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Business loan Tos

Please note the following terms of service before applying for business loan:

● To request a business loan means you have been with us for a period of 90 days with a good loan history.
● Your business must be registered and licensed before applying for a business loan.
● You should have cleared all loans like personal loans, soma loans before applying for business loans as we are not able to approve any loan when you have another outstanding loan.
● You should take a photo of you when you are in business premises inside, around the business, and the full picture of you, photos where two people happen are not accepted unless when you are business partners.
● You should be able to upload the original copy of the required business document like certificate of business registration, operating license from within the operating areas and a physical reference letter from your LC 1 chairperson.
● Business loan review can take up to 72 hours to be approved, once your loan has been declined, you should get an email for the reason and you can only reapply after 30 days.
● All business loans are to be repaid within the loan period as shown during loan reimbursement.
● When you fail to clear the loan on time, we reserve the right to suspend your AppNomu account, take legal actions so we can recover the loan you obtained.
● AppNomu shall not be liable for business risk that may result in business failure or otherwise closing of the business, you agree to clear your business loan without the exercising of such factors.
● You are the rightful owner of the business profile submitted and all the business documents and personal profile belongs to you.

Why is my business loan application rejected?

Registered businesses can get loans from AppNomu to boost their businesses and increase their capital. We try to be realistic and accurate in providing this type of loan to our esteemed clients since it requires a lot of risking.

Please note that you can only get this loan if you have been our client for at least a period of 90 days having a good loan repaying history with us and your business must be registered, certified and licensed to operate before your application can be approved.

When your business loan application is rejected, check if among the following applies reasons for rejections;

1. Fake business details; we do conduct a review of the business certification by the URSB to make sure the business has been duly registered and licensed to operate. Once we do not find more information about your business, your application will be declined and your account will be suspended for using fake information to access our services. If you had an ongoing loan, you will be required to repay our loan before your account can be terminated and as well all your savings in case you had, shall be refunded to you. To avoid this, you are advised to use certified business documents from authorized departments.
2. On-going loan; While you can request this loan even if you have another loan from your account, we can only approve your business loan application if you do not have any ongoing loan within your account. All your loans like the soma loan and personal loan should be cleared first before applying this type of loan.
3. Nature of the business; Since business loans come with a variety of risks, some businesses are not eligible to receive this type of loan, gambling, loan businesses, livestock businesses and agricultural/ farming businesses may not be able to receive this loan to avoid more business loan risks.
4. Locations; Businesses in areas that are inaccessible may not receive this type of business since we may not be able to assess the business place and premises. If however, you can provide accessibility to your location, we can assign to you a loan team member to assess your business or we can arrange an online meeting to verify your business.
5. Impersonations; Your business loan application will not be approved if you are not the real owner of the business or if the name of your national ID does not match with the name on your business documents. We require the real directors of the business to request for this type of business loan so that we are sure of legit transactions.
6. Blur documents; While taking pics, we are required to take clear pictures that can be easily read by our loan compliance team and our machine learning system so we can accurately relate the submitted data to the available information in the public domain. You are therefore required to take clear pictures of your national ID, business document and your passport photo that clearly shows you in your business. At times we may request for a landmark for any nearby public place like the church, school or mosque for easy location identifications.

We do not guarantee that your business loan application will be approved as our compliance team takes a lot of considerations while reviewing your application. However if your loan is not approved, you can re-submit your request after 30 days and your loan application will be re-moderated.

If you believe your loan has been denied in error and you would like to know more, kindly contact our loan team on help@appnomu.com and include your business loan number that was rejected for a thorough review.

Business loan approval takes 72 hours from MONDAY to SATURDAY and once your loan has been approved, you will receive the loan amount requested under your loan account from which you can withdraw at free cost.