Who can apply for a Fleets loan?

Fleets is built for African transport operators with a registered business, a minimum of 12 months of operational history, and a verifiable route or contract. Individual drivers and informal operators are not currently supported.

How much equity is required upfront?

Standard equity is 20% of the vehicle price, paid before funding. Used vehicles and first-time borrowers may require 25%. The exact figure is shown on each contract listing.

How are APRs determined?

APRs are set by Fleets per contract, based on vehicle condition, term length, and market conditions. APR is fixed for the full term — you'll see the rate up front on the contract page and it never changes during repayment.

What happens if I miss a payment?

A 60-day grace period begins the day after your due date. Interest during the grace period accrues at an elevated APR (25%), calculated daily. After 30 days in grace, the loan is flagged at risk; after 60 days, it moves to Defaulted and the vehicle may be repossessed.

Can I pay off my loan early?

Yes. Prepayments reduce outstanding principal directly and shrink your future interest bill. Fleets charges no early-repayment fee — the prepayment UI shows your projected interest savings in real time.

How long does approval take?

Borrower Intake through Funding typically takes 2–3 weeks. You can track your application's progress stage-by-stage on the Loans page once you've submitted.

What happens after a default?

Defaulted loans move to At Auction. Fleets will either auction the vehicle or refinance it to another operator to recover the outstanding balance. Once resolved, the loan is marked Completed. If the vehicle sale generates a surplus after settling the outstanding principal, accrued interest, and recovery fees, any remaining amount is returned to you.