AVL Capital Group introduce the second money cash advance service

AVL Capital unveiled the product dubbed ‘Pesa na Pesa’ yesterday in partnership with Flexus Systems. This is second mobile-phone loan service after ‘Faulu-Airtel Kopa Chapaa’, which was launched two weeks ago. The service will enable individuals and SMEs access short-term micro loans to up to Ksh 10,000 from their handsets. The service works across all service providers and interest rates will range from 7 to 10 percent.

For one to be eligible they need to be registered with any mobile money services; M-Pesa, Airtel Money, Orange Money, Yu Cash and Tangaza. After filling the registration form, one needs to send as SMS in the form loan to the designated number 3105. The repayment period is seven days and unlike ‘Kopaa Chapaa’ defaulters will not be referred to the Credit Reference Bureau.