Localkopo is a free service for borrowers. We do not serve ads or resolve to other revenue streams that do not relate with the services we provide.
We have put in place different pricing strategies for various services we provide and have subsidized these prices to make them the most affordable in the financial market horizon. This was achieved by following one simple principle: no one should pay unless there is a compelling need to.
Lenders characterize a significant chunk of all users Localkopo can boast of. However, lenders fall under a group of users who use our services for commercial purposes and are, therefore, charged accordingly. However, the pricing is friendly, as lenders only need to pay if they are actually using the services we provide.
Lenders are charged according to the volume of loan requests they receive. The volume is calculated monthly and reset upon payment. The rate (%) at which a lender is charged is dependent on the volume of the requests received that month.
Up to KES 100,000
Example: if a lender receives total loan requests amounting to KES 50,000 in a certain month, such a lender will be charged 1.5% of 50,000: KES 750.
KES 100,000 – 300,000
Example: if a lender receives total loan requests amounting to KES 200,000 in a certain month, such a lender will be charged 1% of 200,000: KES 2,000.
KES 300,000 – 500,000
Example: if a lender receives total loan requests amounting to KES 400,000 in a certain month, such a lender will be charged 0.75% of 400,000: KES 3,000.
KES 500,000 – 1,000,000
Example: if a lender receives total loan requests amounting to KES 750,000 in a certain month, such a lender will be charged 0.5% of 750,000: KES 3,750.
Over KES 1,000,000
Example: if a lender receives total loan requests amounting to KES 2,000,000 in a certain month, such a lender will be charged 0.35% of 2,00,000: KES 7,000.
Lenders who expect to be receiving loan requests totaling to over KES 5,000,000 can seek our enterprise solutions to further subsidize the pricing or apply to be charged at a fixed price.
As we are providing financial-pseudo-social services, our processing end-point to calculate the volume is only at the request level and we do not discriminate between loan requests that were accepted, declined or cancelled.
Agents are verified by Localkopo when they apply to provide various services. This requires them to pay an initial one-time and non-refundable fee of KES 500.
The monthly charges of an agent is a flat 5% of the monthly offers which they have accepted. Since agents have to be paid once they have accepted an offer, or they have been accepted into a certain trade for example, the 5% is charged on actual earnings and not just requests.
Localkopo can endorse agents who will still serve as regular agents, but with various privileges such as subsidized pricing, exemption from agency credit and more. To learn ho you can become an endorsed agent, visit our enterprise page.
Any member of Localkopo can run a crowdfunding campaign for virtually any reason. However, putting into account that the investors of this campaign are real people, it all gets down to having a compelling plan for repayment. A campaign can run for a maximum of 5 years.
Given that most crowdfunding campaigns are varied and may require exact amounts, Localkopo charges the owner of the campaign for the period the campaign is indicated to run. Payment is made before the campaign is live, charged at KES 100 per day.