FairKash+ Loans
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
for Android
for Android
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
In recent years, mobile money lending apps have become increasingly popular in many countries around the world. One such app is Mpesa, which was launched in Kenya in 2007 and has since expanded to other countries in Africa. While Mpesa has made it easier for people to access credit, many are concerned about whether borrowing through the app can affect their credit score.
Mpesa is a mobile money transfer service that allows users to deposit, withdraw, and transfer money using their mobile phones. The service also offers a mobile banking platform that allows users to save, borrow, and pay bills using their phones. Mpesa loans are disbursed through the app, with repayment periods ranging from 30 to 180 days. Interest rates range from 1.16% to 14% per month, depending on the amount borrowed and the repayment period.
Mpesa uses an algorithm to determine an individual’s creditworthiness based on various factors, including their Mpesa transaction history, credit bureau data, and other sources of information. The algorithm considers factors such as the frequency of transactions, the average balance in the Mpesa account, the duration of the account, and the level of activity on the account.
Mpesa does not currently report to credit bureaus, which means that borrowing through the app does not directly affect an individual’s credit score. However, if a borrower defaults on their loan, Mpesa may report the default to credit bureaus, which could then affect the borrower’s credit score.
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
for Android
While borrowing through Mpesa does not directly affect an individual’s credit score, it could indirectly affect their creditworthiness. For example, if a borrower has a high level of debt from multiple sources, including Mpesa loans, lenders may be less willing to extend credit to them in the future. Similarly, if a borrower has a history of defaulting on loans, this could make it more difficult for them to access credit in the future.
To protect their credit score, borrowers should ensure that they borrow only what they can afford to repay and make their payments on time. If a borrower is unable to make a payment, they should contact Mpesa and request an extension or a restructuring of their loan. Borrowers should also monitor their Mpesa account regularly and report any unauthorized transactions to Mpesa immediately.
In summary, borrowing through Mpesa does not currently affect an individual’s credit score directly. However, defaulting on a loan could result in Mpesa reporting the default to credit bureaus, which could then affect the borrower’s credit score. Borrowers can protect their credit score by borrowing responsibly, making their payments on time, and monitoring their Mpesa account regularly.
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
for Android
for Android
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
FairKash+ is approved by the Central Bank of Kenya. Download and use it.
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