Loan Terms & Conditions
Please read these terms carefully before applying for a loan with Goodfellow Finance Limited
1. Loan Agreement Acceptance
By submitting a loan application to Goodfellow Finance Limited, you acknowledge that you have read, understood, and agree to be bound by these Terms and Conditions. These terms constitute a legally binding agreement between you (the borrower) and Goodfellow Finance Limited (the lender).
Your loan application becomes a binding agreement upon approval and disbursement of funds. You must be at least 18 years of age, legally employed, and a resident of Zambia to qualify.
2. Loan Products & Services
Goodfellow Finance Limited offers the following microfinance loan products tailored to your financial needs:
- Payday Advances: Short-term loans until your next payday (1 month term)
- Short-Term Loans: Personal loans with 1-2 month repayment terms
- Emergency Loans: Quick access funds with expedited approval
- All products subject to Bank of Zambia regulations
We serve clients from government, mining, ZESCO, NGOs, agriculture, teaching, nursing, private sector, and SME sectors.
3. Eligibility Requirements
To qualify for a loan from Goodfellow Finance Limited, you must meet the following criteria:
Required Documents
Valid NRC, verifiable income source, bank account/mobile money, payslip, employment letter, and bank statements.
- Be a Zambian citizen or legal resident
- Be at least 18 years of age
- Have verifiable regular income from recognized sectors
- Not be in default with any financial institution
- Meet credit assessment and affordability criteria
4. Interest Rates & Fees
All loans are subject to competitive interest rates in compliance with Bank of Zambia regulations. Rates are determined based on loan amount, term, credit history, and employment sector.
All rates and fees are disclosed transparently before disbursement. Interest is calculated on a reducing balance basis with no hidden charges.
5. Loan Disbursement
Upon loan approval, funds will be disbursed through your preferred method:
Disbursement Options:
- Cash: Collect from any of our 28 branches (24-hour availability)
- Bank Transfer: Direct deposit to verified account (1-2 business days)
- Mobile Money: MTN, Airtel, or Zamtel (same-day processing)
The net disbursement amount (minus applicable fees) will be clearly stated in your loan agreement.
6. Repayment Terms
Loan repayment is due according to your agreed schedule. We offer convenient repayment methods:
- DDACC: Automatic bank account deduction on due dates
- PMEC: Payroll deduction through employer arrangement
- Branch Payment: Cash or cheque at any of our 28 branches
- Mobile Money: Transfer to our business account
- Bank Transfer: Direct transfer to designated account
Contact us immediately if you experience financial difficulty. We are committed to finding sustainable repayment solutions.
7. Default & Penalties
A loan is considered in default if payment is not received within 7 days after the due date, or if your bank/payroll deduction fails repeatedly.
Consequences of Default
Late fees, penalty interest, credit bureau reporting, collection procedures, and potential legal action. Legal costs will be added to your balance.
8. Early Repayment
You have the right to repay your loan in full or make partial early repayments at any time without penalties. Early repayment reduces your total interest charges.
Contact us at +260 211 238 719 or info@goodfellowzm.com to request an early settlement statement. Interest is calculated daily, so you only pay for actual days borrowed.
9. Customer Rights & Responsibilities
Your Rights: Clear loan information, fair treatment, privacy protection, right to complain, early repayment without penalties, and loan statements upon request.
Your Responsibilities: Provide accurate information, make timely payments, notify us of changes to employment/contact details, use funds for lawful purposes, maintain sufficient funds for deductions, and contact us promptly if payment difficulties arise.
We are committed to responsible lending. Only apply for loans you can afford to repay.
12. Personal Data & Privacy
Goodfellow Finance Limited processes your personal data in accordance with the Data Protection Act, 2021 (Act No. 3 of 2021). We are registered with the Office of the Data Protection Commissioner as a Data Controller and Data Processor under certificate DP000287.
By applying for a loan or using our services, you acknowledge that we will collect and process personal data necessary for lending, recovery, KYC/AML compliance and regulatory reporting. Full details — including your rights to access, rectify or object to processing — are set out in our Privacy & Data Protection Policy.
To exercise your data protection rights, contact our Data Protection Officer at customercare@goodfellow.co.zm.
13. Governing Law & Dispute Resolution
These Terms are governed by the laws of the Republic of Zambia. Goodfellow Finance Limited operates under Bank of Zambia supervision and complies with all applicable regulations.
Dispute Resolution Process:
- Step 1: Contact our customer service team
- Step 2: Submit formal written complaint to Head Office
- Step 3: Lodge complaint with Bank of Zambia if unresolved
- Step 4: Submit to courts of Zambia for legal resolution
14. Changes to Terms
Goodfellow Finance Limited reserves the right to modify these Terms due to regulatory changes, market conditions, new products, or legal requirements.
Changes will be communicated via email, SMS, website publication, and branch notices. Changes take effect 30 days after notification unless required sooner by law.
Questions About Our Terms?
Call: +260 211 238 719 / +260 957 224 792 | Email: info@goodfellowzm.com
Visit: Plot No. 4448/8 Caholi Road, Rhodespark, Lusaka
Hours: Mon-Fri: 8:00 AM - 5:00 PM, Sat: 8:00 AM - 1:00 PM
Contact Us | Find a BranchImportant Notice: Goodfellow Finance Limited is an indigenous Zambian microfinance institution established in 2017 and registered with the Bank of Zambia. We are committed to responsible lending and transparent business practices.