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 the use of loan applications continues to gain popularity in Kenya, it is essential to understand the various repayment methods used by these apps. Loan apps are a game-changer as they provide quick and easy access to credit, which is beneficial to many Kenyans, especially those who lack access to traditional banking services.
One of the most common repayment methods used by loan apps in Kenya is mobile money. The loan app integrates with various mobile money platforms such as M-Pesa, Airtel Money, and T-Kash, making it easy for borrowers to repay their loans. Once the borrower receives the loan, they can repay it by simply sending the amount due to the loan app’s designated mobile money paybill number.
Another repayment method commonly used by loan apps in Kenya is bank transfer. Borrowers can make payments directly from their bank accounts to the loan app’s account. This method is convenient for borrowers who prefer not to use mobile money or those who have bank accounts but do not use mobile money.
Loan apps that offer debit card repayment options enable borrowers to pay their loans using their debit cards. Borrowers only need to input their card details on the app, and the payment is processed instantly. This method is convenient for borrowers who have debit cards but do not want to use mobile money or bank transfers.
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
for Android
Some loan apps in Kenya allow borrowers to repay their loans through salary deduction. This method is popular with employees who receive regular income as it ensures timely repayments without the risk of default. The loan app partners with the borrower’s employer, who deducts the loan amount from the borrower’s salary before remitting it to the loan app.
Another repayment method used by loan apps in Kenya is post-dated checks. Borrowers give the loan app post-dated checks for the loan amount plus any applicable fees. The loan app then deposits the check on the due date. This method is not as popular as the others as it requires the borrower to have a checking account, which is not common among many Kenyans.
In conclusion, loan apps in Kenya offer various repayment methods to cater to the diverse needs of borrowers. The most common repayment methods include mobile money, bank transfer, debit card payments, salary deduction, and post-dated checks. By understanding the different repayment methods, borrowers can choose the one that works best for them and make timely repayments, which improves their credit scores and increases their chances of accessing credit in the future.
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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