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Spend wisely
By Mei-Lin Chua
Contributing editor, apps and storefronts
Simple.mn is a loan app run by Ashid Capital LLC. It lets you apply for and manage borrowing in MNT, the Mongolian tugrik, across three service types: digital loans, buy now, pay later (BNPL) and collateral loans.
The listing says the services are offered under Mongolian law. The company was founded in 2019 and received a non-banking financial service license from the Financial Regulatory Commission of Mongolia in February 2020. It suits people who want a loan with fixed repayment terms and a stated interest rate.
The build we hold is Simple.mn 3.6.58 (APKS split bundle) for Android 7.1 and up.
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Digital loans are the app's core product, with amounts from 50,000 MNT up to 30,000,000 MNT. The listing gives the same range for its loan products as a whole, so a loan of any of the three kinds falls within it.
BNPL, or buy now, pay later, is listed as one of the three services. Collateral loans are loans backed by an asset you pledge to secure the debt. All three are handled in the same app.
Repayment periods run from a minimum of 3 months to a maximum of 40 months. The annual percentage rate (APR) falls between 27.6% and 39.6%.
The listing gives a worked example. Borrowing 1,000,000 MNT for 12 months at 27.6% APR works out to a monthly payment of 96,310.39 MNT, a total repayment of 1,155,724 MNT, and a total cost of the loan of 155,724 MNT. The developer also says there are no disbursement fees and no hidden charges.
Ashid Capital LLC is the developer and operator listed for Simple.mn. The company says it has offered financial services since its founding in 2019.
Its non-banking financial service license came from the Financial Regulatory Commission of Mongolia in February 2020, and the listing names that license as the basis for the services it offers.