Which are fast loan apps in Kenya?From my experience, these are the fast loan apps and they include M-Shwari, KCBM-PESA, Hustler Fund, Faraja Loan and Halal Pesa.
For the purpose of this article, fast means loan disbursement speed less than 1 minute.
Popular Fast Loan Apps in Kenya
In Kenya, these are the fast mobile loans which have beaten the less than 1 minute loan disbursement duration. I'd you look closely, you'll find that all the loan products are found within M-PESA service;
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| KCBM-Pesa Logo Photo Courtesy: KCB Bank |
1. KCB M-PESA
This app allows users to access loans of up to KShs 1 million directly from their M-PESA accounts. The interest rate is 1.15% per day, and the repayment period is 30 days.
Loan disbursement is as fast as within 1 minute.
2. M-Shwari
M-Shwari loan disbursement is as fast as 1 minute.
This app is offered by Safaricom and NCBA Bank. It allows users to access loans of up to KShs 300,000 directly from their M-PESA accounts. The interest rate is 7.5% per annum, and the repayment period is 30 days.
3. Hustler Fund
This is a government-backed loan app that offers loans of up to KShs 50,000 to small businesses and individuals. The interest rate is 8% per annum, and the repayment period is up to 24 months.
Loans from Hustler Fund can be disbursed as fast as within a minute.
4. Faraja loan
This app offers loans of up to KShs 100,000 to individuals and businesses. The interest rate is 13.5% per annum, and the repayment period is up to 12 months.
Again, faraja loan disbursement can happen in less than a minute.
5. Halal Pesa
Halal Pesa loan disbursement is within 1 minute.
This app offers loans of up to KShs 50,000 to individuals and businesses. The interest rate is 0%, and the repayment period is up to 6 months.
6. Fuliza loan
Fuliza is the fastest mobile loan. Loan disbursement happens in seconds.
This is a service offered by Safaricom and M-PESA. It allows users to overdraw their M-PESA accounts by up to KShs 700. The interest rate is 1% per day, and the repayment period is 30 days.
How to Apply for a Fast Loan
The application process for fast loan apps is typically very straightforward. And this is because they are connected with M-Pesa.
These apps require users to provide their basic personal information, such as their name, phone number but in many cases, customers just opt in or activate the service.
No apps may require users to provide their employment information or bank account information.
Once the user has provided the required information,activated the service or opted in , the app will assess their creditworthiness and determine if they are eligible for a loan. If the user is approved for a loan, the user will now be able to apply.
Qualifications and Requirements
The qualifications and requirements for fast loan apps vary depending on the app. However, most apps require users to be M-PESA users , at least 18 years old and have a Kenyan national identity card. Some apps may also require users to have a regular income or a bank account for example Halal Pesa.
Interest Rates and Fees
The interest rates and fees associated with fast loan apps can vary widely. It is important to carefully compare the interest rates and fees of different apps before applying for a loan.
Advantages and Disadvantages of Fast Loan Apps
These fast loan apps offer a number of advantages. They are typically easy to use and require minimal documentation. They can also be a good way to get quick access to cash during an emergency.
However, it is important to be aware of the disadvantages of fast loan apps. The interest rates and fees associated with these loans can be very high. It is also important to be careful about overborrowing, as this can lead to debt problems.
Tips for Using Fast Loan Apps Safely
Here are some tips for using fast loan apps safely:
- Only borrow what you need.
- Make sure you can afford the repayments.
- Be aware of the interest rates and fees associated with the loan.
- Repay the loan on time to avoid additional fees.
- If you are having trouble repaying a fast loan, you should contact the lender immediately.
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