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
M-Pesa is a mobile money transfer service that has become very popular in Kenya and other African countries. In addition to money transfers, M-Pesa also offers online loans to its users. However, not all loan applications are approved, and if your loan application is rejected, it can be frustrating and disappointing. In this article, we will discuss what you can do if your M-Pesa online loan application is rejected.
1. Find out why your loan application was rejected
The first step when your loan application is rejected is to find out why. M-Pesa usually sends an SMS message informing you that your loan application was unsuccessful, but they do not give a reason why. You will need to contact their customer service to find out the reason. Some of the reasons why your loan application may have been rejected include:
– Insufficient funds in your M-Pesa account
– Low credit score
– Previous loan default
– Incomplete or inaccurate information on your loan application
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
for Android
2. Address the reason for rejection
Once you have identified the reason why your loan application was rejected, you can take steps to address it. For example, if you had insufficient funds in your M-Pesa account, you can deposit more money and reapply for the loan. If your credit score is low, you can work on improving it by paying off any outstanding debts or bills. If you defaulted on a previous loan, you can negotiate a repayment plan with the lender and make payments on time. If your loan application was rejected due to incomplete or inaccurate information, you can correct the errors and resubmit your application.
3. Consider alternative loan options
If you are unable to address the reason for rejection or if you do not want to wait for the issue to be resolved, you can consider alternative loan options. There are many other mobile money lenders in Kenya and other African countries that offer online loans, such as Tala, Branch, and KCB M-Pesa. These lenders have different eligibility criteria and interest rates, so it is important to compare them and choose the one that best meets your needs.
4. Improve your credit score
One of the most common reasons why loan applications are rejected is a low credit score. Your credit score is a measure of your creditworthiness, and lenders use it to determine whether you are likely to repay your loan on time. If your credit score is low, you may need to work on improving it before applying for another loan. Some ways to improve your credit score include:
– Paying bills and debts on time
– Keeping credit card balances low
– Limiting new credit applications
– Checking your credit report for errors and disputing any inaccuracies
5. Seek financial advice
If you are struggling with debt or financial management, it may be beneficial to seek professional financial advice. Many organizations offer free financial counseling services, such as the Kenya Financial Education Centre and the Consumer Credit Counseling Service. A financial counselor can help you create a budget, manage your debts, and improve your financial literacy.
In conclusion, having your M-Pesa online loan application rejected can be discouraging, but it does not mean that you cannot obtain credit. By identifying the reason for rejection, addressing the issue, considering alternative loan options, improving your credit score, and seeking financial advice, you can increase your chances of being approved for a loan 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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