How to spot loan scams in Zambia
How to avoid loan scams in Zambia: the warning signs of fake lenders, how to tell a genuine fee from a scam, and how to check…
Read guide →What is microfinance?
What is microfinance in Zambia? How microfinance and micro loans work, who they help, and what to look for in a microfinance lender in Lusaka and across Zambia.
Microfinance means financial services, mainly small loans, for people and small businesses who may not be served by traditional banks. In Zambia, microfinance helps marketeers, traders, drivers and employees borrow smaller amounts for short periods.
How micro loans work
A micro loan is a small loan, usually repaid over a few months in fixed instalments. Instead of large collateral, microfinance lenders look closely at your income and ability to repay. Many now work online and pay out by mobile money.
Who microfinance helps
- Small business owners who need working capital or stock
- Employees who need help before payday
- People without a bank account, through mobile money
- Anyone facing an emergency such as medical bills or school fees
What to look for in a microfinance lender
- The full cost in Kwacha shown before you apply
- A written loan agreement you read before signing
- Every fee explained in writing before you pay
- A registered company you can contact
- Help if repaying becomes difficult
Ornix Credit offers small business loans and salary advance loans in Lusaka and across Zambia.
Looking for a fair loan in Zambia?
See exactly what you'll pay before you apply.
Keep reading
More loan guides
How to spot loan scams in Zambia
How to avoid loan scams in Zambia: the warning signs of fake lenders, how to tell a genuine fee from a scam, and how to check…
Read guide →
How to check your credit score in Zambia
How to check your credit score and credit report in Zambia, what lenders look at, and simple ways to improve your credit history before you apply…
Read guide →