Friday, August 14, 2020

Here Are The Lenders Still Operational This COVID-19 Pandemic

    August 14, 2020   No comments

Kopa Cent Africa
Kopa Cent Africa 

Coronavirus is here and most businesses are down, most jobs are closed. The economy is affected really bad. Do we still have lenders who  can offer  a back up plan?

Lenders are among  the most hit businesses currently. The lending market is full of uncertainties plus government directives aimed at cushioning the customers from the virus negative economy impact.

Its obvious that no lender will give loan to an individual with a cancelled job or a person with a closed down business.

It's a tough time, but luckily there are some lenders who can atleast play tough than the negative  impact COVID-19 pandemic is causing.

Lenders That Can Still Give  Loans During COVID-19 Pandemic 

It's not going to be east to get a loan even from these lenders ,but atleast there's some chance;

  1. Commercial Banks - these lenders have sufficient financial bases from customer deposits and government support. 
  2. Deposit Taking Microfinance - Atleast these lenders also have customer deposits. They can choose to give a percentage as loans.
  3. Secured Loan Givers - These are lender that will ask for some security for example log books or title deeds before they give loans. 
  4. Salary Advance Lenders  -  As long as you're still in job (preferably employed by the government) with a good pay slip, companies that give Salary advance can help at this time.
Lenders that are totally unreliable during this COVID-19 pandemic are trust based digital lenders especially hpthe loan apps. They just can't give loans now. It's too risky. 
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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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