Terms

Terms of use

These terms govern your use of the SonkoLend platform provided by SonkoLend Ltd. Each loan is also governed by the agreement and disclosure you sign for it.

1. Who can use SonkoLend

Members of a chama registered on SonkoLend who have passed an identity check, and the chama's officers. You must be 18 or over and use your own phone number.

2. The chama's role

Your chama pledges cover for members' loans and its chairperson approves each loan. The chama is bound by the pledge terms and standing instruction its officers signed at onboarding.

3. Applications and approvals

An application is a request. It becomes a loan only after your chairperson approves, SonkoLend approves, and you sign. Either approver may decline and will tell you why.

4. Disclosure and signature

Before signing you receive a Total Cost of Credit disclosure. Signing with your one-time SMS code is your agreement to those terms. You may withdraw before signing at no cost.

5. Repayment and allocation

You repay according to the schedule in your disclosure. Payments are applied to penalties, then interest, then principal, then fees. Early repayment carries no penalty.

6. Late payment

The late fee, notice periods, restructure offers, credit reporting and cover drawdown follow the fixed process on the pricing and your-rights pages. We do not contact third parties about your debt.

7. Your data

We handle personal data as described in the privacy notice.

8. Complaints

You may complain at any time through the channels on the contact page. Complaints never affect your loan or your chama's standing.

9. Governing law

These terms and every loan agreement are governed by the laws of Kenya.

This page is reviewed with our legal advisers; the version you see is the one in force.