APPLY ONLINE

FREQUENTLY ASKED QUESTIONS

Here are some of the FAQs

What type of loans does Coinway offer?
  • Salary Advance
  • Emergency Loans
  • Order Finance
  • Civil Servant Payroll Loans
  • Business Investment Loans
What are the requirements for a cash advance?
  • Latest 3 months pay slip
  • Latest 3 months Bank Statement
  • National Registration Card
  • Pre-approval form
  • Signed Loan Agreement
  • Assigned receivables from the off-taker for Order Finance
How long does it take to get a salary advance?
With all requirements met, a cash advance is processed within 24 hours.
What is the minimum and maximum loan amount?
Loan amounts vary by type:
  • Salary Advance: Up to 50% of monthly salary
  • Emergency Loans: K500 - K5,000
  • Business Loans: K5,000 - K500,000
  • Order Finance: Based on order value
What are the current interest rates?
Interest rates vary by loan type:
  • Salary Advance: 15% per month
  • Emergency Loans: 20% per month
  • Business Loans: 10-15% per month
  • Order Finance: 8-12% per month
Rates may vary based on credit history and loan term.
What are the loan repayment terms?
Repayment terms vary by loan type:
  • Salary Advance: 1-3 months
  • Emergency Loans: 1-6 months
  • Business Loans: 3-24 months
  • Order Finance: Based on contract terms
How does Order Finance work?
Order Finance process:
  • Submit purchase order from recognized buyer
  • Provide supplier quotations
  • Sign tripartite agreement
  • Receive financing for order fulfillment
  • Payment made directly from buyer
  • Typical financing: 70-80% of PO value
What happens if I miss a payment?
Consequences of missed payments:
  • Late payment fee: 2% of outstanding amount
  • Negative credit bureau reporting
  • Reduced eligibility for future loans
  • Possible legal action for persistent defaults
  • Contact us immediately if you anticipate payment difficulties
How do I apply for a loan?
Application methods:
  • Online application through website
  • Mobile app
  • Visit any branch
  • Through approved agents
  • Call center application
Processing time: 24-48 hours after complete documentation
What factors affect loan approval?
Key factors include:
  • Credit history
  • Income level
  • Employment stability
  • Current debt obligations
  • Bank statement analysis
  • Length of employment
  • Previous loan performance
What is the loan disbursement process?
Disbursement steps:
  • Loan approval notification
  • Sign loan agreement
  • Submit bank details
  • Disbursement within 24 hours
  • Confirmation SMS/email
Are there any hidden charges?
All charges are transparent:
  • Processing fee: 2%
  • Insurance fee: 1%
  • Documentation fee: K50
  • Late payment penalty: 2%
  • All fees disclosed in loan agreement
What are the business hours?
Our operating hours:
  • Monday - Friday: 8:00 AM - 5:00 PM
  • Saturday: 9:00 AM - 1:00 PM
  • Closed on Sundays and Public Holidays
  • 24/7 online application available
  • Emergency support: Available 24/7
How can I contact customer support?
Contact options:
  • Phone: 0900-000-000
  • WhatsApp: 0900-000-000
  • Email: support@coinway.com
  • Live chat on website
  • Branch visits
  • Social media channels

LOAN APPLICATION