3G Direct Pay would like to announce to all our registered providers and merchants that AFB has suspended the advance service effective 1st of June 2015.
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What is AFB Easy Advance?
This is a simple, unsecured business cash advance that gives you the necessary capital to grow and expand your business. There are no hidden costs and no security is required.
What are the requirements for qualification for an AFB easy advance?
- Small or medium-sized business that has been trading through the 3G Direct Pay platform for at least six months
- Valid company registration documents
- Actively trading with 3G Direct Pay with an average monthly turnover of USD 500 or more
What are the repayment terms?
An agreed percentage of your daily sales that pass through your 3G Direct Pay online payments platform are deducted until the fixed total repayment amount is settled in full. This settlement is automatic and it is deducted every time you receive a payment.
How do I apply?
Your eligibility for an advance will be displayed to you within your account. You’ll then have the opportunity to decide on the amount you want and corresponding remittance percentage. Limit increases will apply based on your repayment performance and growth of your transactions.
What is the maximum amount I am eligible for?
Depending on the regularity and volume of your transactions through our 3G Direct Pay payments platform, you may qualify for up to USD 55,555.
What is the interest rate?
Unlike a traditional loan where an interest rate is charged, you will be charged a fixed fee which is dependent on your risk profile.
How do you determine what fee to charge for my Easy Advance?
This is based on several factors, including the percentage you are willing to dedicate toward repayment of your cash advance, the regularity and volume of transactions, and the length of time you have been in business.
When and how will I receive the funds?
We will notify you once your request for a cash advance has been approved. At this point, you will have access to the funds on your 3G Direct Pay platform and you then have the freedom to use the funds via xPay or wait for a transfer on the settlement dates to your account.
How long do I have to repay my Easy Advance?
We understand that businesses have fast and slow days. This is why, unlike a traditional bank loan, the AFB Easy Advance is not tied to a fixed term or fixed installments. A pre-agreed percentage of your daily sales through your platform goes towards your repayment. This percentage is what is deducted until you’ve completely repaid your Easy Advance.
Can I pay off my Easy Advance early?
Yes you may, by clicking on ‘Bulk Settlement’ on your platform. Alternatively, follow the instructions on increasing your remittance percentage.
How do I increase my repayment percentage?
To request an increased remittance percentage, please contact the 3G Direct Pay support team.
How often can I qualify for Easy Advance?
You will qualify for Easy Advance as soon as you complete repaying the one you have in full. Additionally, once you become eligible for a Top-Up we will notify you of your limit, and provide you with a “Request for Top-Up” option on your account.
Are there any alternative means of repayment?
At the moment, we encourage our merchants to make use of the payment platforms available since there is a direct correlation between your performance on this platform and your future Easy Advance limits.
How can I get my statement of account?
This is available on the 3G Direct Pay platform, and can be accessed at any time.
What if I cannot pay or will be late repaying my loan?
If your business faces challenges that may impact your ability to repay your Easy Advance, please call our AFB Advance customer support line at +254 (0) 716 221 221to discuss your particular situation.
Are there penalties for delayed payments?
There are no penalties or late fees charged since your Easy Advance has no fixed term. However, if you display non-repayment behaviour, we may be obliged to hand over your account to external debt collectors, and fees pursuant to this will be added to your account.