Re:Companies flooding Kenya with apps offering high-interest...
by will_wheat_on on Wednesday February 12, 2020 @10:33AM
(#22309598)
Their interest rate is exploitative - 15% per month. So if you borrowed $100 at the beginning of the year, you'd need to repay $280 with $180 going to interest alone. This is their policy from their own website https://talasupport.zendesk.com/hc/en-us/articles/3600218533...
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Re:Companies flooding Kenya with apps offering high-interest...
by fleetingmoments on Thursday February 13, 2020 @10:12AM
(#22318282)
No. The 15% is a flat fee. The penalty for late repayment is an additional 8%. It doesn't compound.