Again in August 2024, TechArena reported that LOOP was rebranding and making ready to roll out LOOP FLEX. This was and nonetheless is its Purchase Now, Pay Later (BNPL) product. This answer is designed to make buying extra versatile for purchasers. On the time, the corporate had not made an official announcement.
LOOP has lastly unveiled LOOP FLEX. The launch has confirmed most of the particulars hinted finally 12 months whereas increasing its scope to succeed in extra prospects.
LOOP FLEX is a credit score facility that permits prospects to make purchases with a minimal deposit of 10%. LOOP pays the total quantity to the service provider and follows up cost with the purchasers. Clients then repay the steadiness in month-to-month installments for as much as 12 months. Curiosity is utilized on the financed quantity.
The product now affords credit score limits starting from KES 15,000 to KES 1 million This provides customers flexibility to handle each important and way of life purchases. To qualify, customers have to be totally registered on LOOP, have a optimistic credit score restrict and maintain no overdue loans.
“LOOP FLEX helps our function as a life-style enabler, and is designed to offer our prospects the ability to take pleasure in life right this moment whereas responsibly managing their tomorrow,” mentioned Eric Muriuki, CEO of LOOP DFS.
Clients can maintain as much as 5 lively FLEX loans at a time, with a minimal mortgage quantity of KES 9,000. LOOP says the product operates on risk-based pricing, with a 4% facility charge plus excise obligation. The corporate says this ensures transparency and affordability.
Again in 2024 when TechArena first reported on LOOP FLEX, Kenya’s BNPL sector was valued at round $1.26 billion There may be nonetheless vital room for development as extra shoppers search versatile cost choices for various causes.
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