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6 Online Emergency loans in Kenya (2024 Updated list)

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The 6 online emergency loans in Kenya mentioned in this article are a smarter means to borrow and solve pressing needs. After all, unplanned and completely unpredictable events must always occur. We will be exploring some of the online emergency loans in Kenya.

How does an online emergency loan work

An online emergency loan is an online unsecured personal loan that allows you to get a loan online and pay for unexpected expenses. You need a smartphone to apply for an online emergency fund in Kenya. If they approve your loan, it gives you the power to own a fund solve your immediate problem, and pay back soon enough.

6 different online emergency loans in Kenya 2024

Currently in Kenya, online emergency loans are made accessible through apps. The current best online emergency loans in Kenya are:

  1. KCB M-Pesa loans 
  2. M-Shwari online loans
  3. Utunzi online loan
  4. Tala loans
  5. Branch loans 
  6. Timiza loans

How to apply for online emergency loans in Kenya 2024

To apply for an online emergency loan, follow the procedure:

  1. Download the app from the Google Play store 
  2. Install and register your details on the ap
  3. Submit all necessary documents. Also, do your electronic signing if requested.
  4. Update all personal information and add your bank account details and phone number 
  5. Apply for the loan 
  6. Wait for your loan approval
  7. If successful, you get your funds within a short while.

Eligibility for the best online emergency loan in Kenya 2024

To be eligible to apply for an online emergency loan, you need to:

  1. Be 18 years and above
  2. Possess a national identity to prove your identity 
  3. Own a digital gadget that can connect to the internet.  Be it a mobile phone, tablet or personal computer. 
  4. Have a valid phone number 
  5. Operate a workable email address 
  6. Have a bank account or M-Pesa account 

How to repay an online emergency loan in Kenya 2024

To repay an online emergency loan, follow the procedure:

  1. Login into the online app
  2. Click on “repay loans”
  3. Input the loan amount
  4. Select the option for repayments 
  5. Tap the repayment and have your loan repaid
  6. Wait for a successful repayment message 

Conclusion 

Online emergency loans are loans you receive to solve little unexpected issues. We have various online emergency loans discussed in this article. Go through it and select the one you need. 

Also, note that it is an alternative to take when commercial loans fail you. Be smart enough to penetrate the financial market quickly and smoothly to meet and solve your pressing needs. 

How to be Certain About Getting a Loan During an Emergency

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How to be Certain About Getting a Loan During an Emergency? By identifying the easiest loan, legit lender, qualifying for the loans, and getting your documents ready.

Loans can feel like a last resort in an emergency. There are, however, many ways to make sure you are getting what you need to feel secure and keep your household afloat during hard times.

How to be Certain About Getting a Loan During an Emergency

What is an emergency loan?

An emergency loan is a short-term cash loan you can get quickly, usually 24 to 72 hours after you apply, in times of financial hardship. In emergencies, we all need money fast, and depending on your financial situation, an emergency loan may be a good fit. You can get 20000 worth loans sometimes

About how to be Certain About Getting a Loan During an Emergency

If you are planning to apply for a loan during an emergency, then there are things ‌you will need to prepare. These can include your financial records, bank statements, information about your property, and any other valuable assets that you have.

Besides these, you will also have to consider having some collateral for the loan should you cannot pay it back on time. If you have nothing of value at hand that is of use to a bank, then you can always consider getting your hands on some valuable items such as precious metals like gold or silver coin that can be converted into cash upon the need to pay off the loan.

What you need to know about being certain about getting a loan during Emergency

The worst time for an emergency is after you have used your emergency fund. A car accident or major home repair can wipe out crucial savings. 

How do you ensure that when you need money, even during times of emergency, you can get it? There are plenty of options to consider when it comes to loans in Kenya, but what you will want to find is the best one among the lot.

  1. Consider a short-term loan program
  2. Check out for Cash advance
  3. Loans from payday lenders e.t.c

How to be Certain About Getting a Loan During an Emergency?

If your credit score is suffering, it’s difficult to get a loan but the right lender can make all the difference. Here is what you need to know about the easiest loan to qualify for, securing a loan, managing a payment schedule, and ensuring timely payments.

When borrowing is chosen as the way forward, there are several options to note to be sure you will get a loan:

  1. Identification of a reliable direct lender
  2. Going for Payday Loans
  3. Requesting short-term loans from lenders
  4. Applying for a credit card loan
  5. Building your credit and applying for loans from the bank
  6. Loans from reliable family and friends

Apply for a short term Loan offering a Guaranteed Approval

Some loan lenders in Kenya provide guaranteed short-term or payday loan approvals for borrowers who qualify or who meet their basic eligibility criteria:

  1. Proof of income
  2. Be 18 years and above
  3. Proof of age
  4. Active bank account or M-Pesa account
  5. Valid phone number
  6. Residence address and utility bill
  7. National ID
  8. Passport photograph
  9. Some lenders would request your Facebook account

How Identification of a Reliable Direct Lender

During a time of emergency, watch not to apply for a loan with a dubious lender. Do thorough research even though you need the money urgently or you can read reviews online or ask your friends.

Determining the reliability of a lender is an important part of choosing a loan on its own. This is a quick and easy way to know that a lender is legit:

  1. Verify the online presence of the lender’s services on the web or via the app
  2. Then ‌read reviews about the lender online
  3. Try to avoid emergency loan brokers with the sweet mouth, as they can cause delays and issues
  4. Check out for other reviews and real feedback on the online lender’s services
  5. Look out for accreditations on the lender and their website security certificates
  6. Search for a contact number, address, and email ID of the lender that are present on the website and are valid enough
  7. Run from a lender that offers suspicious and constant bonanza and offers such as a “free one-month fee”, “50% off fees”, etc.

5 types of emergency loans

The type of emergency loans we go for should reflect our immediate needs. They are:

  1. Personal loans
  2. Cash advance
  3. Payday Loans
  4. Loans sharks or pawn shops’ loans
  5. Car title loans
  6. Payday alternative loans like short-term loans

What makes a loan ideal for emergencies?

There are many things you need to know that make a direct lender of a short-term loan or payday loan ideal for emergencies. They are:

  1. Some of these lenders guarantee approvals subject to loan eligibility and meeting requirements
  2. Lenders that can easily approve your loan and credit it quickly are ideal for emergencies
  3. A person with a very strong online presence because people prefer online loans as it is easy and quick
  4. A loan without more checks and delays can serve more people and save time, making emergency loans more workable
  5. Lan options with great flexible repayment options are more ideal than rigid ones.

Other searches- When is it Okay to take Small Personal Loans for Business

Conclusion

One way to ensure that you get a loan during an ‌emergency is to know your options. Asking from the government, friends, and from relatives are the best options.

But if you want to apply through a lender, then research different lenders so you can get the best offer. Also, be sure to mind your loan documentation process.

Emergency loans in Kenya – Everything you should know

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With the current global pandemic and other economic issues in Kenya, living has not been easy. No matter how much you work, toil and expect the unexpected, there is simply no way to know what lies ahead. Escaping from emergencies in a smarter and effective way is through an emergency loan. After all, unplanned and completely unpredictable events must always occur.

An emergency fund in Kenya gives you peace of mind when daily troubles and lack of funds leaves you stressed out. So know this, it is difficult to come up with a fund right away when you need it. Are you still willing to go along with me? If yes, let us explore emergency loans in Kenya and all you need to know.

Table of contents

What you need to know about Emergency loans

Emergency loans often come as unsecured personal loans, salary advances, payday loans, and credit card cash advances. These forms of loans are gotten quick to solve the said emergencies. It is sent directly to your bank account or your M-Pesa account. Often within a business day or few hours. The fast processing of the loan depends on the lender and the details of the loan application.

To fully understand the lender’s requirements and your options, conduct a quick research. Also read everything throughout the process.

What are Emergency loans?

Emergency loans are loans that cover sudden expenditures. They are unsecured personal loans that you can borrow to solve pressing and unexpected expenses. Relatively they are expenses like unexpected car repairs, home roof repairs, personal needs, etc.

Because emergency loans are unsecured, they require no collateral. However, some lenders offer emergency loans where the borrower has to put up an asset.

Personal emergency loans steps and procedures vary by lender, so all you need to do is to evaluate each of your options. Consider how much you can borrow, the fees, minimum amount, your income and the requirements

How does emergency loan work

An emergency loan is an unsecured personal loan that allows you to get a loan and pay for unexpected expenses immediately. If they approve your loan, it gives you the power to own a fund and solve your immediate problem and pay back the next day or soon enough.

Then instead of submitting a collateral and going through the long process of collecting a loan, you take the quick step. You make simple fixed- rate repayments within a month or more based on your terms.

Personal emergency loans come with low credit interest rates than credit card cash advances.in paying back the fund you collected, do it in a smarter, affordable and better way.

What can you use Emergency loan for

Emergency loans as a type of unsecured personal loans can be used for almost everything. It is pertinent you review the terms of each lender before proceeding to apply. Therefore, emergency loans are used to pay Bill’s ranging from:

  1. Car repairs: while going through your daily activities, your automobile might need an immediate repair. The tendency being to use it at the most effective time often regarding going to work.
  2. Unexpected circumstances to see the medics: often the body system changes without permission. The need to see the doctor may arise unexpectedly and if you don’t have cash, an emergency loan is the best option. You can also use the fund collected to pay off accumulated hospital bills or purchase drugs. 
  3. Natural disaster occurrence: natural disasters like flood and wind blowing off home roofs might need an emergency fund to repair it. You can collect the money and sort out disaster occurrences and pay in due time.
  4. Utility bills: unexpected bills and utility bills can make you go for emergency loans when you don’t have the fun. It can be used to set off immediate bills to avoid embarrassment and issues.
  5. Machine replacement and food stuffs: replacing a machine for creating more output is important and might require an emergency loan to tidy that up. Also, hunger can not be endured till the end of the month when you receive a salary. It is better if you take up an emergency loan and buy foodstuffs and payoff at the end of the month.
  6. Rent payment: if your rent is due and you run short of cash, an emergency loan can sort that. To avoid being thrown out of the house, it is better you sort for a better option and better later with an interest.
  7. Funeral expenses: death does not knock on the door before it comes in. When a loved one passes away without leaving a funeral cost, you may take up the responsibility and go for an emergency loan.

Types of emergency loans

When you need a loan in time of emergency, there are several options out there that you can pick from. The type of loan you go for depends on your credit history.  They may also consider your capacity in repaying the loan. The types of emergency loans we have are:

  1. Personal loans
  2. Payday loans
  3. Credit card cash advance 
  4. Title loans and Shylocks loans

Personal loans

Unsecured personal loans is a type of an emergency loan that is rampant in Kenya. Your eligibility and amount are determined using your credit history. Some personal loans also are collected by presenting a collateral like logbook car loans.

Learn more on how to apply for personal loans in Kenya

Payday loans

This is also a form of an emergency loan that has a high interest rate and flow amount. You make repayment on your next payday and require no credit check. Unsecured personal loans are better when compared with payday loans.

Credit card cash advance

This involves borrowing funds through your current credit balance when you have a credit card. The interest rate for this type of emergency loan is also high. Transactions and processing are associated with this type of loan.

Title loan and Shylock loan

Here you need to provide your car or a tangible item, as requested by the lender for funds. When you cannot pay back the loan, the lender keeps the car or sells it off to recover the loan amount.

Check out other types of Loans in Kenya

Where to get an emergency loan

When there are options like credit card cash advance, payday loan and others, there are other options. You can also collect emergency loans from:

  1. Bank
  2. Online lenders
  3. Credit union

Banks

You can get an emergency loan in the bank and have it transferred to your bank account. If you check and find out that you qualify and the process isn’t too long, you can go with the bank. 

Online lenders

Different online lenders in Kenya offer emergency loans quick and easy using a loan app. Some show you the pre-qualification on the app to check if you qualify. This option is also better once you are sure they are reputable lenders, have a secure site and legitimate as well.

Credit unions

A credit union can provide emergency loans. They transfer the money to your credit union account. It is a community or women or region based union. Their loan amounts vary, and they are fair to credit scores. Just meet the requirements and find out If they give to their members only or individuals that have covered their probation. 

How to choose an emergency loan

When doing your quick research and comparison both online and offline, know what you want. Avoid choosing the first person, each for the best lender by considering:

  1. Fund arrival time and how soon to get the cash
  2. The interest rate associated with the loan amount.
  3. The repayment duration. Know that the emergency loan duration varies with lenders. It is important you go for a longer repayment duration to give you time to gather enough funds.
  4. Check all other associated fees. Watch out for what lenders charge, especially the transaction fee and late payment penalties. 
  5. Identify the credit score to meet. Your credit history affects your interest rates and the loan amount.

Emergency loan alternatives and alternatives when you have a bad credit

When you have weighed all options and there are many shortcomings. Seek for other alternatives. Often bad credit could be the cause. Look out for other escape route to this. Other options include:

  1. Seek an advance cash offer from your employer 
  2. Checkout charitable financial organisations 
  3. Talk to a friend, family or neighbors.

Conclusion 

You can conquer any situation you find yourself in life that may require funds. Life issues knock on everyone’s door; the financial market has mapped out daily and several options to sort it out. Emergency loans are loans you receive to cover unexpected life issues. We have various types of emergency loan discussed in this article. Know them and select the one you need to go for. 

Also, note strategies or alternatives to take when commercial loans fail you. Be smart enough to penetrate the financial market quickly and smoothly to meet up and solve the emergency. 

Ethical Considerations in Lending

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In Kenya, where there are different loan companies, the lending industry faces a crucial challenge: ensuring that its practices are grounded in ethics. 

As the country also seeks financial services to build their dreams, grow their businesses, and solve emergency needs, the responsibility of lenders to act ethically has never been more important.

Let us dive more into the core principles of ethical lending, dilemmas in ethical lending, consequences of unethical lending, and so on.

Core Principles of Ethical Lending

Amidst the bustling financial lending markets of Nairobi, a principle emerges:

  • Transparency
  • More lenders who prioritize clear communication about interest rates
  • Clear repayment terms illuminate the path for borrowers. 
  • Integrity
  • Ability to teach and educate lenders more about different fees in lending.
  • Fairness 
  • Seeing beyond the risks involved and protecting borrowers 

Ethical Dilemmas in Lending

A striking example of a dilemma in a Kenyan village is where a farmer needs a loan to buy seeds before the rainy season, but his credit score is low. Should a lender prioritize the farmer’s immediate need or adhere strictly to the lending criteria? This scenario underscores the complex balance between risk and empathy in ethical lending.

Another dilemma that unfolds in lending is when a borrower needs an emergency loan to save a life but still has an unpaid loan with the same lender. Should the lender give him a loan while he is still owing the previous loan? This scenario also explains the complex balance between risk and empathy. 

The only explanation for these dilemmas is to make clear rules surrounding these issues so that a borrower knows prior before coming to borrow that he won’t get any loan when he has broken the ethical rules. 

Consequences of Unethical Lending

The repercussions of unethical lending include:

  • Slow progress or rippling of communities
  • Leaving trails of financial distress.
  • The story of a borrower trapped in cycles of debt due to hidden fees says a lot about lack of transparency
  • Another story of skyrocketing interest rates serves as a reminder of the need for integrity in lending practices.
  • Lack of clear communication 
  • Deceit and greed for more money to come in
  • Inaccuracy of lending data and other information. 

Promoting Ethical Lending Practices

There are ways to promote ethical lending practices in Kenya and they are:

  • Kenya financial leaders gathering to share a vision of ethical lending that supports community growth.
  • Introducing initiatives to educate borrowers on financial literacy
  • Making new clear policies with regulations that ensure fairness in lending 
  • Promoting existing lending practices that pave the way for a future where lending uplifts rather than oppresses.

The Future of Ethical Lending

As the sun rises daily, a new day dawns for ethical lending in Kenya. The Future of ethical lending takes the shape of:

  • Technology and innovation offer promising tools for creating more inclusive and fair lending systems
  • Promising a future where all Kenyans can pursue their dreams with the support of ethical financial services.
  • The Credit Report Bureau shows correct data on individuals’ credit history without any corruption. 
  • Financial regulatory bodies in Kenya monitor lending systems and ensure that lenders meet all ethical practices.

Conclusion

In Kenya, the story of lending is evolving. From the vibrant streets of Nairobi and other countries, the commitment to ethical lending practices weave the financial security systems and prosperity. It also ensures  that the dreams of Kenyans which involve finance are supported by a foundation of transparency, clear communication, integrity and fairness.

26 Car Loan Companies in Kenya – What You Should Know

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Owning a car in Kenya is turning to be a basic necessity.  It helps take people to work on time and also have a standby ride to attend to emergencies. That you cannot afford a car doesn’t mean you can’t own it.

Instead of worrying about how much money you do not have to purchase a car, think of sources that will give you the best deal as there are different car loan companies in Kenya that will give you the best deal.

As we evaluate loan companies for a car loan, understand the cost, benefits and implications. Definitely you will enjoy it.

Let us discuss car loan companies in Kenya

car-loan-companies-in-kenya

What You Need to Know About Car Loan Companies in Kenya

Car loan companies are agencies or financial institutions that offer funds that are used in purchasing a new or used car. Oftentimes, these companies could be car dealers,  banks, and non-bank institutions. In some cases, you may be able to obtain a car with zero deposit.

They have terms and conditions guiding them which must be kept before you can access the loans. They have fees and procedures to repay and recuperate bad debts.

In addition,  some of these car loans companies partner with foreign and local investors to serve their customers better.

Types of Car Loan Companies in Kenya

The different kinds of car loan companies in Kenya are:

  1. Banks
  2. Car dealers
  3. Non-bank institutions 
  4. Other partnerships 

List of Banks for Car Loan Companies in Kenya

There are different banks that offer car loans in kenya and they include:

KCB bank

They cover 90% of the value of the car with a five years loan term and 80% for used cars with a 4 year loan period.  They also have 100% financing for a period of 54 months. It all depends on what you need.

Equity bank 

They have flexible repayment car loan terms and cover 70% of the value of the car. Standard Chartered bank of Kenya: They finance 90% value of the car for new cars and 80% for old cars.

They also finance your car tracker or anti-theft and insurance and give a maximum of Ksh. 10million for new cars and Ksh. 5million for used cars. Moreso, gross salary earners of ksh. 75000 can also go for a car loan hence they have a salary account with the bank.

I & M bank Kenya

I&M takes up to 80% of the value of the car for new cars and 70% for used cars. They are into partnership with Japanese exporters and world Nari to serve their customers better.

Stanbic bank Kenya

Stanbic Bank renders car loans with a maximum of 48months. The bank owns the car till you make the last repayment. 

NIC bank 

The minimum car loan amount with NIC bank is Ksh. 300,000 with a repayment period if 72months. Additionally, they offer car loans to their salary customers with up to 90% finance on the value of the car.

Bank of Africa Kenya

 They offer competitive interest work 50% and 80% finance of the value of the car. They also have a repayment duration of 12 to 48 months. Bank of Africa keeps the car as a security for the loan. 

Barclays Bank of Kenya 

They operate an asset finance scheme that covers Islamic bank arm names La Riba car finance.

NCBA Bank

NCBA Bank provides car loans to individuals, organizations and companies. They can offer a car loan ranging from ksh, 10,000 to ksh. 10 million with competitive interest rate.

Their loan repayment plan is flexible.Besides these great features, they have branches in different places in Kenya making it more accessible by customers.

Standard Chartered Bank Car Loan

The Standard Chartered Bank is one of the car financing companies in Kenya with global presence. Their quick car loan processing time has attracted more customers to them over the years.

They offer car loans to individuals, corporations and SMEs with competitive interest rates and a flexible loan repayment of up to 60 months.

Faulu Microfinance Bank

Faulu is one of the leading DTM in Kenya that offers car loans in Kenya. Individuals and SMEs can get up to ksh. 50,000 to ksh. 5 million with 48 months repayment period.

List of Car Dealership Loan Companies in Kenya 

1. Toyota Kenya 

They provide care loans at a rate of 18% with a duration of 5 years. They are also into partnership with Tsusho Capitals to serve their customers effectively. 

2. Cheki Kenya 

Cheki Kenya partnered with asset financiers to help customers get their dream cars.

Lists of Non-Bank Financial Car Loan Companies in Kenya 

The list of non-bank financial institutions for car loans in Kenya are:

  1. AMREF SACCO

They partner with import car dealers for both new and used cars by financing 80% of the car value and an interest of 1.5% on reducing the balance method. They have a loan term of 36months.

  1. Mhasibu Sacco 

This loan company finance 90% of the value of the car with an interest of 1.125% and a duration period of 48months

  1.  Springboard Capital: 

This loan company also offers car loans in Kenya.

List of Other Partnerships Car Loan Companies in Kenya 

Sidian partnership with Uber: They advance car loans to drivers using their loan app and driving for Uber. The drivers determine the finance rate with an interest rate of 10.5%

You can also check out some private money lenders in Nairobi, Kenya

List of Other Car Loans Companies in Kenya that You Need to Take Note of

There are numerous number of lenders and banks that offer car and logbook loans in Kenya and they include:

  1. Ngao Credit Limited – Kenya Nairobi, Mombasa, Nakuru, Eldoret Kitengela, Kenya.
  2. MOGO – Prestige Plaza Branch Ngong Road, Kenya.
  3. Emergency Loans Kenya Ltd- Nairobi, Kenya. 
  4. Mwananchi Credit Limited – EcoBank Towers 10th Floor, Kenya.
  5. ASL Credit Ltd – 84 Muthithi Road, Nairobi, Kenya
  6. Kifedha Limited- Murang’a Road, Nairobi, Kenya.
  7. Toyotsu Auto Mart – Nairobi, Kenya.
  8. Platinum Credit Ltd, Satellite Office Dagoretti Branch- Wanyee Rd, Nairobi, Kenya.
  9. Jijenge Credit Limited – 6th Floor Right Wing Town House, Kenya.
  10. ECLOF Kenya- Nairobi, Kenya.

General Car Loans Company’s Requirements 

The general requirements needed by different car loans in Kenya include:

  1. Application form
  2. Six months bank statement 
  3. Copies of National ID and pin
  4. For used cars, copies of logbook and valuation reports would be needed
  5. Passport photograph
  6. Bank with the financial institution or have an account with them
  7. Copy of your payslip
  8. Sales Agreement 
  9. Proof of steady source of income
  10. For salaried workers, have your employer sign fees documents

General Terms And Conditions Governing Car Loan Companies in Kenya

The general terms and conditions guiding loan companies in Kenya include:

  1. The lender or bank must approve and validate the insurance company giving the vehicle policy
  2. Often times it is required the car has an installed tracking device 
  3. Some banks and lenders prefer the car not to be more than 8 years old
  4. The car must have an insurance policy 
  5. The bank owns the car till the borrower makes the last repayment.

Factors to Consider Before Choosing a Car Loan Company in Kenya

In considering which car loan company to choose in Kenya,  there are factors to look out for, they are:

  1. Interest rates 
  2. repayment duration
  3. Financing amount
  4. Insurances covers or clauses
  5. Other attached fees and charges
  6. Credit score for the car loan if needed

Things to do When You Have Chosen a Car Loan Company 

After choosing a particular car loan company,  there are various things you need to be careful about. You need to be also aware of all these things. They are:

  1. Choose the cheap car loan amount you can pay
  2.  Go for the car with the best terms and conditions 
  3. Settle for the best. Understand every bit of the contract.
  4. Be smart enough and use your findings well.

Conclusion

There are numerous car loan companies in Kenya with good terms and conditions guiding. Do your findings well and learn the requirements and eligibility.

When you are good to go, choose the car you can pay for. Know your repayment schedule and make payment as required to fully take ownership of your dream car.

KWFT M-pesa Loan

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KWFT M-pesa loan is Kenya’s premier microfinance bank, designed exclusively for the empowerment and financial inclusion of women. As a leading microfinance institution in Kenya, KWFT is committed to providing tailored financial solutions that cater to the unique needs of women across Kenya.

With their innovative banking app, they bring banking closer to you, fostering financial independence, growth, and prosperity. 

Read on as we take you on a journey toward financial empowerment through exploring limitless possibilities with KWFT.

How to Get a KWFT M-pesa Loan

First, note that the specific steps and requirements may vary depending on the type of loan you want to get from KWFT. 

They offer different types of loans which have different requirements, steps and procedures. Always ask for the documents needed for the type of loan you wish to apply for. 

KWFT M-pesa offers different types of loans which include:

  • The KWFT biashara loans 
  • The KWFT SME loans 
  • The asset financing loans 
  • KWFT emergency loans 
  • KWFT water, sanitation & hygiene loans 
  • KWFT kilimo bora loans 
  • KWFT clean and renewable energy loans 
  • KWFT nyumba smart loan 
  • KWFT phone loan
  • KWFT salary loan
  • KWFT consumer loan
  • KWFT education loan

To apply for a loan with KWFT microfinance bank, you need to go to the KWFT online application site, download the form, fill the form with the correct information and submit it with other required documents at any KWFT offices close to you.

KWFT M-pesa Loan Requirements for Application 

To get the know, you need to get some documents ready and also be eligible for the loan. You will need:

  • Original/copy of national ID Card 
  • Passport photo
  • Three months of certified payslips
  • You need to be a KWFT customer in either a group or individually (This is only for those seeking a KWFT phone loan). You may be asked to bring other documents when applying for a different kind of loan.

KWFT Mpesa USSD Code

To apply for a KWFT M-pesa loan using a USSD code, you can dial *692# and follow the prompt. This is also the mobile banking USSD code.

KWFT M-pesa Interest Rate

The interest rate differs depending on the type of loan you are applying for. To get the accurate loan amount, use their online calculator. 

KWFT Loans App 

The KWFT mobile banking service is the most convenient way to do your banking on your phone without having to visit the branch. You can download the mobile app on the Google Play store to access the bank’s mobile loans and other services. 

The features include:

  • There is a feature for cash deposits from your m-pesa wallet to your KWFT account 
  • Option for loan request and payment
  • You will also see the cash withdrawal option from your KWFT account to your M-pesa & Airtel money account 
  • There’s a feature for balance enquiry 
  • Another feature for money transfers between KWFT accounts 
  • You can get the customer service numbers from the app.

How to Repay Kwft Mpesa Loans

To deposit money from your M-pesa to your KWFT account to repay your loan, you need to follow this step: 

  • Locate your phone’s menu and go to Safaricom 
  • Choose the m-pesa menu and then lipa na M-pesa 
  • Enter 101200 as the business number 
  • Type in your KWFT account number 
  • Input the amount you want to repay and your M-pesa pin 
  • Then, you will receive a confirmation message saying that you have successfully repaid your loan.

Conclusion 

In conclusion, taking a loan from KWFT M-pesa provides a convenient and accessible financial solution for women who are in need of funds. 

The review process in this article is designed to evaluate eligibility and ensure that women can access the funds they require. The loan platform is legit and one of the best women’s banks in Kenya.

Also, it’s essential for women who wish to borrow from this platform, to approach this opportunity responsibly, understand the terms and conditions associated with each type of loan, and make timely repayments. 

KWFT M-Pesa offers a valuable resource for financial support, helping women in Kenya meet their diverse financial needs efficiently and effectively.

Best Logbook Loans in Kenya

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Logbook loans in Kenya are a type of secured loan where the borrower’s vehicle logbook (vehicle registration document) is used as collateral to obtain a loan. 

This type of loan is popular in Kenya, where individuals can leverage their personal vehicles to access quick financing. Sometimes people call them emergency logbook loans because they are the easiest way to access credit for emergencies.

5 Best Logbook Loans in Kenya 

Logbook loans in Kenya

We know that the concept of “best” can vary depending on individual needs and preferences. However, we can provide you with the best logbook loans based on our personal experiences with some of these loan lenders in Kenya.

  1. KCB Logbook Loans: They are one of the best banks in Kenya that gives logbook loans to eligible borrowers who meet the requirements. Some of their requirements include having an active KCB account that is a minimum of three months, original payslips, Kenyan ID and other documents. You can check out their sites for more details on this type of loan.
  1. Family bank logbook loans: The family bank is one of the best great Asset financiers in Kenya with good reviews online. They offer asset loans to business account holders and are intended to assist in the acquisition of assets. You are required to present the original copies of your logbook to access the credit. They also have their unique requirements which you can check out via their website.
  1. NCBA logbook loan: The bank launched their logbook loan in 2021 and since then they have been giving out credit to borrowers who meet the requirements. This loan type enables borrowers to access up to 50% financing against an owned vehicle. Visit their office near you or log into their website to learn more about this loan type.
  1. Equity bank logbook loan: They are a reliable and accessible bank for easy logbook loans. Equity bank is known for giving reliable asset financing to borrowers. You can get your logbook loans within a few hours of submitting all required documents.
  1. Ngao Logbook Credit: They give you up to 50% of the value of your car or up to KES 3 million in less than 24 hours to repay within a period of up to 15 – 20 months. Their requirements are easy to meet and they can be a good fit for solving emergencies by using your car as collateral.

Reasons Why These Logbook Loan Providers Are the Best

  1. Credibility and Reputation: These lenders have a good reputation and positive customer reviews. They are licensed by the relevant regulatory authorities in Kenya, such as the Central Bank of Kenya, to ensure they operate within the legal framework.
  1. Interest Rates and Fees: We compared the interest rates and fees among different lenders and we found out that the lenders listed above are the best. They all offer competitive rates and transparent fee structures. Also, they don’t charge excessive interest rates that could lead to financial strain.
  1. Loan Amount and Repayment Terms: Their maximum loan amount and the flexibility of repayment terms are great. Look for lenders that provide loans that meet your specific financial requirements and offer manageable repayment schedules.
  1. Customer Service: These lenders have a responsive customer service team that can address your inquiries and concerns promptly. Good customer service indicates a commitment to assisting borrowers throughout the loan process.
  1. Loan Approval and Disbursement Process: When you evaluate the efficiency and speed of their loan approval and disbursement process, you will choose them. They all have a streamlined application process and can disburse funds quickly once the loan is approved.

Requirements For Logbook Loans

It is essential to know the requirements for logbook loans and get them ready for the loan. We all know that different logbook loan lenders have unique requirements but we will be listing the general requirements we know of.

  1. Filled application form
  2. Bank statements for a period of 6 months
  3. Two copies of your passport photograph
  4. Original three-month payslips
  5. Copy of your national ID or passport
  6. Your  KRA PIN
  7. Proof of your place of residence 
  8. Copies of logbooks of your vehicle or for other motor vehicles (Used vehicles).
  9. The year of manufacturing of the vehicle should not be more than 10 to 12 years as a loan expiry

Some Other Lender’s Requirements Like Family Bank And Other Banks

  1. Pro-forma invoice from the dealer/ seller.
  2. Present the recent AA/regent automobile valuers and assessors valuation (for used vehicles).
  3. Proof of your source of income.
  4. Introduction/Confirmation/Appointment letter from your present employer
  5. Carefully signed authorization forms. 
  6. Present the car for evaluation and installation of the car tracker.

Pros and Cons of Taking Logbook Loans

Pros

  • The loan comes in handy during an emergency.
  • Logbook loans offer longer repayment periods between 12 – 36 months.
  • Logbook loan provides more time to get your finances in order.
  • Comes with a lower interest rate when compared to payday loan
  • People without a high credit score can secure the loan. Most lenders don’t look out for high credit scores but on the logbook documents. 
  • Once you meet the requirements, the process can be completed within 24 hours.

Cons

  • In all cases, one of the stringent requirements would be first to transfer the car ownership to the lender. 
  • If you do not keep up with repayments, most times, the car will belong to the lender, depending on the agreement. Or they will sell off your car to recoup the loan interest and the principal amount.
  • The amount you will get as the main credit will depend on the car’s age, the mileage on the vehicle, and the general condition of the car.
  • The loan comes with a high-interest rate when compared to mainstream finance.

Conclusion 

There are different best logbook loan lenders in Kenya and we have listed five of them in this article. If you have any reason why you won’t be using any of these lenders in this article, conduct proper research and compare lenders.

Remember, logbook loans come with risks, including high-interest rates and the potential loss of your vehicle if you default on the loan. It’s essential to carefully consider your financial situation and evaluate the terms and conditions before taking a logbook loan.

Zash Loan App- All you need to know

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Zash loan app is one of the many fintech solutions available in Kenya, providing users with access to quick and convenient loans. In this review, we will delve into the key features, and benefits of the Zash loan app in Kenya. 

The mobile-based loan was formerly known as KopaKash. They provide credit to borrowers to help them sort out unforeseen financial needs.

Whether you’re in need of emergency funds or looking for a hassle-free borrowing experience, this review will serve as a valuable resource in evaluating the Zash loan app’s suitability for your financial needs in Kenya.

How to Get a Loan From the Zash Loan App

Before you can apply for a Zash loan, you must meet certain requirements and application procedures. A borrower must be Kenyan with a verifiable ID, be 18 to 60 years old, have a registered M-pesa line, have a stable monthly income, and have a good CRB record. 

The mobile loan platform was launched in June 2023. Borrowers who own an Android phone and M-Pesa line can access the loan. The loan product which is owned by Zillions Credit Limited offers loans from Ksh 500 to Ksh 50,000.

To get the loan, you need to follow the steps below:

  • Download the loan app on your Android phone from the Google Play Store.

  • Launch the app on your Android phone.

  • Sign up on the app and fill out your basic information and upload photos of your ID.

  • Before now, using M-pesa or Airtel money, you would have registered your mobile wallet.

  • Then locate the ‘Loan Now’ option and click on it to choose the amount of loan you want to apply for. Remember that the more you take out a loan and repay on time, the more your loan limit increases.

  • Click ‘submit’ and wait for approval. Once approved, you will get your loan in your M-Pesa account.

How Do You Repay Your Zash Loan

Zash loan app gives you an instant loan with a 7 to 90-day loan period. You can repay your loan using LIpa na M-pesa. Follow the steps below:

  • Locate MPESA on your phone and then select Lipa Na MPESA

  • Select ‘pay bill’ and enter the pay bill number as 733555

  • Type in your phone number under the account number section 

  • Input the loan amount you want to repay and the MPESA pin number.

  • Then click, ‘Accept’ the transaction and submit. You will get a message stating that your loan has been successfully repaid.

Zash Loan Contact Details

To contact Zash loan platform, check the details below:

  • Call: +254 709 462 008 or +254 111 008 008
  • WhatsApp: +254 104 064 688
  • Email: cs@Zashloan.com
  • Facebook: @Zashloan

Conclusion

Zash Loan platform gives instant loans to help Kenyans who need urgent funds to sort out financial emergencies, grow their small businesses, go shopping or take care of any other financial expenses. 

We have shared all you need to know about the Zash loan app. 

But remember, it’s always a good idea to do thorough research and read multiple reviews from different sources to get a comprehensive understanding of an app’s features, functionality, and reputation.

By examining its user interface, the loan application process, terms, interest rates, customer support, and security measures. We have also provided you with an informative analysis that will help you make an informed decision when considering Zash as a loan provider.

15 Quick USSD M-Pesa Loan Codes (2024 Updated)

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The Unstructured Supplementary Service Data (USSD) loan is an innovation that allows mobile phone users who may not be able to access mobile applications on their phones to apply for and receive a loan straight to their M-Pesa account within minutes. Recently, they even rolled out a *334# that allows users to access all M-Pesa services in a single code, making it a convenient option for many Kenyans seeking quick and easy access to loans.

It is often referred to as “Quick Codes”; a solution that saves time and is available for mostly Safaricom SIM cards and Airtel lines. In this article, I will show you 18 popular M-Pesa loan codes and reveal how you can access all services with a single *334# code.

15 quick USSD loan Code to M-Pesa

The following are some M-Pesa USSD loan codes you can access;

  1. *879*99#: Bayes
  2. *618#: HF Whizz
  3. *844#: KCB M-Pesa
  4. *682#: Okoa Mia
  5. *660#: Okoa Thao
  6. *269#: Pesa Pata
  7. *339#: Pesa ChapChap
  8. *841#: Zenka
  9. *848#: Timiza
  10. *243*90#: Sotiwa
  11. *322#: Zazipay
  12. *842#: Okolea
  13. *234#: Fuliza
  14. *222#: Mfanisi
  15. *654#: NCBA Loop
  16. *334#: M-Shwari
  17. 21991 (SMS Number): Tala
  18. *667#: Mco-opCash

What is M-Pesa?

M-Pesa is a Vodafone group plc and Safaricom product launched in 2007, which centers on a phone-based money transfer service. It is the most used account by loan providers in Kenya for disbursement of funds.

What is the M-Pesa Code?

An M-Pesa code is a unique USSD code that allows you to access specific M-Pesa services directly from your phone. By dialing the M-Pesa code *334#, you access a menu-based system that interacts with your mobile network provider and lets you perform various M-Pesa actions, including:

  1. Sending and receiving money
  2. Checking your M-Pesa balance
  3. Paying bills
  4. Buying airtime
  5. Accessing loans (as highlighted in this blog post)

There are two main categories of M-Pesa Codes:

General M-Pesa Code: The general M-Pesa code *334# provides access to core M-Pesa services and is offered by Safaricom, the main mobile network provider supporting M-Pesa.

M-Pesa Partner Codes: These codes are offered by individual banks, microfinance institutions, and other organizations that provide services through M-Pesa. These codes will grant access to specific services offered by that partner. For example, the code for Equity Bank’s loan service (Timiza) is different from the general M-Pesa loan menu offered by Safaricom (Fuliza) as highlighted in the first section of this article.

How Does the M-Pesa Loan USSD Code Work?

USSD codes provide a menu-based interface for interacting with services on your phone. Here’s a simplified breakdown of how M-Pesa Loan USSD codes work;

  1. Dial the *334# Code to initiate the process
  2. Follow Menu Prompts: You’ll see a series of on-screen menus with options like “Send Money”, “Loans and Savings” or “Lipa Na M-PESA”
  3. Select your desired option

Pros and Cons of Using USSD Code to Get M-pesa Loans

Pros:

  1. It makes loan access easy 
  2. No collateral is needed for USSD M-pesa loans
  3. No internet connection needed to access the loan
  4. You can easily use a Kabambe phone to get the loan. Smartphones are not necessarily needed.

Cons

  1. Mobile USSD loans are expensive
  2. Ussd loan amount is small
  3. Sometimes it consumes airtime/credit, which can be costlier than buying Tunukiwa bundles.
  4. It has a short repayment duration
  5. Most times it comes with annoying reminders to pay up the loan before the due date.

How to repay loans using the quick USSD loan codes to M-Pesa

To learn how to repay your loan using the USSD code, contact the loan application customer service and verify whether you can repay using the USSD code. Before that, you must have funded your M-Pesa account or any other related accounts.

Conclusion 

Kindly note that you can access an instant M-Pesa loan when you don’t have a smartphone or have access to the internet.

When you need a simple emergency loan, worry less that you don’t have access to downloading a loan app when you don’t use a smartphone. Remember, the USSD code is the quick code for you.

M-Shwari loans – How to apply for a loan in Kenya

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Ever had that drowing feeling when you realize you’re short on cash? Maybe an unexpected bill hits, or you need quick funds for your side hustle.

In Kenya, the days of scrambling for loans or facing lengthy bank queues are fading fast. Thanks to M-Shwari, with a few taps on your phone you can have easy access to credit whenever you need it.

Intrigued? You should be!

This post will be your guide to getting that needed loan with M-Shwari. We’ll delve into eligibility, explore the loan application process (it’s shockingly simple!), and shed light on any fees involved.

But wait, there’s more! We’ll also explore some smart tips to ensure you get the most from M-Shwari loans; allowing you to increase your loan limit from zero up to 1 million Ksh. So, ditch the stress and keep reading. M-Shwari might just be the financial product you’ve been waiting for!

m-shwari-soft-loan

About M-Shwari loans

M-Shwari Loans is a service that offers fast and convenient access to interest-bearing savings accounts and mini loans for Kenyans seeking credit and financial services.

M-Shwari Loans is a financial game-changer in Kenya, offering a one-stop shop for both saving and borrowing on your mobile phone. Through M-Shwari, Kenyans can ditch the bank queues and access interest-bearing savings accounts to grow their money, while also having the option to apply for quick and convenient “mini loans” for unexpected expenses or small business ventures

Launched in 2012 through a collaboration between Safaricom, Vodafone, and the Commercial Bank of Africa (CBA), M-Shwari revolutionized the way Kenyans manage their money. Here’s a deeper dive into what makes M-Shwari loans so unique:

  • Easy Access: Everything, from applying for a loan to receiving the funds, happens directly through your phone. No filling out lengthy forms or visiting bank branches
  • Savings and Loans in One: M-Shwari isn’t just about borrowing. It’s a comprehensive financial product that also allows you to save. You can earn interest on your savings while also having access to quick and easy loans whenever you need them. It’s like having a mini-bank branch right on your phone!
  • Focus on Financial Inclusion: M-Shwari was designed specifically to address the gap in financial services for many Kenyans. Unlike traditional banks, M-Shwari uses your M-PESA activity and savings history to determine your loan eligibility. This opens doors for those who might not qualify for loans through conventional channels.
  • Rigorous Risk Assessment: Despite its accessibility, M-Shwari employs a strict assessment process to determine your loan limit. This ensures responsible borrowing and helps both you and CBA manage risk effectively. If you’ve ever wondered why your M-Shwari loan limit seems low, it likely reflects your past M-PESA usage and repayment history.

How to qualify for a M-Shwari lian

  1. Be 18 years and above
  2. Be an M-Pesa user for at least 6 months 
  3. Save on your M-Shwari account and actively use other Safaricom services 

How to apply for M-Shwari loans on the app

  1. You can access the loan through M-Pesa menu
  2. Select loans and savings
  3. Choose M-Shwari 
  4. Select loans
  5. Request for loans
  6. Input the amount 
  7. Enter your M-Pesa pin
  8. The loan amount will be sent to your M-Pesa account plus the facility fee.

Understanding M-Shwari Loan Limit

M-Shwari loans are all about convenience, but how much you can borrow depends on your financial responsibility. Here’s what goes into determining your M-Shwari loan limit:

Building Your M-Shwari “Trust Score”:

Unlike traditional banks with lengthy applications, M-Shwari uses a unique approach. They analyze your mobile financial behavior to create a kind of “trust score”, usually referred to as credit score. This score reflects how likely you are to repay a loan responsibly. Here’s how your financial habits contribute:

  • Consistent M-PESA Usage: Regular money transfers, bill payments, and airtime purchases through M-PESA demonstrate responsible financial management and active engagement with the platform. This positively impacts your M-Shwari loan eligibility.
  • Building Your Savings Habit: Remember, M-Shwari offers both loans and savings. The more you save in your M-Shwari account, the higher your loan limit could potentially be. This demonstrates financial discipline and responsible saving habits.
  • Timely Loan Repayments: A spotless loan repayment history is crucial. Settling previous M-Shwari loans promptly builds trust and demonstrates your commitment to financial responsibility. This can lead to higher loan limits and improved access to credit in the future.
  • Maintaining an Active Line: Ensure your M-PESA line remains active. An inactive line can negatively impact your loan eligibility. Regular use of M-PESA signals your active participation in the mobile financial ecosystem.

While M-Shwari loans range from Ksh 100 to Ksh 1 million, your individual limit will likely fall somewhere in between. By consistently practicing these positive financial habits, you can work towards increasing your loan limit and unlocking greater access to credit opportunities.

Building a strong M-Shwari financial profile is a two-way street. It benefits you by allowing for larger loans, but it also helps M-Shwari manage risk and ensure responsible lending practices. So, save consistently, repay on time, and keep your M-PESA line active. By doing so, you’ll unlock the full potential of M-Shwari loans and empower yourself to achieve your financial goal.

Interest rate

The interest rate for M-Shwari is 9%. This comprises of 7.5%. loan fees and 1.5% excise duty.

Loan repayment duration 

The loan repayment duration is 30 days or one month.

How to repay M-Shwari loans

You can repay the credit from your M-Pesa account or M-Shwari account. 

Here’s how to repay your M-Shwari loan through SMS:

  1. Open your M-Shwari menu on your phone.
  2. Look for the “LOAN” option and select it.
  3. Within the “LOAN” menu, choose “Pay Loan.”
  4. Enter the exact amount you want to repay towards your loan.
  5. Key in your M-Shwari PIN.
  6. Carefully review the confirmation message on your screen. This will typically show something like “Pay Loan Kshs 2,000” (replace 2,000 with your repayment amount).
  7. If the details are correct, confirm the payment by pressing “OK”.

Conclusion 

M-Shwari loan is for everyone who believes in banking made easy. No form to fill and no M-Shwari branch to visit. Just one simple process of downloading the app and signing up on your phone. The loan obtained from the platform can be for emergencies, or financing a project or enterprise.