If you have a question, doubt, or uncertainty – browse our FAQ section for answers. In case you still can’t find what you’re looking for, reach out to us and we’ll get back to you!
Growth Credit is a financial service provider that uses the advantages of P2P lending to offer affordable loans and lucrative investment opportunities.
E3 Jubilee Hall Annex Pavilion Show Grounds Great East Road Lusaka, Zambia
If there’s no Growth Credit branch in your area, you can always apply online or through our contact center.
Visit us
E3 Jubilee Hall Annex Pavilion Show Grounds Great East Road Lusaka, Zambia
Give us a call
+260211296024
Send an email
hello@growthcredit.co.zm
Find us on social media
You can receive your money instantly through:
Monday to Friday from 08:00 to 17:00hrs
These are the eligibility criteria for getting a loan on Growth Credit’s platform:
When applying for a loan, you’ll be required to upload the following documents:
Unfortunately, you have to submit all of the required documents. We have to make sure that Growth Credit is a secure environment for financial transactions, and that’s why we will not process applications with incomplete documentation.
The amount that you can borrow can be anywhere between K500 and K250,000.
You can choose the type of loan that best fits your needs: Payday Loans, Personal loans, Business loans, Invoice Discounting, and Order Financing.
The exact loan amount that we can approve is dependent on the affordability of your pay slip and or credit score from the Credit reference bureau (Transunion).
Our interest rate is determined by the specific loan product. To find out what would be the precise rate in each particular case, please use the calculator on Growth Credit’s home page.
You can choose one of the following ways to manage your repayments:
Salary deductions
Made monthly on every payday by your employer or by the bank on our behalf through direct debit.
Mobile money
Make the payments on MTN or Airtel.
Unfortunately, no - not at this moment. Growth Credit’s administrative and recovery procedures are designed for other types of loan products.
We offer a pay-later facility, which you can use to postpone the repayment. For more information, contact our call center at +260211296024
The Growth Credit platform protects your investment in multiple ways, so you can rest assured that loans will be repaid on time and in full with interest.
We safeguard your investment by:
Offering a Buyback guarantee.
In case the borrower doesn't repay timely, the investor is still able to recover their investment. When a loan is delinquent for more than 60 days, Growth Credit will buy back the investment at nominal value plus accrued interest.
Selecting loans with good performance for you.
Our software makes sure that you are displayed with the best-performing loans at all times.
Performing the credit risk assessment via the most advanced AI technology.
Our platform has a cloud-based infrastructure, advanced AI-driven intelligent scorecard, automated underwriting, and integrations with credit bureaus (Transunion), banks, and payment providers.
As you probably already know, investment procedures are almost always tied to a risk of one kind or another. Here’s how we manage them on our platform.
Credit risk: the risk of borrower’s default.
We run thorough checks before approving the loan. Our pre-screening practices include establishing the borrower’s credit score and reference third-party information from Transunion (CRB).
Also, we mitigate the credit risk through diversification, meaning that you can invest your money into multiple loans, thus proportionally reducing uncertainty.
Finally, we’ve developed efficient collection methods, ensuring that the lender’s payments are made on time (automated SMS, calls, etc.)
Operational risk: the risk that Growth Credit as a company ceases to exist as a going concern.
Since we are regulated by the Securities and Exchange Commission (SEC), Growth Credit is obliged to report our going concern to the authorities.
Liquidity risk: the risk of insufficiency of funds, which prevents withdrawals.
We add an extra layer of security by making sure that sufficient funds are available to settle liabilities when they fall due. Growth Credit P2P platform is backed by a reliable financial group, a US-based Venture Capital firm.
Growth Credit adheres to the highest standards of data protection, to make sure your information is safe with us.
Growth Credit is a customer-centric platform, in the sense that we strive to protect both borrowers and investors.
Since our goal is to provide sustainable alternatives to traditional banking in the long term, we do not approve loans if we estimate that the borrower doesn’t have the capacity to repay. In line with this, we take prudent steps to inform, educate, and profile our borrowers - so that they don’t fall into the debt trap. We take time to find the right loan for each and every applicant.
Furthermore, our legal team has devised clear terms and conditions for our customers, which ensure compliance with Zambian laws.
No, of course not. You can invest as little as K500 in a particular loan. Many other lenders will help a borrower reach their goal, and you can see their profiles at all times at the bottom of the loan profile.
The minimum investment amount is K500. There is no maximum investment amount.
No, once you submit your bid and it gets approved, the platform puts funds at the borrower's disposal. You can withdraw money from your balance after the borrower starts repaying, and you earn your interest rates. However, we strongly recommend that you continue investing and seize the advantage of compound interest.
Yes, Growth Credit allows everyone to invest: individuals, private and public institutions, corporate entities, and MSMEs.
No, not at the moment. We only offer investment opportunities in local currencies.
Growth Credit is approved under the Securities and Exchange Commission (SEC), Capital Markets Authority of Zambia through its Regulatory Sandbox, which guarantees that our P2P lending platform is tested, proven, and ensures risk mitigation. The regulator obliges us to be transparent, proactive and engage them at all times to ensure we are doing business in accordance with Zambian law - which we embrace passionately, because all these also contribute to the excellent customer experience on our platform.
Yes, and we will continue to do so for several reasons.
First, our own investments are a precious tool needed to understand our platform’s data, explore customers’ behaviour patterns, and understand how to avoid potential risks.
Second, we also want to show complete confidence in the P2P platform we’ve created and prove the efficiency of our credit scoring system.
Last but not least, Growth Credit’s investments are a source of gaining profit, and we use them to maximize our returns, just like we encourage you to do.
Yes, it is. According to Zambian law, all the profits that you make by investing on the P2P lending platform are considered taxable income.
Kindly take note that even non-Zambian citizens are also required to pay taxes.
Operating in accordance with Zambian law, we will deduct a 15% Withholding Tax for all interest earned by local investors on our platform and a 20% Withholding Tax on Non-residents.
At the end of every month, Growth Credit will issue you the Withholding Tax Certificate.
Should you have any tax-related questions or wish us to issue the Withholding Tax Certificate upon request, contact us timely at contact info.
Remember to read the Terms and Conditions here before you start investing
