Friday, March 27, 2020

Expect Reduced Lending From Loan Apps

    March 27, 2020   No comments

Loan apps

COVID-19 pandemic has already had a negative impact on individuals and businesses financial stability.

Digital lenders have already seen the risk involved in giving loans to the mwananchi increasing and therefore some actions were necessary.

Loan apps have greatly reduced the amount of money they give as loans. The loan limits have declined and that is for borrowers with excellent repayments history but in most cases no loans are disbursed at all.

Here is a message from Paul. He is just one of the many out there wondering what's happening with the loan apps.

Yesterday evening I applied for loan of Ksh. 6000 which was approved butNot disbursed to my account 070xxxxxxx
Kindly ensure that it is sent to my phone asI need it immeditelyPaul Cheboi

I have also seen several comments on social media where borrowers were still complaining about this same issue of loans getting approved but not disbursed.

Carbon ,one the loan apps already made it clear that they'll reduce loan amounts and also restrict who to approve for loans.

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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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