Consumer Loans

These loans are easy to access and are designed to cater for the formal sector with competitive interest rates and flexible tenors ranging from 3 – 72 months

The Major types of consumer loans offered at LOLC are:

  • Payroll loans
  • Salary backed loans Salary Advances
  • Group loans
  • Gratuity discounting

Consumer loans offer finance to employees for personal use which may include purchase of plot, building materials, paying school fees or tuitions, etc. Payroll loans are targeted at salaried individuals both in permanent and contractual employment. The maximum repayment period is up to 60 months for permanent employees and within contract duration for contractual employees.

The Minimum duration is 6 months and the maximum duration is 60 months:

Benefits of LOLCFZ Payroll loans

  • Quick processing time (disbursements within 24hrs)
  • Competitive interest rates
  • Flexible repayment period (from as short as 6 months)
  • Affordable amounts (from as low as K3000)
  • Allows for a top up on an existing loan
  • Has a refinancing option (for individuals with outstanding loans with other financial institutions that want to offset their loans and join LOLCFZ)