• Interest Rate and Fee Policy

We believe in providing competitive and fair interest rates to all our borrowers. Here’s a detailed breakdown of how we determine our rates and any associated fees:

• Interest Rate Calculation:

  • Creditworthiness: Higher credit scores may qualify for lower interest rates.
  • Loan Type: Rates vary depending on the selected loan package (e.g., QuickBoost, Growth Surge, FlexiAdvance, EliteMax).
  • Market Conditions: Rates are adjusted periodically based on the current economic environment to ensure fairness and competitiveness.

• Additional Fees and Charges:

  • Origination Fee: A one-time fee of 2% of the loan amount is deducted upon disbursement.
  • Late Payment Fee: A fee of 5% of the overdue installment is charged if a payment is more than 7 days late.
  • Prepayment Penalty: None—borrowers are encouraged to pay off their loans early without extra charges.

• Total Cost of Borrowing:

  • Example: A N$5,000 loan under the Growth Surge package with an 8% interest rate over 6 months will incur a total interest of approximately N$1,200.
  • Detailed cost breakdowns are provided in the loan offer to ensure clarity.

• Compliance: We strictly adhere to all usury laws and consumer protection regulations, ensuring transparency in all our dealings.

• Privacy and Data Security Policy

Your privacy and data security are of utmost importance to us. Here’s how we handle and protect your personal information:

• Data Collection:

  • We collect personal details such as name, contact information, ID numbers, and financial information as part of the loan application process.
  • Data is collected only for the purpose of evaluating loan eligibility, processing applications, and offering better services.

• Data Security:

  • Encryption: All sensitive data is encrypted during transmission and storage to prevent unauthorized access.
  • Regular Security Audits: We conduct regular audits and vulnerability assessments to ensure our systems remain secure.
  • Secure Storage: Data is stored on secure servers with restricted access, following industry-standard security protocols.

• Data Usage:

  • Your data will only be used for processing loans, providing customer support, and improving our services.
  • Sharing: We do not share your information with third parties unless required by law or with your explicit consent.
  • Data Access: Customers can request to access, update, or delete their personal information by contacting our support team.

• Repayment and Default Policy

At TurbonFinance, we provide flexible repayment options and a clear understanding of the consequences of non-payment:

• Repayment Options:

  • Automatic Deductions: Set up direct debits for automatic payments from your bank account.
  • Manual Payments: Make payments through bank transfers, online payment portals, or at our office.
  • Payment Schedule: A repayment schedule is provided upon loan approval, detailing the dates and amounts of each installment.

• Late Payments:

  • Late Fees: A 5% late fee is applied if payments are more than 7 days overdue.
  • Impact on Credit: Late payments may negatively affect your credit score, which can impact future borrowing.

• Default Process:

  • Initial Notification: If a payment is missed, we will send reminders via email, SMS, and phone.
  • Collection Efforts: After 30 days of non-payment, your account may be handed over to our collections team.
  • Legal Action: In severe cases of non-payment, we reserve the right to pursue legal action as per Namibian law.
  • Future Borrowing: A history of missed payments or default may affect eligibility for future loans with TurbonFinance.

• Customer Service and Complaint Resolution Policy

  We are dedicated to providing excellent customer service and resolving any concerns promptly. Here’s how you can reach us and expect support:

  • Contact Methods:

    • Phone: +264 XXXX XXXX (available Monday-Friday, 9 AM - 5 PM)
    • Email: support@turbonfinance.com
    • In-Person: Visit our office at P.O. Box 14103, Outapi

  • Complaint Resolution Process:

    1. Submit a Complaint: Customers can submit complaints through email, phone, or in-person visits.
    2. Acknowledgment: We will acknowledge receipt of your complaint within 24 hours.
    3. Investigation: Our team will review the complaint and may reach out for additional details.
    4. Resolution: We aim to resolve complaints within 7 business days and will keep you informed of our progress.

  • Our Commitment:

    • We strive to address all concerns fairly and transparently.
    • Your satisfaction is our priority, and we continuously work to improve our service based on your feedback.

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  These policies ensure clarity, fairness, and a customer-first approach, reflecting TurbonFinance’s commitment to responsible lending and excellent service.