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
Lending apps have become increasingly popular in Kenya, providing individuals with quick and convenient access to loans. These apps offer a range of loan amounts and have specific criteria for loan approval. In this article, we will explore the loan amounts available and the approval standards set by lending apps in Kenya.
Loan Amounts Offered:
1. Small Loans:
Lending apps in Kenya typically offer small loan amounts ranging from Ksh 500 to Ksh 50,000. These loans are designed to meet immediate financial needs or provide short-term assistance. Small loans are often approved within minutes and disbursed directly into the borrower’s mobile wallet.
2. Medium Loans:
Some lending apps also provide medium-sized loans with amounts ranging from Ksh 50,000 to Ksh 500,000. These loans cater to individuals who require a larger amount of capital for business ventures, education, or home improvements. Medium loans usually have a longer repayment period and may require additional documentation for approval.
3. Large Loans:
For significant financial needs, certain lending apps offer large loan amounts exceeding Ksh 500,000. These loans are suitable for substantial investments, such as property purchases or business expansions. However, obtaining a large loan requires meeting stringent eligibility criteria, including a higher credit score, stable income, and collateral.
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
for Android
Approval Criteria:
1. Credit Score:
Lending apps in Kenya assess the creditworthiness of borrowers based on their credit scores. A good credit score significantly increases the chances of loan approval. Borrowers with a history of timely loan repayments and low outstanding debts are more likely to have a favorable credit score.
2. Income Stability:
Another crucial factor considered by lending apps is the stability of the borrower’s income. To ensure repayment capability, lenders prefer individuals with a steady source of income, such as salaried employees or self-employed individuals with a consistent business income.
3. Employment Status:
Lending apps may require borrowers to provide proof of employment, such as a letter of employment or bank statements showing regular salary deposits. This requirement ensures that borrowers have a reliable income source to meet their loan obligations.
4. Identification and Address Verification:
To prevent fraud and maintain security, lending apps typically require borrowers to provide valid identification documents, such as a national ID card or passport, along with proof of address. This verification process helps confirm the borrower’s identity and residence.
5. Repayment History:
Some lending apps consider the borrower’s repayment history, taking into account any previous loans obtained through the app. A positive repayment history increases the likelihood of loan approval, while defaults or late repayments may negatively impact the approval decision.
6. Collateral:
For large loan amounts, lending apps may require collateral as security. Collateral can be in the form of property, vehicles, or other valuable assets. By providing collateral, borrowers give lenders assurance of repayment, reducing the risk associated with larger loan amounts.
Lending apps in Kenya offer a variety of loan amounts to cater to different financial needs. Small loans are easily accessible, while medium-sized and large loans require meeting stricter criteria. Credit score, income stability, employment status, identification verification, repayment history, and collateral are all factors considered during the loan approval process. By understanding these criteria, borrowers can improve their chances of obtaining loans through lending apps in Kenya.
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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