment Structure
1. How is repayment structured?
Repayment is done monthly, depending on the loan duration:
•1-Month Loan: Full principal + 20% interest must be paid at the end of the month.
•2-Month Loan: Each month, ½ of the principal + 20% of the principal (interest) must be paid.
•3-Month Loan: Each month, ⅓ of the principal + 20% of the principal (interest) must be paid.
Note: By the 1st, 2nd, or 3rd month (depending on loan duration), the loan must be fully settled.
2. Can I roll over my loan if I cannot pay at expiration?
•No. All loans must be fully repaid by the end of the loan tenure. Rollover is not allowed.
3. How is interest calculated?
•Interest is fixed at 20% of the current principal per month.
Example (₦300,000 loan for 3 months):
•Month 1: Principal ₦100,000 (⅓) + Interest ₦60,000 = ₦160,000
•Month 2: Principal ₦100,000 + Interest ₦40,000 = ₦140,000
•Month 3: Principal ₦100,000 + Interest ₦20,000 = ₦120,000
4. What happens if I default on repayment?
•A penalty of 2% daily on the outstanding balance will apply.
•Continuous default may lead to loan recovery actions by WEZAMI Finance and Loan Services Ltd.
5. When will the loan be disbursed?
•Once you accept the offer letter via email and sign, your loan will be disbursed into your account.
6. Can I repay earlier than 3 months?
•Yes. Early repayment is allowed.
•However, full monthly interest (20%) still applies for the current principal balance, as agreed in the offer letter.
•The loan can be terminated anytime before expiration, but the current principal + interest must be paid to close the loan account.
7. What documents are required for approval?
Typical requirements include:
•Valid means of identification
•Proof of income or business cash flow
•Recent utility bill
•Guarantor’s details
•BVN
(Additional documents may be requested depending on loan size.)
8. Who do I contact for questions?
•Email: wezami4u@gmail.com
•Phone: 0906 000 6960
•Or: Your assigned Account Officer