Frequently Asked Questions

Does Mymo App offers free loans?

We offer small personal and short-lived loans at the rate of 10%.

Can I pay back in installments?

Yes, mymo allows payments by installments.

How is the credit score calculated?

We use existing information that you authorize us to access such as employment status, monthly income, transaction history as well as your loan-repayment behaviour to evaluate your score.

How can I improve my credit score?

Funding loans, repaying early/on time and having a good financial records are things that can help improve you credit score.

Is my information available to the public?

No! we only provide your information to business and persons you authorize us to explicitly or by requesting for loan sponsorship from via mymo platform.

What if I can pay back on time?

We allow users to apply for loan extensions

What is the maximum amount I can collect?

You can get a maximum of 50, 000 Frs from Mymo. However personal lenders and business are able to approve much bigger loans