Cheque

Access immediate cash against post-dated or non-cleared cheques. Ideal for business owners who need quick liquidity but do not want to wait for the standard cheque clearance period.

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Aptic-Cheque

Comprehensive Guide to Aptic’s Cheque Discounting Product.

The Cheque Discounting product is designed to help businesses access immediate cash by providing funds against post-dated or non-cleared cheques.

  • Loan Application Process:
  • Step 1: Customer submits the cheque along with required documents, including ID, KRA PIN, bank statements, and business verification
  • Step 2: Aptic verifies the cheque contacting the issuing bank and confirming funds availability and cheque validity.
  • Step 3: Upon verification , Aptic advances up to 85% of the cheque amount to the customer's account.
  • Step 4: The customer repays the discounted amount plus interest when the cheque clears, or at the end of the loan term.
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  • Interest Rates & Fees:
    • Interest rates based on risk profile and cheque amount, with fees deducted upfront(10%).
    • Processing fee of 2-5% of the cheque value.
    • Additional charges for cheque verification and potential CRB checks.
  • Loan Repayment:
    • Repayment is due whn the cheque clears or at the end of the specified loan term.
    • Payment options include direct debit from the customer's account, or Aptic may cash the cheque when it clears.
  • Loan Amount: Up to 85% of the cheque’s face value, depending on the customer’s profile and cheque verification.
  • Loan Term:Typically, 1 to 3 months, aligning with the cheque clearance period.
  • Interest Rate: Competitive rates based on risk assessment and cheque validity.
  • Collateral: The cheque itself serves as collateral until it clears.
  • Processing Time: Quick approval and disbursement, typically within 24 hours, allowing rapid access to funds
  • Business Owners: Entrepreneurs who receive payments by cheque and require immediate cash to manage business expenses.
  • Suppliers and Contractors: Individuals or companies that need liquidity to cover operational costs while waiting for cheque payments to clear.
  • Self-Employed Individuals: Professionals who are paid by cheque and seek to access funds without waiting for the standard clearance period.
  • Cheque Requirements:
    • Must be a local corporate cheque issued by a reputable company or institution.
    • Personal and foreign currency cheques are not eligible.
    • Cheque must be payable to the borrower and deposited into a business account.
  • Documentation Requirement:
    • Bank statements for the past 6 months to verify account activity
    • ID and KRA PIN of the cheque holder.
    • Proof of business operation, such as a business license or certificate of incorporation.
    • Verification of the issuing entity and cheque validity with the issuing bank.
  • Cheque Verification: A rigorous verification process ensures that the cheque is valid and funds are available. This includes contacting the issuing bank and confirming the issuer’s credibility.
  • Reputable Issuers: Only cheques from reputable, registered companies or institutions are accepted, reducing the risk of non-payment.
  • Lien on the Cheque: Aptic retains the cheque until it clears, ensuring security and minimizing the risk of default.
  • Immediate Access to Funds: Provides quick liquidity, allowing businesses to manage cash flow more effectively without waiting for cheque clearance.
  • Flexible and Convenient Solutions: Offers a straightforward alternative to traditional loan products, with funds disbursed directly against the cheque.
  • Reduced Financial Pressure: By providing access to up to 85% of the cheque amount, businesses can cover expenses and continue operations without delays.
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