ReferredBy™
COMMUNITY VETTED FINANCING APP
FREQUENTLY ASKED QUESTIONS
FAQ'S
What is Referredby?
ReferredBy is a pre-approved Nano-Loan facility , that empowers our users to request for a loan anytime, anyday 24 / 7 / 365 and get a Nano-Loan Disbursed to their Standard Bank PayPulse (Blue Wallet ) within 30 minutes.
What is a Nano-Loan?
A Nano-Loan is a term we coined to represent a payday loan amount that is much smaller than a micro-loan. In our operations, it ranges from N$300 to N$2000.
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Repayment of loans is currently set up for payroll deductions, but users don't have to wait for payday. They can use available payment methods in the app to finalize loan payments before the end of the month.
How do i signup?
Unfortunately, not everyone can register; you have to be invited by someone who is already a member. They have to provide you with a referral link. This essentially means that the user who gave you the link has vouched for your financial capabilities and responsibility, confirming that you are employed and will be able to repay the loans that are disbursed to you.
How can i get someone to refer me if i don't know anyone that is a current member?
You need to be part of a Lending Society or an Employer registered on ReferredBy to be able to take a loan, so this means that a referral link is easily obtainable from any staff of an registered organization or member of a lending society. If you want you company to participate and it has more then 5 employees please send us an mail at llewellyn@referredby.com.na
What documents do i need when i signup?
When you have successfully received a referral link/code from an active user, before starting the signup process make sure you have the following documents ready on your phone in PDF format.
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1. Certified Copy of ID 2. Latest Salary/ PaySlip 3. Commissioner of Oaths / Police Affidavit.
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User's that intend to Link to their Employer's Lending Group need a 4. Payroll Authorization Form : Click Here
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The Police Affidavit. is used to confirm your personal details that you are going to enter on the app so it has to match.
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Download and example of how it should be completed here : Police Affidativ / Commissioner of Oath Example
Do i need to upload new documents every time i apply?
No. Once the above mentioned documents are uploaded and are correct - they are valid for 6 months, only after which you will have to resubmit updated documents for re-approval.
What is the interest and How long do i have to pay it back?
The interest on the loan is 30% and as it pay day loan facility, it expected to be paid back on your immediate next pay day within 60 days.
Do i benefit anything by making a referral?
Referring someone to the app does not provide any monetary benefits or interest-free loans. Instead, it is the only way new users can gain access to the app.
This approach helps build a community of individuals who are vetted and trusted by each other, ensuring that members are financially responsible and have good standing within the lending communities they join. If the invited user doesn't repay, it will negatively affect both the community and the referrer's progress within the app.
Who is eligible
Any employed person & individual with ability to provide proof of income (i.e. Street vendors, Pensioners) that agrees to our terms of service, privacy policy, digital loan contracts, loan terms, is above the age of 18 and that has been referred via a referral code can register for an account with ReferredBy and will be accepted into a lending community to be able to take a loan.
How much do i qualify for?
All new user who's accounts have gone through employment verification, personal information checks and have been vetted will automatically qualify for the minim amount of N$300 -00 ( Three Hundred Namibian Dollars), which is a Level 1 Loan Facility.
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Each loan facility is broken down into levels:
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Level 1 = NAD 300 ( To move up to Level 2 you need to repay the outstanding loan amount )
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Level 2 = NAD 500 ( to move up to level 3 loan facility you need to repay the outstanding loan amount )
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Level 3 = NAD 1000 ( to move up to level 4 loan facility you need to repay the outstanding loan amount )
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Level 4 = NAD 2000 ( No more referrals required, just make sure to repay your outstanding amount, to be able to lend again)
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During this period that you are following the requirements above to increase your loan facility, you have to make sure that persons you refer are financially responsible and do repay their loan amounts, because if their accounts become outstanding or blocked it will negatively affect the level of loan facility availed to you.
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