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Friday, September 25, 2020

3 Best Loan Apps In 2020

    September 25, 2020   No comments
Loan apps in Kenya

The list of loan apps is growing steadily in Kenya. About 5 years ago, we only had Tala (which was Mkopo Rahisi by then), Branch International and Saida.Today, we are welcoming a new kid on the bloc like every month!

As I have already said, the list is long and ever growing ,but I'll mention afew  I personally bumped into them. Kindly note that the list is not in any order,just listing the names.

Always look for an updated list of Loan Apps on homepage

Loan Apps List

  • Shika loan app
  • Branch loan app
  • Pesa Zone loan app
  • Jazika loan app 
  • Tala loan app 
  • Stawika Loan App
  • Utunzi Loan App
  • Saida Loan App
  • Timiza Loan App 
  • Afrikash loan app
  • Ubapesa 
  • Okash Loan App 
  • Okolea loan app 
  • Haraka loan app 

I always try the apps before posting for Kenyans on this blog. And because I did ,all these loan apps gave me different experiences as I was interacting with them.

Look at some of what I encountered ;
  • Some apps were easy,simple to use and even attractive in colour while others were not at all.
  • I had to pay fees or charges before applying for loans with some apps
  • I had to upload Mpesa statements for some apps to get and read my data while other apps did everything from the background after giving permissions.
  • With some apps,you can call ,sms, DM on social media or email to get assistance from customer care desks.Some ,you just drop a message within the app.
  • Not all apps disbursed loans instantly.It can take hours or days. Some never worked on weekends. I had to wait till Mondays. 
  • Some apps give rewards for referring friends and family while others don't .The rewards' value and the redeeming terms also varied though.
  • With some apps, I had to wait a bit long (like a day)  for the app to update after making a repayment. Other apps updated instantly.
  • My loan limit increased fast and with large margins with some apps.With others ,the margins were small and increased after a very long while.
  • Some apps gave extremely small loans for a start while others started with thousands. 
  • Some apps charge high interest rates while others charge low affordable rates. 
  • I also found that some apps offered more services in addition to Loans for example buying airtime, insurance and paying bills.

I just can't exhaust all here but am sure I've given a substantial overview right there. Now as per my experiences I would wish to name the best three loan apps which I found most convenient in 2019.

3 Top Loan Apps in 2020

After considering all the experiences I went through while using loan apps, I would name the following apps as the best as of 2020.

7 Tricks To Increase Borrowing Power

    September 25, 2020   No comments
Every person or business would always  want to be easily approved to take loans and even bigger funds than ever from lenders. Unfortunately this is not always the case.

However, there are ways to take you or your business  there.

According to Ndwiga Kamwangi, who is the Head of Retail and Business Banking Credit at the Cooperative Bank of Kenya, these are the ways to increase your borrowing power ,especially as a Business;

How To Increase Borrowing Power As A Business 

  • Pay Loans When Due
  • Pay Creditors When due
  • Pay Taxes When Due
  • Collect Your Debts Timely 
  • Bank Promptly As You're Paid 
  • Choose Your Bank/Lender 
  • Value Your Business 
Here is a video of how to increase your borrowing power by Mr Kamwangi. 

10 Best Loan Apps Post COVID-19

    September 25, 2020   No comments
Loan apps in Kenya

Before COVID-19 pandemic, loan apps were reliable lenders in the country with over a million  active customers.

When COVID-19 came, every business was affected and started slowly performing poor and loan apps were never spared.

Let's try and remember. Before 2019 ended there are loan apps Kenyans were praising for doing agood job.

Some apps offered bigger loans,others offered loan top ups and other offered longer repayment periods and it was commendable even the CBK was somehow comfortable with this.

We all highly hope that Coronavirus will go and life will go back to normal. When this happens, then here are the loan apps to check when it comes to looking for quick mobile loans through mpesa post COVID-19;

  1. Tala
  2. Branch International 
  3. Timiza 
  4. Zenka 
  5. Okash
  6. Opesa 
  7. Saida 
  8. Stawi 
  9. Stawika 
  10. Carbon

Which Is The Best Instant Loan App In Kenya

    September 25, 2020   No comments
@talamobile app

What are the best fast loan apps in Kenya? This is a very common question most Kenyans have been asking since the apps set foot in the country.

As a Finance Blogger, I have been testing these apps for a long time now. Along the way I discovered that myself and from my article readers comments ,there are a few factors that makes a loan app the best. These can include among others;

  • Simple user interface,
  • Cool colours,
  • Easy navigation,
  • Simple registration process
  • Is there any registration fee?
  • Simple loan application process 
  • Fast loan disbursements 
  • Reasonable loan limits 
  • Affordable interest rates 
  • Reasonable repayment period 
  • Clear and Simple terms of use
Of these, an app that works fast and disburses loan quickly can be considered the best. This because most of the people who borrow loans from these digital lenders always need to solve emergencies.

Most of the time borrowers can forget about the other factors for example the 'tems of use' or 'interest rates ' and focus on applying and receiving the loan.

But actually, which is the best loan app that can give instant loans in Kenya? There is a long list of good loan apps in Kenya but this list below shows the best.

These digital lenders carry the most of the characteristics that best favours most of the borrowers with I being included .They are easy to register, charge affordable rates, easy to navigate through the app, cool and attractive colors, no unnecessary fees, fast loan disbursements, higher loan limits,easy to communicate;

  1. KCBMPesa
  2. Mshwari 
  3. Tala
  4. Branch International 
  5. Timiza
  6. Vooma
  7. PesaPap 
  8. HF Whizz 
  9. Zenka
  10. Haraka 
  11. Saida