Questions? Answers.
What is an unsecured personal loan?
A loan made to you personally, without any security against it (like a car or a house).
What is annual percentage rate (APR)?
APR stands for annual percentage rate. It includes any fees and charges – but we don’t charge anything other than interest.
What is APR representative?
We offer representative APR to more than half of those who apply for our product. We offer personalised rates tailored to each customer, but we can’t calculate that until you’ve checked your rate by applying. The representative rate is an indication of what the product might cost.
How is the loan paid to me?
Kroo loans are paid into your Kroo account, subject to typical credit and risk checks.
How does repayment of the loan work?
Our loans are ‘amortising’, which means that your loan balance will reduce with every monthly payment until the loan is repaid. The payment schedule is calculated at the time of application, and you can see that in the app, so you know what’s coming. Payments are deducted from your Kroo current account.
What are the costs in the case of late payments?
We don’t charge penalties or fees for late payments, but interest will continue to accrue on that payment, meaning you will pay more interest overall. Kroo reports to credit agencies, so late payments can impact your credit file and make future borrowing more expensive.
How will a loan affect my credit history?
As with typical credit products, your payment record is reported, and the credit agency updates its record. Repaying a loan on time can be a great way to improve your score. Late payments can have a negative impact.