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Friday, September 13, 2019

Answered ; Can One Borrow From More Than One Loan app

    September 13, 2019   No comments

Borrowing from more than one loan app

Is it possible to take loans from more than one loan app at the same time? Can I get a loan from a different loan app while still having an unpaid loan from another loan app? This is the question I will answer today.

As I was checking my emails, I got this perfect example of the questions Kenyans who heard about mobile loan apps often ask.
 Have alook;

Inquiry 
Dear Mr. Mwabaya,
 I just read an article on loans that you wrote and I would like to know some few issues; 
a) Which app would you recommend for the best loans?
b) Which app can give one the best amount at first
c) Can one use more than two apps at the same time?
d) Can one get a loan based on a pay-slip as opposed to an app instantly? 

Kindly let me have the response to the above questions.
 Looking forward to your response, 
 Sincerely, 
 Mary Buluku

I did a complete reply to Mary,but for the purpose of this post, I'll answer the question highlighted in yellow;

Can One Use More Than Two Apps At The Same Time.

According to my understanding, this question asks if it's possible to take another loan from another app while you still have unpaid loan or loans with another app or other apps.

To answer this, I'll say 'YES' it is possible. I tried it several times and it worked. I tried taking loans not from just two but from more than four apps in a single day and I got the money.

But have you heard of Digital Lenders Association Of Kenya (DLAK)? This is a group of mobile digital money lenders ( loan app companies ) who chose to come together and self-regulate the market.

In this regard, DLAK member loan apps will have a central place where they'll be able to see borrowers' information as submitted by the apps you as the borrower will have interacted with.

By now you should know where am going as per the question; Can One Use More Than Two Apps At The Same Time. It will soon not be possible!! Why? Because your information about the first loan you took from the first app will show unpaid or worse overdue. This way the other apps which you'll try to apply for loans next will most probably deny you to avoid 'loan overburdening'.

So ,for now 'Yes' you can get loans from more than one app but when the DLAK system comes full operational ,most probably the answer to the same question will be a 'No'.


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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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