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Saturday, January 16, 2021

3 Best Loan Apps In 2021

    January 16, 2021   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 2021.

3 Top Loan Apps in 2021

After considering all the experiences I went through while using loan apps, I would name the following apps as the best as of 2021.

How Loan Apps Failed Kenyan Borrowers

    January 16, 2021   No comments
Tala Loan App

Loan apps or simply digital lenders have been providing fast loans to smartphone users in emerging markets especially Kenya.

Its something that changed the way borrowing is done - fast and inclusive - as opposed to the way people used to accessing 'slow' loans from the conventional lenders.

There is a long list of benefits the digital lenders came with to the market. Easy access to funds, inclusivity, just to mention but a few.

Not everything seemed well though.  There are somethings that are not beneficial caused by the entry of loan apps in the market. For the purpose of this article, I'll share 5 things loan apps caused and are not okay.

5 times digital lenders failed customers 

1. Very High Interest Rates

Most of the loan apps charge an interest rate above 15 percent  which is far much higher compared to banks. Sometimes with the high interest rate borrowers are forced to repay more than three times the amount borrowed.

2. Debt Overburdening 

The apps worked independently each attracting customers forgetting that the same customers are taking loans from other loan app. This way most borrowers failed to repay loan and were blacklisted with the CRB due to excess loans.

3. Short Repayment Durations 

There's nothing much you can do with a 7 day loan. Some loan apps had as short repayment duration as a single day!

4. Smaller Loan Amounts 

Most of the loan apps were providing very small loan amounts. There's nothing much a borrower can do with $1 (KSh 100).

5. Communication Problems 

There was and to some loan apps ,there's still difficulty in reaching out to the customer care help desk. Digital lenders hide their numbers and even their premises locations. Customers struggle much to solve even the slightest mistakes and can land one in CRB due to delayed or no action from the side of the lender.

Bonus; Unnecessary Fees 

This does not come from most of the legit loan apps but it something some loan apps practice. You'll find that loan apps charge unnecessary registration fees, appraisal fees 

How To Get Free Loans From Tala ,Branch, Okash,Zenka and Other Loan Apps

    January 16, 2021   No comments
Branch International app

It is possible to get free loans from top loan  apps including Tala,Branch, Okash, Zenka and even more provided they have a referral program.

I have been taking loans for free. HOW? I have been inviting friends and family to join and use the apps services and I was being rewarded.

I have decided to share my story maybe you can be inspired and get started too.

This is my story

I made over ksh 200k with over ksh 700k still pending from Branch International alone since I started using the loan app.

I can't know how much exactly  I made from TalaOkash , Zenka, Haraka loan apps and the rest. And that is because, most apps never keep the earnings records visible to their customers after inviting friends.

All the money  I got from these apps were free loans! Yes, if you're reading this , am sure you are  surprised but that is the truth of the matter.

Why I got free loans from loan apps.

First, when the apps came, it wasn't possible at all to get free loans. But with time, Tala,Branch and Haraka introduced a referral program and this is how I started getting the free loans.

The Referral Program is something meant to reward the person introducing the other individual to join and use the loan app services.

Each app has, up to now ,its own amount of cash rewards to referrer, the person who invites others.The amount ranges between ksh 100 to ksh 500 across the loan apps with the program.

How I Earned Over 200k from Branch 

I will use Branch International in this story. The guys keep a good record of how you earn, redeem and what's remaining of your referral money.

Branch is giving ksh 500 for every person you invite,takes their first loan and repay. My efforts earned me over ksh 200,000 . This is the amount I redeemed as free loans. My exact effort though was estimated at over ksh 700,000 as of the time I took this screenshot;


How NCBA Bank Came To Existence

    January 16, 2021   No comments
NCBA bank Kenya

NCBA bank is the newest lender in the banking market which came into existence after two old banks NIC and CBA  joined forces to become one giant financial institution in Kenya.

Here is the storyline to formation of NCBA bank 

6th December 2018: NIC Group PLC (NIC) and Commercial Bank of Africa Limited (CBA) announce the respective Boards of Directors authorised commencement of discussions regarding a potential merger of the two entities.

31st January 2019: NIC Group PLC (NIC) and Commercial Bank of Africa Limited (CBA) announce their Boards of Directors unanimously voted to recommend to shareholders a merger of the two banks.

It was announced the proposed merger would be executed through a share exchange, with a share ratio between NIC and CBA being 47:53 respectively.

16th April 2019: Commercial Bank of Africa Limited (“CBA”) held an Annual General Meeting where its shareholders overwhelmingly approved the merger with NIC Group PLC (“NIC”).

17th April 2019: NIC Group PLC (“NIC”) held an Annual General Meeting where its shareholders overwhelmingly approved the merger with Commercial Bank of Africa Limited (“CBA”).

13th May 2019: The Competition Authority of Kenya (CAK) approved the proposed shares its conditions on the same.

15th May 2019: Announcement of the designated leadership of the merged NIC and CBA announced.

27th September 2019: The Central Bank of Kenya through Kenya Gazette Notice No. 9038 approved the amalgamation ofCommercial Bank of Africa Ltd and NIC Group PLC effective 30th September 2019.

27th September 2019: The Central Bank of Kenya issued a Press Release announcing the approval of the name of the amalgamated Bank NCBA Group Plc.

Source ; NCBA Group