It is an extension of credit from lending institution when account reaches zero. An overdraft allows the individuals or businesses to continue withdrawing money even if the account has no funds in it. Basically, Lephola allows people to borrow a set amount of money.
INTEREST
Interest is charged only on overdrawn accounts. Interest is calculated daily on
available balance and charged at month end at the rate determined by management
STATEMENTS
Statements are available on request, bio-weekly, monthly, quarterly or annually.
COST
- Management fees, withdrawal fees will be charged
- A fee will be charged on all third party payments and transfers
- An Authorise d Savings and Credit Cooperative Service Provider.