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Thursday, July 11, 2019

Why Loan Apps Will Deny You Loans

    July 11, 2019   No comments

Why Loan Apps will deny you loans

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 .


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Mwabaya Katana

About Mwabaya Katana

Mwabaya Katana is a Finance Online Researcher and Writer.He is the founder of 'Loans Kenya' Blog.

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