Frequently asked questions

Yes. SonkoLend lends to members of registered chamas that have pledged cover. If your chama is not on SonkoLend yet, an officer can register it in about 30 minutes.

Ask your secretary for an invite code, then redeem it with your phone number. If you have already been added, just sign in with that phone number and enter the SMS code.

As long as it takes your chairperson and SonkoLend to approve and you to sign. Emergency loans are prioritised. Nothing is disbursed until both approvals and your signature are in.

From your loan page in the app, or by M-Pesa paybill using the account number shown there. Payments are applied to penalties first, then interest, then principal, then fees, and you get a receipt for each one.

Days 1 to 7: SMS reminders, no charge. From day 8: the daily late fee on outstanding principal, and your chairperson is told. From day 15: our team contacts you and can offer a restructure. Details are on the pricing page.

Not under 30 days late, and never without a written 30-day notice first. Listing only proceeds if you are still more than 30 days late when the notice period ends and no restructure has been agreed.

Yes, at no penalty. On a school-fees loan, repaying early reduces the interest you pay because interest is charged on the outstanding balance.

Each loan reserves a share of the chama's pledged balance (the cover ratio, for example 20% of the loan). Cover is only drawn after a loan is 60 days late, two SonkoLend officers have approved it, and the chama has been notified in writing. It is capped at what was reserved for that loan.

Every loan request with the member's repayment history, the pledged balance and headroom, and who is on the platform. The chairperson approves or declines each loan, and pledge changes need a second officer.

Your phone number, national ID details for identity checks, your M-Pesa statement if you upload one, and your loan history. Signed-in members can request a copy or deletion from their privacy page.