FAQ

About long term loans

• How do long term loans work?

  We offer loans between K1500-K30000. These are also known as Express Loans. The loans are payable within 2 to 36 months.

• What is the maximum amount I can borrow with a net income of …?

  For all the loans, the value we can disburse to you is dependent on several factors including your net pay, credit history and whether or not we have an MoU signed with your employer. Otherwise, the maximum amount you can borrow is limited. We therefore recommend that you visit one of our branches to receive personalized advice after an assessment is carried out.

• Can I apply for a long term loan using your website?

  Yes!

• What is the interest rate?

  For Express Loans, the monthly interest rate is 8%.

• Are long term loans available to business people?

  Unfortunately our target market is those who are in employment. This is because our loans are unsecured and our administrative and recovery procedures are designed for this purpose.

• What is the maximum tenure?

  The maximum tenure is 12 months for our long term loans.

About short term loans

• How do short term loans work?

  We offer loans between K200 and K10,000. These are Payday Loans which are payable in up to 30 days.

• What if I am unable to pay?

  f you cannot pay off the entire loan on your next payday, but can only make the payment after, you may extend the loan for an additional fee.

• What is the interest rate?

  The monthly interest rate for Payday Loans is 20% but this is reduced to a daily rate if you decide to pay back in less than a month. Make use of our calculator on this website to grasp how it works!

• Can I apply for a short term loan using your website?

  Yes!

• Are short term loans available to business people?

  Unfortunately our target market is those who are in employment. This is because our loans are unsecured and our administrative and recovery procedures are designed for this purpose.

About loan repayments

• If am unable to pay my loan on my due date, what can I do?

  ExpressCredit offers payment holidays where you can extend your repayment date in an event where you are experiencing unforeseen circumstances that affect your ability to pay on time.

  You can extend your repayment date for an additional 30days at only 20% of loan amount borrowed.

   

  Please see any of our customer service staff at the counter for details.

   

  Benefits to You:

  • You will not be recorded as a defaulting customer; your credit history with us still remains clean.
  • We shall not report you to the Credit Reference Bureau as not paying, therefore, your credit history with CRB remain clean giving you a good credit score.
  • You shall not incur any fees from late interest on late payments. Therefore, you only pay what is due, no additional charges.
  • Your credit score with us, will be higher including credit affordability limits, enabling you to borrow more money with us at the lowest attractive interest rates on the market.

• Can I pay my loan in parts before due date?

  ExpressCredit provides flexibility in repayments by allowing you to pay in parts so that your loan is fully settled in full by the due date.

• If I pay in parts and don’t complete repayment due by due date, what will happen?

  ExpressCredit will automatically extend your loan repayment to the following month, so that you are not in default. ExpressCredit will transfer the extension fee due from this extension from amounts received from you. If there is a balance, it will be carried forward to pay part of your loan repayment, thereby reducing outstanding balance.

• How can I repay the loan?

   

  ExpressCredit accepts a variety of payment options that can be used to repay for your loan: 

  1) Bank transfer: 
  First National Bank Zambia Limited: 0062684077409  
  Absa Bank Zambia Limited: 0200161465526  
  Stanbic Bank Zambia Ltd: 9130000664409  
  Zambia National Commercial Plc: 5377971500154  

  2) Mobile Money: 
  MTN Mobile Money - Merchant code: 333400  
  Zamtel Mobile Money - Merchant code: 33340  
  Airtel Mobile Money - Merchant code: EXPRESS 

  3) Cash: 
  Available in all branches

  YesCash Zambia Ltd 
  Registration number: 120160003452  
  Legal address: Stand No. 1234/CL/I and Stand No. 1234/CL/2 Kalembwe Road, Rhodes Park, Lusaka 

General FAQs

• What does your company do?

  ExpressCredit.co.zm offers affordable financial solutions that can be accessed online, through mobile applications and in our branch network.

• Do you give loans to business people?

  Unfortunately our target market is those who are in employment. This is because our loans are unsecured and our administrative and recovery procedures are designed for this purpose.

• I live in a different location from your branches, how can I access your services?

  Unfortunately you would have to reside in or around a city with one of our offices for us to provide a loan to you. This is because our administrative and recovery procedures are designed with this in mind.

• Are you employing?

  Currently we do not have any vacancies. But kindly send an email to jobs@expresscredit.co.zm for any employment related queries.

• What are your working hours?

  We are open Monday to Friday from 08:00 to 17:00 and on Saturdays from 08:00 to 15:00.

• I am a tenant so I do not have utility bills in my name/I do not pay utility bills, my landlord does

  In the absence of utility bills that bear your names, you may attach a tenancy agreement in addition to the landlord's utility bills. Alternatively, your employer can include your residential address in the letter of introduction.

• I do not have one of the required documents, can you make an exception?

  Unfortunately, as our loans are unsecured, we require all the documents as set out.

• How long does it take to process the loan?

  If you have everything in place, we aim to approve your loan within 15 minutes.

• How do you run a business on interest-free loans?

  We do not typically lend without interest, we are offering a limited promotion to first time customers only.

• What documents qualify as valid identity documents?

  NRC, passport or driving licence

Complaints

• How to submit complaint?

  We put you - our customers - at the heart of everything we do, and we value your input. Your feedback is what helps us to improve services we offer and build strong communities together with our customers. 

   

  Please let us know any questions, comments or complaints you have about ExpressCredit by submitting a request online or at the branch. We are here to clear up any misunderstanding that may arise. We are committed to make things right and resolve any complaints you may have.

  How to submit complaint?

• Complaint form

• What will happen next?

  We strive to provide excellent customer service and resolve our customer complaints as quickly and fairly as possible. In case our investigation takes more time than expected, we will get in touch with you to inform you of escalation options. In any case, we will provide our final answer in five working days and explain the assessment process and the decisions we have made.

   

  We will do our best to resolve your complaint at the earliest opportunity and would ask you to provide a written confirmation that your claim has been addressed to your satisfaction.
  Link: What will happen next?

• How long will it take?

  Your satisfaction is important to us! Our complaint resolution process is anything but straightforward. We assure you that we investigate complaints fairly, diligently and promptly. Our team follows up with our customers to make sure they are satisfied.

   

  Sometimes we need more time or to obtain additional information, but we keep our customers up to date on the progress and measures of the complaint’s resolution. Depending on the level of resolution, the complaint is resolved within 24 hours, 48 hours or five working days.

   

  Complaint Line	Responsible	Time Frame
  First Level Resolution	Customer Care Officer/First Level supervisor	24 hours
  Second Level Resolution	Head of supporting Unit/Call Centre Manager	48 hours
  Third Level Resolution	Country Manager	5 working days

• Complaints handling procedure