Q&A

Q - What is the eligibility criteria to qualify for an L-PESA loan?

A - 6 months history with Paytm mobile banking partners and a minimum of 10 transactions performed on your mobile banking account.

Q - How do I apply for a loan?

A - Enter your correct phone number on our website e.g 9171999999 or use L-Pesa short code.

Q - How much am I required to pay back every week?

A - Once you receive the first $1 loan, you must pay back $1.20 every week for a total of 9 weeks.

Q -What happens if I don't repay my loan in time?

A -We only give you one chance. If you do not repay your loan on time, you will lose your access to cash, and your credit score with L-Pesa shall go down to Zero.

Q -How do I apply for an L-PESA loan when I am in a country where my mobile network does not support mobile banking?

A -You can always apply through our website from any device with internet access.

Q -Why should I trust L-PESA? The question is why should L-Pesa trust you?

A -The simple answer is that we believe in you, and also that everyone deserves a fair change at building their credit history with L-Pesa and enjoying access to cash any time it is needed. Should you decide not to pay back your loan, you will simply lose your credit with us and will no longer be recognized as an L-Pesa customer.

Q -How long do I need to wait to receive my loan after application?

A -If you meet our criteria of a 6 month history and minimum of 10 transactions history with any of our mobile banking partners, you will get the loan within 5 minutes deposited directly into your mobile money account.

Q -What is the maximum amount of money that I can get as a loan from L-PESA?

A -When you build your credit history and trust with L-Pesa the max loan is 50,000 Rupee.

Q -Is it possible to get a loan of $100 or more without first taking smaller loans ($1 to$90)?

A - No. By taking smaller loans your have the chance to build your credit history with L-Pesa and by that we are building our trust in you as our customer. When you complete the cycle of our micro loans, $1 to $100, you become an "L-Pesa preferred customer" and this will entitle you to bigger loans with better interest rates and longer periods to return your loan.

Q -How do I pay back my loan to L-PESA?

A -After we approve your loan, our automatic system will set up a weekly repayment schedule that will automatically connect to your mobile money account.

Q -If I return before the 9 week schedule all the money that was loaned to me, will I be allowed to apply for another loan before expiration of five weeks of my first loan?

A -Yes

Q -Can I get a loan of 50,000 Rupee from L-PESA?

A -The sky is the limit. First you have to build your credit history and trust with L-PESA.

Q -Do you have agents in New Delhi or Mombay or?

A -We serve all of India. You simply need to have a mobile phone and a mobile banking account with Paytm partner of ours.

Q -How do we reach you in case we have questions to ask about L-PESA services?

A - Online via our secure website at info@l-pesa.com

Q -I have been a mobile money subscriber for my network for over six months and I have had over ten mobile money transactions but at the moment my account has no balance, can I still apply for a loan successfully.

A -Yes. We seek to trust you and we are happy that you would decide to build your credit history and affirm trust with L-Pesa.

Q -Is it possible to apply for a loan for someone else who meets all the qualifications?

A -No. If someone else meets all the criteria it means he can apply directly with L-Pesa and will not need to apply through someone else.

Q -Don't you find 9 weeks as too short to return all loaned money? What happens if one takes a bigger loan?

A -The 9 weeks loan repayment period applies for a $1 loan with a $1.20 repayment. Should you qualify for a bigger loan, the loan period will grow to more and more weeks.

Q -Because you will be depositing loans into for example mobile banking accounts, when it is time for paying the loan back, do I need to command a process in my phone to pay you back or will you simply deduct your money automatically from my mobile banking account on due dates?

A -L-Pesa Microfinance will allow you to command a process in your phone to pay bank your repayments on due dates.

Q -I am an Airtel subscriber, Airtel already have a small loan service. How will L-PESA provide a service that already exists with Airtel?

A - L-Pesa is unique and a new service for micro loans to mobile banking account customers. It has nothing to do with the Airtel small loan service or any other microfinance companies. L-Pesa works independently from mobile network services even when there are similar services. It is customer's choice to choose between L-Pesa or among the services listed.

Q -Do you have bigger loans?

A -If yes, do you have a different method of application from that of small loans? By taking smaller loans your have the chance to build your credit history with L-Pesa and building our trust in you as our customer. When you complete the cycle of our micro loans, $1 to $100, only then you become "L-Pesa preferred customer" and you will be able to get more and bigger loans with better loan returning rates and longer periods.

Q -Why is L-Pesa giving out loans in dollars? What about our local currency?!

A -We are an international company and the main currency used in our loan system is USD only. At the end of the day you will get your loan in your local currency.

Q -How can we get your flyers or any information documents about L-Pesa?

A - L-Pesa is a complete virtual micro finance solution. Our vision is to make the microfinance a "Paperless" process, where there are no documents and it is simple to apply and manage using your own Mobile Banking account.

Q -Where are your offices located?

A -L-Pesa is completely %100 virtual micro finance service, there is no office for customer service or support service, you can reach L-Pesa via our secure website and live chat with L-Pesa customer service and customers support.

Q -I am a college student and I would like to get a loan to pay for my fees. My fees are about $1,000 a year. For three years I will need $3000. Is it possible to get an L-Pesa loan for that purpose and I return my loan after I have completed my studies?

A -We currently do not offer this service of student loans. If you would like to get a loan for your tuition fees, you must first build up your credit scoring and trust with L-Pesa. Only when you become an L-Pesa Preferred Customer, will you be legible for large loans. In addition, all our loan payback periods are calculated on weekly bases. If you are not an L-Pesa Preferred Customer, you cannot pay back an installment with larger intervals.

Q -When you automatically deduct the repayment installment from my mobile money account to repay a loan I have taken, how am I assured that my money in the account will be safe? And if I find out that my money is missing who do I contact for the issue; is it L-Pesa or my mobile network?

A -At L-Pesa, we are determined to offer you a highly convenient and transparent service. Before we begin our automatic deductions, you will need to give your full authorization. Your mobile money providers are available to address any issues that you may encounter with money missing from your mobile money account.

Q -What is L-PESA?

A -Please refer to our website at www.l-pesa.com, "about L-Pesa" tab on top of home page.

Q -Is L-PESA a mobile network? Or a bank or what is it?

A - L-Pesa is a Microfinance institution that is revolutionizing the microfinance market with state of the art technology, making your mobile money experience 100% virtual.

Q -For one to qualify for an L-PESA loan do they need to have their existing businesses or what are they putting up for loan's security?

A -We offer all our loans completely unsecured, meaning that there is no need for security or collateral. The only security for one to quality for an L-Pesa loan is your trust, yes, and your trust, simple as that.

Q -What is the difference between L-PESA and other normal banking and mobile banking services?

A -Unlike normal banks and mobile banking services, L-Pesa is highly interested in developing a long term relationship with customers by introducing the credit score. As your credit score improves, so do your opportunities to borrow higher and more funds, as well as enjoy a host of benefits.

Q -Do you have any bonuses to your best customers?

A -The best customers become "L-Pesa Preferred Customers" and they can enjoy a range of services including lowered interest rates, access to higher loans, and the ability to borrow bigger amounts of money for each loan.