Pngme and ReadyCash E-float Loan FAQ
What is e-float and how will it benefit me?
E-float is an overdraft that allows you to transact up to a certain amount even when you do not have enough money in your account to cover the transaction. We have chosen to issue e-float loans so agents can serve more customers before rebalancing their floats. If you are approved for an e-float loan, you can use the loan to fund transactions that require you to have funds in your ReadyCash account such money transfer, deposit to bank, bill payments, airtime etc.
How is the interest rate calculated?
The interest rate will be calculated based on your credit score, agent history, and various other factors.
How do I repay the loan?
You will repay the loan through your ReadyCash mobile app.
How often do I make my loan payments?
If you qualify for a loan, you will receive a notification by SMS and email with your loan amount, interest rate, and payment information. This notification will include the date of your first loan repayment and how often you will make your repayments. The amount you will repay will be based on how much of the e-float loan you’ve used and your interest rate.
What happens if I fail to repay the loan within 3 months?
We sincerely hope this does not happen, but if there have been no payments on your loan after a period of time, you will be sent to collections and will not be eligible for another Pngme e-float loan for a period of time.
What format do my documents need to be in?
Your documents need to be original documents in PDF format. We cannot accept photos, images, or copies of these documents, they must be original documents from the institution. In order to get your ReadyCash statement in PDF format, all you need to do is request it and it will be made available to you.
Where / How do I upload my documents?
Any documents will need to be sent to us via email. Once you have signed up for the pilot through our website, we will send you an email with next steps, including where and how to send us your financial documents. You will complete the KYC process directly in the Pngme mobile app.
What is the loan interest rate?
The loan interest rate is between 3–8% monthly.
How do you track how we use the loan?
This loan can ONLY be used as e-float working capital and may not be used for personal reasons. Pngme uses machine learning algorithms to monitor how you use the e-float loan funds. If it is determined that the loan is used for reasons other than working capital, you will be in breach of the loan terms, and be at risk of having your e-float loan revoked and any outstanding payment due immediately. By making sure that everyone uses their e-float loan for working capital, it ensures that the program is fair for all participants.
I need more than NGN 50,000.
At the moment, the loans we are disbursing are only a maximum of NGN 50,000. As you pay back your loan within the loan repayment terms you will be eligible for larger loan amounts.
I just started as a ReadyCash agent. Can I get an e-float loan?
Yes, new agents to ReadyCash are eligible for e-float loans. Since you don’t have a robust agent history, you will likely have a lower credit score to begin, which will mean that you will receive a lower loan amount. As you repay the loan and also build up your ReadyCash agent history, it’s likely that your credit score will increase and you will be eligible for higher loan amounts.
