Loan Apps or Digital Lenders are now after bringing decency and transparency in the digital lending market in Kenya.
Through a recently formed body DLAK (Digital Lenders Association Of Kenya), members will now have to follow a Code Of Conduct in delivering financial services to the people of Kenya.
This Code of Conduct defines a lot on how the Digital Lender Institutions (DLIs) will work and one of the aspects here is 'why to grant or deny loans '.
I went through the 'code of conduct' and here is why a loan app or digital lender won't give you a loan;
- If the lender proves that you'll be unable to repay.
- If you have overdue loans of above kes 10000 and 60 days (2months)
- If you borrowed four (4) loans in the last 3 months and are not paid.
- If you refuse to accept the terms and conditions.
- If you already have a loan ,you won't get a new loan unless it's a consolidation or top up
- If you are negatively listed by the CRB (external databases)
Now according to DLAK , these are the reasons why Digital Lenders in kenya will deny you loans. There are other reasons however, which can affect the lender's decision to grant or deny you a loan .
Read now ; What I learnt about loan apps in Kenya
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