Flex Loan — Frequently Asked Questions (FAQs)
- What is Flex Loan?
Flex Loan is a mobile loan available on Telecel Cash that allows eligible subscribers to borrow money directly into their Telecel Cash wallet.
- Who provides the Flex Loan?
The loan is funded by First Atlantic Bank (FAB), the financial institution serving as the loan provider.
- Who is eligible to apply for a Flex Loan?
You can apply if you:
- Are 18 years or older
- Have an active Telecel Cash wallet
- How do I apply for a Flex Loan?
You can apply through the loan application menu on your mobile phone via the Telecel Cash platform. Follow the on-screen instructions to submit your request.
- What information will I see before accepting the loan?
Before you accept, you will be shown:
- The loan amount
- The loan term
- The service fees
- The total repayment amount
- The due date
- Any late payment fees
- What is the loan term?
The loan term is 30 days, starting from the date the loan is credited to your Telecel Cash wallet.
- What fees are charged on the loan?
- Service fee: 8.9% per month
- Late payment penalty: One-time fee of 12.5% if the loan is not repaid on time
- When will I receive the loan?
If your application is approved, the loan amount will be credited directly to your Telecel Cash wallet.
- Can I have more than one Flex Loan at a time?
No. You cannot access another loan if you have an existing loan that has not been fully repaid.
- Will I be told why my loan application was declined?
No. The Provider is not required to give reasons for approving or declining your application.
- How do I repay the loan?
You can repay by:
- Allowing automatic deduction from your Telecel Cash wallet on the due date, or
- Manually repaying (partially or fully) using the loan repayment option in the Telecel Cash menu.
- Can I repay my loan early?
Yes. You may repay partially or in full before the end of the loan term.
- What happens if I don’t repay on time?
If the full repayment is not made by the due date:
- A late payment fee of 12.5% will be applied.
- Telecel Cash may automatically debit your wallet for the outstanding amount.
- Why is my personal information collected?
Your personal information is collected to:
- Assess your loan eligibility.
- Meet regulatory requirements.
- Perform credit checks.
- Prevent fraud and financial crime.