What is a loan?

A loan is a form of credit where successful applicants borrow a fixed amount of money. Interest is applied and money will be repaid via regular (usually fixed 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 unexpected expenditure. The amount you can borrow and the interest on your loan depends 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.

You can learn more about applying for a Kroo loan here and how to manage and repay your loan here.