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
As per the currency lending application in Kenya, the minimum and maximum loan amounts vary depending on the specific platform or service provider. These applications allow individuals to borrow money quickly and easily without going through lengthy and complicated procedures. In this article, we will explore the various platforms available in Kenya, their minimum and maximum loan amounts, and other relevant information.
Kenya has a vibrant fintech industry, with several platforms providing quick loans to individuals. These platforms offer an alternative to traditional banking institutions, which often have strict lending criteria and require collateral. The currency lending applications are designed to provide quick access to cash for emergency expenses, business capital, or any other financial needs.
The minimum and maximum loan amounts vary depending on the specific platform. Some of the popular lending applications in Kenya include Tala, Branch, M-Shwari, and Fuliza. Tala offers loans ranging from Ksh. 1,000 to Ksh. 30,000, while Branch offers loans ranging from Ksh. 1,000 to Ksh. 70,000. M-Shwari, which is a partnership between Safaricom and Commercial Bank of Africa (CBA), provides loans ranging from Ksh. 100 to Ksh. 20,000. Fuliza, which is also a product of Safaricom, provides overdrafts of up to Ksh. 50,000.
It is important to note that the loan amount offered by these platforms depends on factors such as credit score, repayment history, and income level. Therefore, it is advisable to borrow only what you can comfortably repay to avoid defaulting on the loan.
The interest rates charged on loans by these platforms vary depending on the specific platform. Tala charges an interest rate of between 11% and 15%, while Branch charges an interest rate of between 10% and 27%. M-Shwari charges a facilitation fee of 7.5% of the loan amount plus a 30-day interest rate of 1.083%. Fuliza charges a daily fee of 0.5%.
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
for Android
The repayment period for loans also differs depending on the specific platform. Tala offers a repayment period of between 21 days and 120 days, while Branch offers a repayment period of between four months and one year. M-Shwari has a repayment period of 30 days, and Fuliza has a repayment period of seven days.
To qualify for a loan from these lending applications in Kenya, you must meet certain eligibility criteria. Firstly, you must have a mobile phone number registered with the network operator. Secondly, you must be at least 18 years old. Thirdly, you must have a good credit score and repayment history. Lastly, you must have a source of income, whether formal or informal.
The application process for these lending applications is quick and straightforward. All you need to do is download the app from the Google Play Store or Apple App Store, register with your mobile phone number, and provide the necessary information, such as your name, ID number, and income details. The platform will then use this information to determine whether you are eligible for a loan and the loan amount you can qualify for. Once approved, the loan is disbursed to your mobile money account, and you can use it for your intended purpose.
In conclusion, the currency lending applications in Kenya provide an alternative source of quick loans to individuals. These platforms offer different loan amounts, interest rates, and repayment periods, making it easy for individuals to choose a platform that suits their needs. However, it is essential to borrow responsibly and only what you can comfortably repay to avoid defaulting on the loan.
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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