Loans FAQs

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It is a loan service available for SPENN Users. You can apply to borrow a certain amount of money. The loan is provided by I&M Bank Rwanda through the SPENN application and will be paid to your SPENN Account.

As a minimum, you must be a resident in Rwanda and have a fully verified SPENN Account. In addition, you need to do the following:

  • Deposit (includes transfers into SPENN wallet) or a deposit on the SPENN Savings Account.
  • Must have been active for minimum of 7 days  – Can get up to 25%, 2nd loan 50%, 3rd loan 75%, 4th loan++ 100% of Savings amount.
  • Must have been active for a minimum of 90 days – Can get up to 100% of Savings amount.
  • We will also assess your personal financial circumstances.

Yes. However, each time you apply, your eligibility will be separately assessed. There is no guarantee that after being granted the first loan, you will be accepted for another one.

The amount you will be able to borrow depends on either:

  • How big the salary you receive on to your SPENN Account is, or;
  • How much savings you have on your SPENN Account.

You are able to choose whether to use your SPENN Salary or your SPENN Savings as the variable for calculating your loan. In any case, the maximum you can borrow is 500,000.00 RWF.

To repay a SPENN Loan:

Click on the ‘Money’ tab in the SPENN app.
Click ‘Loan’ then ‘Pay Back Loan’.
Choose how much you would like to pay back with the slider. (You can either pay back the full loan, or make a partial payment.)
Once the payment is complete, the new balance will show up in the outstanding loan amount.

  • All loans paid back within the first 14 days are 100% cost free. You only pay back your principal amount – as easy as that.
  • All loans have a 90-day time of credit of which you will need to pay your interest after every 30 days.

On Day 15, the free loan period ends. Interest for the first 14 days will be added to the outstanding loan balance. Your loan will continue accruing interest until the full amount is paid back.

You will be contacted via sms to inform you of the additional charges on your SPENN loan. If you have any questions about your loan balance, dial 5090 for help.

Yes, you can pay part of the loan amount during the 90 day period and that will help you remain with less loan amount and interest to pay.

  • If, after up to 90 days after the end of the 90-day period, you haven’t paid back the loan or there were not enough funds on your account to cover the interest and fees, you will be in default. If you are in default, your loan will be assigned for debt collection.
  • I&M Bank can, at any given time after loan being in default, send the outstanding amount to any third-party debt collection company for collection of the outstanding amount.
  • If you are in default of your loan, you will also be liable to pay an additional Termination Fee, the sum of which depends on the loan amount.

You can make non-working-day or public holiday payments on SPENN just like on any other day. SPENN transfers funds automatically regardless of when the transfer is initiated. If your loan Repayment Date falls on a Sunday, you should pay it back by then.

No. All Loan Repayments must be made via your SPENN Account.

The exact amount depends on the size of your loan. The fixed interest rate for this loan is 0.39% charged daily on the outstanding amount.

  • Establishment Fee: on Day 15 of the Loan, this fee will be added to your loan.
  • Monitoring Fee: fee payable when you have not paid interest that is payable after every 30days of the loan period. The fee is taken directly from the spending account.

SPENN Customer Service Team is always happy to help. You can either send us an email, give us a call, or visit our office:

SPENN Rwanda

M Peace Plaza, KN 4 Avenue, Kigali, Rwanda

Tel: 5090 (toll-free number)

@: [email protected]

It normally takes a few seconds. In other words, the process is instantaneous.

The Lender is I&M Bank Rwanda Limited, a Registered Commercial Bank in Rwanda.

The Loan has to be repaid via your SPENN Account. If a friend or a family member offers to help you repay your loan, they will have to send the funds to your SPENN Account.

Once you accept our Terms & Conditions for this product, we reserve the right, upon notifying you in advance, to automatically deduct any applicable amount from your SPENN Account in order to cover:

  • the Refinancing Fee, if Refinancing is still available to you and you have not paid off your loan by its due date, or;
  • any outstanding loan amount if you have exhausted all repayment methods available to you, including Refinancing, and are still in default of the loan.