Technology has streamlined the lending process and made everything easy and less tedious. With the modern mobile loans in Kenya, you can apply for a loan with your smartphone. It takes just the required qualifications, meeting the requirements,j and having your personal information handy.
Thanks to Fintech companies in Kenya, online lenders are the last resort when all means of getting quick funds have been exhausted. Mobile loans in Kenya are the best channels for quick loans.
What are Mobile Loans?
Mobile loans are loans gotten through downloading loan apps on your mobile phones and following the procedure for loan application.
We also take mobile loans to mean loans you can apply for through a mobile app or the web browser on your smartphone.
Just a little punch and quick creation of an account and supply of your personal details. You have your cash within a short time.
Pros and cons
Pros:
- You can apply on the go because it comes in handy. You access it through a smartphone from the comfort of your house.
- Opportunity to compare interest rates
- You don’t need collateral for mobile loans
- Mobile loans are easy to access and operate.
- Loans may be processed quickly and disbursed within a short while.
- You can access other products from the mobile loan app.
Cons:
- Loan apps installed on the mobile, often are not compatible with all mobile phones.
- You need to be comfortable with technology to apply, if not one who struggles with basic phone functions can not apply.
- No face-to-face customer service and support.
- The mobile loan app support team isn’t always straightforward in help.
- If in need of a quick fund, you might encounter an error during loan application that won’t be resolved on that day.
- For some mobile loan, the loan limit you qualify for might be lower than the loan amount you need.
Minimum and Maximum Amount
The minimum and maximum amounts to access mobile loans vary from lender to lender. Some mobile loan amounts are higher than the others.
How to Apply for Mobile loans in Kenya
Applying for mobile loans is quite simple and easy. First you need to:
- Download the app on your smartphone
- Log into the app or launch the app on your mobile phone
- Apply for the loan
- Once approved, they will deposit your loan to your M-Pesa or bank account. In Kenya, M-Pesa Kenya is taking the lead.
Eligibility for Mobile Loans
The general eligibility needed to access all mobile loans are:
- Mobile phone
- Be 18years and above
- Have a valid National identity card
- Be willing to allow some loan app access to all your phone’s data and transactions.
5 Requirements for Accessing Mobile Loans
The requirements for mobile loans are not as rigorous and tedious as the terms got in banks. The requirements are:
- First download the particular loan app on your smartphone
- Create an account by filling all required information
- Providing a valid Identification card to prove your age and identity
- Providing also your phone number which often serves as your account number
- Updating your personal information
10 Mobile Loan Apps in Kenya
There are lists of mobile loan applications in Kenya that help dispense quick loans to the citizens. They are:
- Tala loans
- Branch loans
- Shika loans
- Mshwari by Safaricom
- KCB M-Pesa
- Berry
- Ipesa
- Zenka
- Zidisha
- Saida loans
Types of Mobile Loans in Kenya
The types of mobile loans which can be accessed quickly are:
How to Repay Mobile Loans
Repaying back your mobile loan increases your chances of accessing a higher loan amount next time you apply. You repay mobile loans through the following process:
- Launch M-Pesa app on your mobile phone
- Select ‘Lipa na M-Pesa’ icon
- Click on “Paybill” option
- Then type in the paybill number
- Enter your phone number than your account number
- Input the loan amount you want to repay
- Cross check all information and submit
- Get a confirmation message that you have repaired your loan successfully.
Frequently Asked Questions
How can I get a quick mobile loan in Kenya?
To get a quick mobile loan, apply via:
- Loan app
- Official website or
- Through USSD
Where can I get a 150k loan in Kenya?
You can get up to 150k loan in Kenya from banks, Saccos and private lenders. But you must qualify, and meet all requirements to enjoy the flexible repayment period.
How to get a loan in 5 minutes?
To apply for Instant 5 minutes loan, follow the steps below:
- Download the loan app
- Register on the app
- Submit all necessary documents and complete all necessary verifications
- Apply for the loan you qualify for
- Get cash in 5 minutes or less.
Conclusion
The rise of digital lending has increased in Kenya, boosted by growing smartphone adoption and the availability of mobile loan systems.
The Credit Reference Bureau (CRB) acknowledged in 2019 that the rate of credit inquiries in Kenya doubled. This is because the digital lenders are leveraging on mobile loans to target both banked and unbanked customers.
Conclusively, as long as you have a regular phone, smartphone and a reliable internet, you can apply for a quick mobile loan in Kenya on the go. You can also get a loan by dialling a code.