FAQ
Frequently asked questions
Everything we are most often asked about borrowing from Alector — eligibility, what it costs, how repayment works, and what happens when something goes wrong.
Eligibility and applying
What do I need to register with Alector Microfinance?
Your full name, a mobile number that can receive SMS, and your national ID. You will be asked to upload a photo of your ID, proof of residence and proof of income before you can apply for a loan.
How much can I borrow?
New customers start with a limit of up to $500 on the Alector Starter Loan. As you repay on time your trust score rises and your limit grows — up to eight times your starting limit at gold tier. Across all products we lend from $50 to $8,000.
Can I get a loan with no credit history?
Yes. The Alector Starter Loan is built for exactly that — it is assessed on income and identity rather than on a prior credit file, and repaying it creates the record that unlocks larger facilities.
Do I need to be employed to borrow?
No. Employed borrowers use the Chapupu Salary Advance, but traders, farmers and self-employed people borrow through Mbizi Working Capital or Zunde Agri-Input, assessed on trading or farming records instead of payslips.
Do I need collateral or a guarantor?
Alector lends primarily against your trading record and trust score rather than against security. Where collateral or a guarantor is required for a larger facility, we tell you before you apply, not after.
Rates, fees and costs
Are Alector rates fixed?
Yes. Every product carries a published starting rate — from 10% on the Chapupu Salary Advance to 18% on the Zunde Agri-Input Loan — and whatever rate appears on your agreement does not change for the life of that loan.
Are there hidden fees?
No. Applying is free, and any fee that applies to your loan is shown on your repayment schedule before you accept it. If a charge is not on that schedule, it does not apply to your loan.
What does a loan actually cost me in total?
Your repayment schedule shows every installment, its date and its amount before you accept, so the total is visible up front rather than something you have to derive from a percentage. You can also estimate it beforehand with our repayment calculator.
Is there a penalty for repaying early?
Payments are applied to your oldest unpaid installment first and reflect on your schedule immediately, so settling ahead of schedule reduces what you carry.
Repayment
How do I repay my loan?
By bank transfer, or in cash at our Harare office. Payments are applied to your oldest unpaid installment first and reflect on your schedule immediately.
What happens if I miss a payment?
We send SMS reminders before each installment falls due. A missed installment is flagged as overdue and pauses new borrowing until it is settled. If you know a payment will be late, contact us before the due date — restructuring a schedule early is far easier than recovering an overdue one.
Can I change my repayment schedule?
Talk to a loan officer as early as possible. We would rather restructure a schedule that has become unaffordable than watch it fall into arrears, but that conversation has to happen before installments are missed.
Will I be reminded before each installment?
Yes. SMS reminders go out ahead of every due date, and your full schedule is always visible in your account.
Your credit score
How is my Alector trust score calculated?
From your actual repayment record with us. Settled installments raise it; overdue installments lower it. It is not imported from a bureau file, and it is not a judgement about where you live or what you do.
How quickly does my borrowing limit grow?
Your limit moves with your score as installments settle. Borrowers who repay on time progress through bronze, silver and gold, reaching up to eight times their starting limit at gold tier.
Can I see why my score is what it is?
Yes. Your account shows what drives your score, and every decision has a loan officer behind it. If a decision looks wrong to you, ask — you are entitled to an explanation.
Privacy and security
Who can see my KYC documents?
Only you and authorised Alector staff. Documents are stored securely and are not shared with third parties beyond what we are legally required to do as a registered institution.
Is Alector Microfinance a registered lender?
Yes. Alector operates as a registered microfinance institution under registration RBZ-MFI-2024-017, which means formal supervision and the record-keeping, disclosure and conduct standards that come with it.
What happens to my data if I never borrow?
Opening an account carries no obligation to borrow. Our privacy policy sets out what we hold, why we hold it, and for how long.
More detail
Questions about a specific loan
Each product page carries its own set of questions covering eligibility, documents and the things that only apply to that facility.
Keep reading
Still looking?
Question not answered here?
Ask a loan officer directly — there is no charge for asking, and no obligation to borrow afterwards.
Free to apply · No hidden fees · Most applications reviewed the same working day