How It Works

Term Loan

Apply

• Use the calculator to estimate your affordability.
• Your affordability is determined by your net salary, and your net salary must be at least N$ 5000.00.
• We allocate half of your net salary towards your overall living expenses to ensure responsible lending and prevent over-indebtedness.
• Adjust your overall living expenses if you spend more than half of your net salary on living expenses.
• Enter the total amount of all your other monthly debt instalments.
• Your affordability will be negatively affected by overall living expenses higher than allocated, and also by a monthly total debt instalments amount that's a higher percentage of your net salary.
• Enter your next pay date. Your next payday cannot be more than 31 days away.
• Choose your preferred repayment period. The longer your repayment period, the higher your affordability amount will be.
• The maximum repayment period is 3 months for a first loan and 5 months for a repeat loan.
• Enter your preferred loan amount.
• The minimum loan amount is N$1000.00, and the maximum loan amount is based on your affordability.
• View the details of the instalment amount and click “Apply”.
• Confirm your loan details and accept all the terms and conditions relating to the loan application.
• Enter your agent referral code only if it's your first loan and you've been referred by an agent.

Get Approved

• The Broke-Relief team will review your application and approve your loan if it aligns with our lending policy.
• You will receive an email notification regarding the outcome of your loan application. Once we've completed your loan review, we'll provide instructions on how to sign your loan contract and the authorization to debit your account according to the loan contract.

Get Paid

• Our payment officer will proceed to disburse the loan amount into your account immediately after the loan contract is signed.
• Term loans are disbursed via EFT and E-Wallet only.

Repayment

NOTE: Never pay money to an Agent, cash payments are accepted only at our offices. We don't accept payments via wallets of any sort. (eWallet, Easy Wallet, Blue Wallets, etc.)

• A Term Loan is repaid in equal instalments starting on your Next Pay Date till completion. First time applicants in three (3) installments and Repeating Applicants in Five (5) installments.
• We make use of an electronic collection system via debit order (ENDO) to collect from your account.
• We will move the debit order each to the Friday before your Next Pay Day if it falls on a week end.

Representative Example

Loan Amount	NAMFISA Levy	Revenue Stamp Fees
	(1.03% of Loan Amount)	(fixed per contract)
N$ 1 500.00	N$ 15.45	N$ 5.00

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Capital Amount:	Loan amount + NAMFISA Levy + Revenue Stamp Fees (1500 + 15.45 + 5) = N$ 1 520.45
Interest Charges:	30% of Capital Amount (0.3 x 1520.45) = N$ 456.14
Repayment Amount:	Capital Amount + Interest Charged (1520.45 + 456.14) = N$ 1 976.59

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Period (Months)	Instalment Amount (N$)	Annual Percentage Rate (APR) %
2 Month	988.29	180
3 Month	658.86	120
4 Month	329.97	90
5 Month	263.98	72

Zula Wallet

NOTE: This loan product is only available to account holders with Broke-Relief Cash Services.

Apply

• Log in to your account if you are an existing client, or register and create an account if you are new.
• Select Zula Wallet.
• Your net salary must be at least N$ 5000.00 to qualify for Zula Wallet.
• Adjust your overall living expenses and enter the total of your other monthly debt instalments.
• Select your next pay date.
• The loan amount is currently fixed at N$ 1000.00. The repayment period will be your second next pay date or your next pay date, depending on when you deplete your wallet limit.
• View instalment details and click on “Apply”.
• Confirm your loan details and enter your agent's referral code only if you are new and have been referred by an agent.
• Sign your contract and start withdrawing cash with a few clicks until your limit is depleted.

Request Cash (withdraw)

• Withdraw a fixed amount of N$500.00 each time, up to two (2) times, with at least 14 days between each withdrawal.
• No signing is required during cash withdrawal.

Get Paid (E-Wallet)

• Our payment officer will disburse the withdrawal amount via E-Wallet within minutes of the withdrawal request.
• E-Wallet payments will be made only to the cell phone numbers you provided and verified during onboarding. If you have recently changed your cell phone number, edit and verify the new number.

Repayment

NOTE: Never pay money to an Agent, cash payments are accepted only at our offices. We don't accept payments via wallets of any sort. (eWallet, Easy Wallet, Blue Wallets, etc.)

• The full loan instalment amount for the cycle is repaid at once.
• The due date for repayment is your net pay date if you deplete your wallet limit before your next pay date, or on your second next pay date if you deplete your wallet limit after your next pay date.
• We make use of an electronic collection system via debit order (ENDO) to collect from your account

Representative Example

Loan Amount	NAMFISA Levy	Revenue Stamp Fees
(2 x N$ 500 withdrawals)	(1.03% of Loan Amount)	(fixed per contract)
N$ 1 000.00	N$ 10.30	N$ 5.00

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Capital Amount:	Loan amount + NAMFISA Levy + Revenue Stamp Fees (1000 + 10.30 + 5) = N$ 1 015.30
Interest Charges:	30% of Capital Amount (0.3 x 1015.30) = N$ 304.59
Repayment Amount:	Capital Amount + Interest Charged (1015.30 + 304.59) = N$ 1 319.89 Once-Off

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Period (Months)	Instalment Amount (N$)	Annual Percentage Rate (APR) %
1-2 Months Contingent	1 319.89	180-360