Rates, limits and how we operate

First, who we lend to

Short-term loans, with our lowest rate for registered companies

INSTABUXX gives its lowest rate to employees of companies that are registered with INSTABUXX — the employer signs a payroll agreement with us. You borrow for one pay cycle and repay in one payment on payday, through your employer’s payroll arrangement. There are no months of deductions. Because repayment comes straight from payroll, INSTABUXX can lend at just 10% fixed — much cheaper than unsecured loans.

INSTABUXX does not lend to self-employed people.

Employer not registered with INSTABUXX? You can borrow up to K500 at 20% fixed, with another 20% of the original amount added for every fortnight it stays unpaid. Paying interest only costs the interest: 20% of the amount, K100 on K500. You repay us directly, not through payroll.

How interest is calculated

Loans are from K100 to K1,000, for up to 14 days. Interest is a fixed 10% of the amount you borrow (20% if your employer is not registered), charged once. There is no daily interest.

• Borrow K500 for 14 days: K50 interest, you repay K550.
• Borrow K100 for 7 days: K10 interest, you repay K110.
• Borrow K1,000: K100 interest, you repay K1,100.

The application form shows you the exact figure before you commit.

When your loan falls due

You choose the number of days when you apply. Once we have the pay date from your payslip, a loan from INSTABUXX falls due on your next pay day, even if that is sooner or later than the days you chose. The interest stays the same.

Your borrowing limit

Within the K100 to K1,000 range, your limit depends on your payslip. We cap it at 60% of your take-home pay, and it is your total repayable that has to fit inside it, not just the amount you borrow.

So if your take-home pay is K1,000, your total repayable must not exceed K600. Apply for more than that and the system cancels the application automatically. This is deliberate: it keeps you borrowing only what you can actually repay.

If you do not repay by the due date

Another 10% (20% if your employer is not registered) of the original amount is added as soon as the due date passes, and again for every further fortnight (14 days) the loan stays unpaid. At 10% on a K500 loan you would owe K600 one day after the due date, and K650 a fortnight later. At 20% you would owe K700, and then K800.

Can’t repay in full on your due date? You can pay just the interest (10% of the amount, K50 on K500). Your loan is then due on your next pay day, on the same amount, at 10% again. You can do this at the end of each term.

A missed repayment also reduces your borrowing limit, and continued default leads to recovery action and a listing with the Credit & Data Bureau — which affects your ability to borrow anywhere.

Part payments

If you pay part of what you owe, that loan is settled and the remaining balance becomes a new loan on the same terms, with new interest charged on it. On a K500 loan at 10%, paying K300 of the K550 leaves K250, and you then owe K275. You will get an email with the new loan reference.

Overpayments

Pay more than the balance and the difference is held as credit on your account. You can put it toward a future loan or ask for it back.

How to repay

If your employer is registered, your loan is repaid on payday through its payroll arrangement with INSTABUXX. If it is not, you pay us directly. If you pay any amount yourself by bank deposit or electronic transfer, put your loan reference in the transaction description — if you are depositing over the counter, ask the teller to include it. Save your receipt and upload it against the loan in your dashboard.

Always log in and check your Total Due before paying.