A loan is a form of credit where successful applications borrow a fixed amount of money. Interest is applied and money will be repaid via regular (usually monthly) repayments. Loans are usually taken to help pay for one-off larger expenses and are different from overdrafts, which are a temporary form of credit usually repaid in full each month and taken to cover an unexpected shortfall in income or bill. The amount you can borrow and the interest on your loans depend on a number of factors, i.e. your credit score and the term (the agreed length of time given for you to repay in full) of the loan.
At the moment, Kroo offers loans to selected customers on an invitation basis. If you’re eligible for a loan application, we’ll send you an email and you’ll see an option to apply in the Kroo app. However, if your loan application gets declined, you’ll be able to reapply for a loan in 90 days.
If your application is accepted, you will receive an offer which will include the amount Kroo is able to lend you, the interest rate applied, the duration of the loan and the monthly repayment amount. If the offer is accepted, the loan payment will instantly appear in your account balance. Every month, your repayments will be automatically deducted from your Kroo current account on an agreed date, so please make sure you have enough funds in your account to cover each repayment.