CashMama is an intermediary that provides online loans to its users
which can be operated through mobile app anytime and anywhere.
There are 4 steps
- Tenure: Ranges from 180 to 365 days
- Loan Amount: Up to ₦100,000
- APR: Annual Percentage Rate is 10%(lowest)~18%(highest)
For example, if a customer borrows ₦10,000 for 365 days (12 months), the APR is 15%. We would charge the customer ₦10,000 * 15% = ₦1,500 as interest of 365 days repayment period.
Total amount of repayment is ₦10,000 + ₦1,500 = ₦11,500.
As the repayment period is for 12 months
Monthly repayment is ₦10,000/12+ ₦10,000*15%/12 = ₦958.33