We were used to getting quick mobile loans from the digital lenders available in the country but due to Coronavirus outbreak, this is not the case now.
Most loan apps have either stopped giving loans or reduced the loan amount greatly. And it's not emergency anymore. For lenders like Tala ,it can take up to 10 days before receiving a loan.
Following the recent directive by the Central Bank of Kenya (CBK) that loan apps and other digital lenders not to blacklist defaulters, it is likely that most of these lenders will go out of business.
Luckily though, some of the loan apps are just digital platforms owned by strong and licensed commercial banks.This means they were less shaken by the COVID-19 negative effects and never affected by the CBK directive. These are the apps going to be reliable during this time.
Loan Apps, Digital Lenders That Will Survive Corona Impact
1.Timiza
Timiza is a digital loan platform by Absa Bank KenyaCheck Timiza loan app
2.VOOMA
This is a loan platform by KCB.Check VOOMA loan app
3.HF Whizz
This is a loan app by Housing Finance.Check HF Whizz loan app
4.PesaPap
This is a mobile loan platform by Family Bank of KenyaCheck PesaPap loan app
5.Stawi
This is a business loan mobile platform by the Kenyan government in collaboration with 5 major banks in Kenya.Check Stawi loan app
6.M-shwari
This is a digital money platform by Safaricom and NCBA Bank7.KCBMPESA
This is a digital money platform by Safaricom and KCB.Check KCBMPESA
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