Registered microfinance institution· RBZ-MFI-2024-017
Borrowing guide
School fees are the single most common reason Zimbabwean households borrow. The invoice arrives on the school’s calendar rather than the household’s, and three terms a year means the problem returns predictably.
Overview
Alector does not run a separate "school fees loan" product, and we would rather say so plainly than dress an existing facility up as one. What we do have are two products that fee-paying customers use, with terms published exactly as they apply.
How it works
A salary-backed advance from $50 to $1,500 over up to three months, at our lowest published rate from 10%. For most fee-paying employees this is the right facility — a term’s fees sits comfortably inside that range.
Where income comes from a business rather than a payslip, Mbizi runs from $200 to $5,000 over up to six months from 15%, assessed on your trading record.
A school term is roughly three months. Borrowing over three months rather than six keeps the total cost of credit down and clears the balance before the next invoice lands.
Most applications are reviewed the same working day, but building in a few days avoids a child being sent home while a decision is still pending.
Before you apply
Everything is uploaded from your phone — there is no branch queue. Read how the application process works for the full sequence, or check rates and fees before you commit.
In practice
Illustrative situations, not real customers. They are here because the useful question is rarely “what is the rate” — it is “is this the right instrument for what I am actually trying to do”.
A term invoice arrives for a single child. It is affordable across a month or two of salary, but not out of one pay cycle.
What we would suggest: Chapupu Salary Advance over the shortest term that works — often one or two months. Borrow the invoice figure exactly; schools issue precise amounts and there is no reason to round up.
Fees for three children fall in the same fortnight, three times a year, and the total is a significant multiple of monthly income.
What we would suggest: This is a budgeting problem before it is a borrowing one. Borrowing the full annual fee bill each term compounds quickly. Consider covering the gap for the largest invoice and building a standing reserve for the rest — and talk to the school: many will phase payments if asked early.
A trader’s income peaks around agricultural and festive seasons, but school terms do not align with either.
What we would suggest: Mbizi Working Capital is assessed on trading records rather than payslips, and its six-month term can span a lean period. Map the schedule to when your income actually arrives.
A registration deadline falls in days, and a place is at risk.
What we would suggest: Apply immediately rather than on the deadline. Most applications are reviewed the same working day, but a document that needs re-uploading can cost 24 hours you do not have.
Avoid these
Several of these cost us margin to tell you. They are here because a borrower who takes the right facility repays it, and a borrower who takes the wrong one does not.
Three terms means three chances to pay from income. Borrowing all of it in January means carrying interest on money not needed until September.
Many schools will phase payments or hold a place against a partial payment if you approach them before the deadline. That costs nothing. Ask before you borrow.
If the previous term’s borrowing has not cleared before the next invoice, the pattern is not sustainable and a new loan will not fix it. Talk to us about restructuring instead.
A school term is about three months. Matching the loan term to it clears the balance before the next invoice, which is the difference between borrowing once and borrowing permanently.
Honest routing
Sending someone to the wrong facility helps nobody. If any of the following describes you, start there instead.
FAQ
No. We do not run a separate school-fees product. Parents fund fees through the Chapupu Salary Advance if they are employed, or Mbizi Working Capital if their income comes from a business. Both carry published rates and terms.
That depends entirely on the institution. Bring the fee invoice to your application — we size the loan against what is actually owed rather than lending a round number you then carry interest on.
Applications reach a loan officer immediately and most are reviewed the same working day. Apply a few days before the deadline rather than on it.
Yes, through Mbizi Working Capital. You will need evidence of trading — sales records, invoices or stock receipts covering at least six months — in place of payslips.
Terminology
If any of these are unfamiliar, that is worth fixing before you sign anything — with us or with anyone else.
Availability
Applications are handled online and reviewed by the same team wherever you are. Our office is in Harare.
Keep reading
A short salary-backed advance that bridges the gap to payday, for anyone on a regular wage.
Read moreShort-term working capital for traders, retailers and informal SMEs who need to restock or bridge a receivable.
Read moreThe entry point for borrowers with no formal credit history — small, short, and designed to build a record.
Read moreA loan officer can tell you in one conversation whether we are the right lender for what you need — and say so plainly if we are not.
Free to apply · No hidden fees · Most applications reviewed the same working day
+263 242 700 145 · Free to apply · No hidden fees