Zamcash and Buimoney Review: Pros and Cons
Zamcash and Buimoney are online Collateral free loan services that caters for private company workers and civil servants (government workers). It enables customers to apply for a loan using a smart phone or computer in the comfort of their homes. Once the loan application is successful customers Recieve their monies through MTN or Airtel mobile money across the country( Zambia only). This article looks at the pros and cons of using zamcash and Buimoney.
Note: Zamcash and Buimoney works the same way the only difference is that Zamcash is for private company workers while Buimoney is for civil servants only.
Let's begin by looking at the
PROS(ADVANTAGES)
Entirely online no paper work
Zamcash and Buimoney provides an online loan service that can be accessed in all corners of Zambia in the comfort of your home though your smart phone or computer. It saves customers the hustle of going through hectic paper work , spending transport only to be denied access to the loan service and follows Coronavirus guideline which is social distancing.
Easy access
Since these services are completely done online, there is a degree of accessibility in the sense that any one whose qualified in Zambia can apply can apply for it where ever they are.
Collateral free
Another advantage of using theses services is that one does not need to give any away any property as collateral to be given the loan as most companies do. Customers just need to provide pictures of their latest payslip and NRC to qualify.
Quick
On their Websites they promise customers to Recieve the loan within five minutes once the loan application is successful. Customers get the money through mobile money mainly MTN and Airtel which is very convenient.
Good repayment plans
Customers are given an option to either pay back the loan within 14 or 28days. However each duration has a different percentage interest. visit the sites to find out more.
CONS ( Disadvantages)
Even though Zamcash and Buimoney promises customers that they will Recieve the loan within five minutes upon a successful Application, it is not a guarantee that it will happen. On average it takes about an hour or two to Recieve your money.
Lack of " in-depth how to apply"information
According to my research there is little or no in-depth information on how to apply for the loan on both website. Only general information is given there by leaving out important information which makes it difficult for an average person to learn quickly without help.
To find out more you about how to apply for the loan you can read my other other article here
You can use the information to apply for both.
limited money
Zamcash and Buimoney money provide micro loan services. The highest amount you can get as first time Customer is K500 which is very little as most people prefer getting hug amounts when it comes to loan.
lf you are looking Lending institutions to borrow huge amounts of money Zamcash and Buimoney may not be for you. However if you need small amount of cash to cover an emergency or groceries then these services are for you.
Even though Zamcash and Buimoney is not a very quick service, it is better than most of the lending institutions in Zambia and the fact you can get it anywhere is a plus.
To access the these services visit the following websites
For private company workers
For civil servants
I have payed money using my next king but the are saying that the have added 25
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