simple eligibility for loans in kenya

    December 16, 2014   No comments

Who is eligible for a loan in kenya?Financiers like comercial banks ,saccos,venture capitalists,shylocks and microfinance institutions are very keen when it comes to customer eligibility for a credit package.Here at loans kenya we did not know that majority of kenyans do not know what the preliminary requirements that lenders ask for until when we started recieving such like
queries from people desperately lookng for loans.They have complained of being repeatedly told by lenders that they are not eligible1

What do lenders look for in eligibility?The preliminary part of eligibility is legality which is the reason for this post and the remaining half is credibility which I already covered.Legality is being registered by the government in question.As an adult you must own national identification card or a passport and as a business must have a registration certificate to borrow.Individuals without payslips have ever complained of being locked out of borrowing and this post is specific for them.
Seecredibility for a loan
Lenders will always need a way of evaluating your credibility.Without a payslip it becaomes difficult for them to evaluate your capability to repay and your source of income.with a registered business,books of accounts can do that.I therefore recommend people to register there small businesses so as to have an opportunity to apply for loans just like their counterparts with payslips.

Finally you should know therefore that without a payslip you can still borrow if you have a registered business.
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Mwabaya Katana

Posted By Mwabaya Katana

Mwabaya Katana is a Personal Finance online writer.He is the founder of 'Loans Kenya' Blog.

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