Chapaa Loan is a popular financial service in Kenya that gives out loans through its app. They offer quick and straightforward access to funds for various needs. 

In this article, we will explore how to apply, and the loan amounts offered by Chapaa loan. We would also examine the pros and cons of taking Chapaa loans, and provide a conclusive overview.

Is Chapaa Loan Legit?

Chapaa Loan is a legitimate and one of the regulated lending platforms in Kenya. They always ensure that borrowers have a safe, secure, and quick way to access funds to sort out their needs.

How to Apply For a Loan From Chapaa Loan

Applying for a loan from Chapaa is straightforward and easy:

1. Download the Chapaa Loan app from your Google Play Store.

2. Create an account on the app by registering and completing your profile.

3. Provide all the necessary personal and financial information requested 

4. Choose the loan amount you want and repayment terms.

5. Submit the loan request and wait for approval, which is typically fast.

6. Once approved, the funds are transferred directly to your M-Pesa account.

Loan Amounts

Chapaa Loan offers various loan amounts to cater to your different financial needs. Eligible borrowers can get loans from KES 1,000 up to KES 60,000.

The loan amount depends on your eligibility, increased loan limit, and your repayment capacity.

Pros and Cons of Taking a Chapaa Loan

Pros:

• Quick and easy access to funds.
• The process of taking a loan on the app is straightforward.
• They have flexible loan amounts and repayment terms.
• Operate on minimal paperwork and no collateral required.
• Helps give you funds to manage unexpected financial emergencies.

Cons:

• Interest rates for Chapaa loans and their fees may be relatively higher.

How to Contact Chapaa Loan

In case you need to contact the company, the following are the contact details for Chapaa loan;

Phone Number: +254 740312001

Email Address: help.chapaaloan@gmail.com

Conclusion:

Chapaa Loan is a quick and legitimate loan option for eligible borrowers seeking financial assistance in Kenya. Its user-friendly app process, different loan amounts, and easy loan approval make it a number one to-go loan platform. You can use their funds to sort out your financial needs. 

Lendplus is a reliable lending platform that gives instant loans to people. Kenyans can apply for their loans either through their app or website.

LendPlus was launched by the Aventus Group in 2020 and has been operating since then.

In this article, we will explore the application process, the loan amounts, and other facts.

Is LendPlus Legit?

Yes, Lendplus is a legitimate loan app for the following reasons ;

• They have a valid registered license to operate in Kenya as a financial service provider. 

• They adhere to regulatory guidelines set by the financial authorities while offering credit services to eligible borrowers. 

• They ensure the safety, privacy, and security of their users’ financial information.

• LendPlus has good reviews on the Google Play Store. The app has a 4.1-star rating with over 500k downloads showing that the app is well-received by its users.

How to Apply for a Loan on LendPlus

To apply for credit with the Lendplus loan platform, follow these simple steps:

1. Visit the Lendplus website and fill out a simple application form or leave a loan request on the app.

2. Provide your National ID.

3. Upload your employment details.

4. Submit your application

5. If your application is approved, the funds are disbursed into your account.

How Much Can You Get From the LendPlus Loan App?

Eligible borrowers can typically access loans starting from 500 KES up to 40,000 KES. Also, depending on their eligibility,  repayment capacity, and high credit score, their limits can be increased allowing them to even borrow higher amounts.

What are the Eligibility Criteria For Applying For a Lendplus Loan?

To be eligible for a LendPlus loan,

• You must be a Kenyan 

• Possess a valid ID or Passport

• Be aged between 23 and 62 years old. 

• You should be currently employed or have a stable source of income to repay the loan.

What is the Interest Rate for the Loan?

The interest rate for LendPlus loans per day is 2.2%. This rate is subject to change and the current rate for each day is checked on their website.

How to Repay Lendplus Loan? 

Repaying a LendPlus loan is just as simple, follow the steps below:

• Launching your app and repaying while on the app

• Or via direct bank transfer, M-Pesa, or your Visa card. 

What is the Repayment Duration for LendPlus?

The repayment duration for LendPlus loans varies from one borrower to another. It depends on the type of loan and the amount you applied for. 

While applying for a loan, it is important to review the terms and duration carefully before accepting it. Once your loan is approved, the repayment terms, the loan duration, and interest rates, will be communicated to you. 

How Quickly can I Receive Funds After my Loan is Approved By Lendplus?

Lendplus loan decision typically takes 5 to 15 minutes. Once your loan is approved, the money will be deposited into your account within a business day.

How to Contact Lendplus 

Their contact details include;

Phone number:  0709-029-000

Office address: 00100, Rhapta Road, Rhapta Heights, Nairobi, Kenya 

Email address:  customer@lendplus.ke. 

Conclusion

In conclusion, LendPlus is a safe, quick, and reliable loan app in Kenya. They provide instant loans to eligible individuals. 

Its legitimacy, quick application process, and flexible loan amounts make it a valuable platform for those in need of financial support.

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.

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.

M-Shwari is a lending platform in Kenya that combines savings and loan features to offer credit solutions directly from a mobile device.

It is available to registered Safaricom subscribers with active M-pesa lines.

With its partnership with Safaricom, M-Shwari allows users to save, earn interest, and access loans instantly, making financial services more accessible to Kenyans.

A good loan limit on M-Shwari platform is important as it determines the amount of money one can borrow, directly showing that you have previously made repayments on time and transacted with M-pesa services efficiently. 

However, starting with a zero loan limit can be frustrating or a major setback, especially in times of urgent need. This article aims to guide those facing a zero M-Shwari loan limit on how to enhance their borrowing capacity. 

M-shwari Loan Limit

M-shwari loan limit is the highest loan amount you can get from the platform. You can access as low as Ksh. 100 and up to Ksh 50,000.

M-Shwari platform determines loan limits for its users based on several key factors to evaluate their creditworthiness and ensure responsible lending, and frequent M-Pesa transaction history. This entails the consistent use of M-Pesa services for transactions such as sending and receiving money, paying bills, and buying airtime. These activities give M-Shwari platform insights into your financial activity and your reliability.

Another factor is the timely repayment of previous loans with M-Shwari or other lending platforms monitored by credit reference bureaus. Late payments impact negatively on your loan limit.

Other factors like your savings behavior which demonstrates financial discipline and stability, overall financial health, and your blacklist status also influence your limits.

By understanding and optimizing these factors, you can work towards increasing your M-Shwari loan limits.

How to Check Your M-shwari Loan Limit

To check your M-shwari loan limit, follow the steps below:

1. Locate your “M-Pesa” menu.
2. Choose “Loans and Savings”
3. Select “M-Shwari” 
4. Choose “Loans” 
5. Then, click on where you have “Check limit” and the platform will display your loan limit immediately.

Why Your M-Shwari Loan Limits is Zero

Your M-Shwari loan limit might be zero due to factors like;

• Lack of sufficient and consistent transaction history with M-Pesa services.
• Poor repayment history with M-Shwari or other financial lenders in Kenya
• Minimal or no savings in your M-Shwari account
• Not using M-Shwari’s services for up to a period of 6 months.
• Being blacklisted for loan default.

How to Unlock M-shwari Loan Limit

To unlock or increase your M-Shwari loan limit, consider these factors:

• Increase M-Pesa Activity: We recommend that you regularly use M-Pesa for up to 6 months for transactions like buying and sending airtime and paying bills. Actively sending and receiving money through M-Pesa will help you establish a solid transaction history.
• Maintain Positive Repayment Behavior: Ensure to always repay your M-Shwari loans on time and in full. Don’t ever delay, see it as an urgent obligation. Late repayments negatively impact your creditworthiness and can decrease your loan limit on their app.
• Save Consistently with M-Shwari: Show M-shwari your responsible financial management by regularly saving money in your account. A high saving amount and consistent savings record can positively influence your loan limit by demonstrating financial stability.

How to Restore M-shwari Loan Limits

To restore your M-Shwari loan limits, do the following things below:

• Ensure you have used your line for up to six months
• Deposit high amounts and save consistently on M-shwari platform
• Send and receive money more on M-pesa as much as you can to keep it running and active.
• Use other M-shwari services to keep your line active by topping up data and airtime via Mpesa.
• To build a higher loan limit, send large amounts on your Mpesa regularly.
• Ensure you don’t have an outstanding loan both with M-Shwari or elsewhere. If you do, pay off all your outstanding loans.
• Make sure your name is not blacklisted by CRB.

How to Check your M-Shwari Loan Limits

Follow the steps below to check your M-shwari loan limits:

• Locate your “M-Pesa” menu.
• Choose “Loans and Savings”
• Select “M-Shwari”
• Choose “Loans”
• Then, click on where you have “Check limit” and the platform will display your loan limit immediately.

Conclusion

In conclusion, increasing your M-Shwari loan limit from zero entails working on your M-Pesa activity, maintaining a positive loan repayment history, and consistently saving a good amount with M-Shwari. 

While these actions can improve your chances, M-Shwari doesn’t guarantee you a higher limit when you achieve some of them. It’s important to manage your finances wisely, make use of M-Shwari loans responsibly, and remember that consistent, positive credit behavior is key to your financial life.

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.

There are so many flexible loan repayment apps in Kenya, one wouldn’t know where to start especially if they are a newbie in the industry. The idea of going through all these flexible repayment apps is to educate you further. I have brought together 5 best flexible loan repayment apps in Kenya that you should use if you want to enjoy a stress-free repayment experience.

Understanding flexible loan repayment application 

Financing is key to any business, and it is an area of importance. They have developed many apps to allow users to choose the comfortable time to repay their loan. People have been enjoying this feature while taking loans from different apps in Kenya. 

Kenya is a competitive country. Businesses compete fiercely to gain dominance especially in industries like mobile money, online commerce and banking. In the wake of this intense competition, banks and loan companies have had to ensure that they stay ahead of their competitors since customers are becoming more fickle now. This was among the thoughts that led to the creation of these flexible loan repayment options. The platform has seen a lot of success since it came into existence. This has saved many by helping them choose when to make repayment and how to repay.

What are flexible loans

Flexible loans are loans that give you the power to choose your own repayment due date. This feature helps you select dates between 10 and 40 days to repay. They designed this flexibility to make it easier for you to repay early, increase your credit score and unlock more repayment features.

Read- Kenya School of Credit Management

5 Flexible loan repayment application 

We have many flexible loan repayment apps in Kenya but we will list 6 out of them. They include:

1. Tala loan app
2. Branch loan app
3. Zenka loan app
4. Timiza loan app
5. M-shwari loan app

Benefits of applying for flexible loans in Kenya 

1. Allows you pay at your own pace
2. Helps you grow your a lot
3. Helps you improve your loan duration with good credit scores
4. Helps you avoid late payment

Conclusion 

When many people get a loan from a financial institution, their repayments are limited to once or twice a month. But there are apps in Kenya that make it easier to pay your loan, even if you’re paid weekly. You can even choose to pay it biweekly. 

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!

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.

The financial service sector has seen the most technological evolution over the past years. Gradually steering towards completely abolishing the old ways of manually carrying out financial services, we are looking at a more modern surge.

One of the major service advances is the loan application process. We have now reduced the process of application to just visiting an online platform and following the steps that will be listed in this article. 

What are Online Loans?

Simply put, online is any money that is borrowed from a financial service provider who operates online. While the application process may vary depending on the lender, they are pretty similar when compared. Online loans let you complete the entire borrowing process, without ever setting foot inside a bank branch. Cool, right?

Online loans are one of the most convenient ways to borrow money. A great percentage of them offer lower rates or have less stringent requirements than you can find with traditional lenders.

Just like traditional lenders, each online lending company has its minimum eligibility and credit requirements.

Top 6 Online Loans With Instant Approval

When financial emergencies occur, online loans can be the most convenient option to get fast cash. But not all online lenders are reputable.

Currently in Kenya, most of the private lenders made their loans accessible through apps. But some banks made their loans available directly from their website. Current best bank online loans in Kenya are:

1. KCB bank
2. Missoni Microfinance bank
3. NIC Bank
4. Fin credit 
5. Kenya Central bank
6. NCBA bank Kenya

Note: These banks made their loans accessing directly from their website. You can apply directly online with the best interest rate and customer service support.

What are the Requirements for Getting Online Loans in Kenya?

The application process for an online loan might differ depending on the financial provider you eventually decide to go with. The following requirements are vital and apply to almost all financial service providers;

1. Valid Kenya ID
2. Proof of income
3. Schedule of monthly household income and expenditure
4. Proof of address (A bill in your name which quotes your address)
5. Offer to purchase
6. Bank statement

Sometimes, your credit score is considered while analysing your loan application.

How to Apply for a Loan in Any of the Best Online Loans in Kenya 

The application procedure for an online loan might differ, depending on the financial provider. Knowing this, the following procedures are obtainable with a great percentage of online loan providers:

1. Visit the lender’s website online and fill out your official application 
2. Send all necessary documents. Also, do your electronic signing if requested.
3. Cross check all details
4. Wait for your loan approval
5. If successful, you get your fund within a short while.

It is important to adequately carry out a research or background check on the financial provider you will be considering. This is important, as it’ll help you get acquitted with the terms and conditions of loan before taking. 

Documents Needed to Apply for Loans in Any of the Best Online Loans

It is important to note that the document requirement for an online loan might depend on the financial provider in question. Still, the following documents are likely to be required when applying for an online loan;

1. Security documents for logbook loans
2. National ID card for some loan lenders
3. Birth Certificate to prove your age. Some loan lenders request for this.

Ensuring all these documents are available during the application process puts you a step closer to getting your loan amount approved.

How Fast are Funds Released 

Once you have fallout your application form online, submitted all documents and re-sign, your fund will released within a short while

The only thing needed is for your loan to be approved. If approved, you will have our find within a short while.

Do’s and Don’ts of Getting Online Loans

Before taking a loan in either online or in any form, there are few keys to note. Keep these keys in mind and act by them and you’ll have a great loaning experience;

Do: Check Your Credit Report

For some credit providers, credit scores and credit limits are major determinants of your eligibility. Many credit facilities use credits as a barometer for risk. Any discrepancy can wreak havoc on your credit score or limit, so be sure to be careful. Discrepancies can come as a missed payment, credit card fraudulently attached to your name, etc. 

Do: Consider the Risks if you Have Bad Credit

With a bad credit, you may find it harder to get a decent interest rate on a personal loan. People who find themselves in this boat may need to consider a cosigner to improve their odds of getting approved.

Do: Read the Fine Print

Take a fine-toothed comb through the terms and conditions of your loan offer before accepting. It is of great importance you understand everything in the contract, otherwise, you may have to be forced to pay surprise fees in the future.

Don’ts

Don’t: Accept the First Loan Offered to You

Take your time to check out other options and compare their terms and conditions. In the end, choose the one that best fits your current state.

Don’t: Take out the Maximum Loan Possible

Come on, where is the wisdom in taking out the biggest loan amount just because you can afford it. Over-borrowing can be just as dangerous as paying for something outright that you can’t afford.

Don’t: Skimp on Payments

Scheduling automatic withdrawal or monthly reminders to pay your personal loan is a wise choice. Prompt payments not only improve your chances of getting a better rate, it also improves your credit score.

Conclusion 

It is called financial emergencies because of how urgently they need to be attended to right. So when they occur, the last thing you need a process that might waste your time.

Online loans have long been the number option for both businesses and individuals who immediately need finance. Big ups to technological advancement for making it possible to access these loans from anywhere and have them in no time.

M-Pesa is an outstanding mobile money service in Kenya, that offers a credit called M-Pesa loans and it is the most preferred platform for payment. Mobile payments are rapidly taking over with M-Pesa loans dominating the market.

It acts as a financial service provider for Kenyans who have an option of sending and receiving money and applying for loans. M-Pesa is the most affordable way to handle money transfer and loan applications. 

Let us explore M-Pesa loans in Kenya.

About M-Pesa 

Vodacom and Safaricom own the M-Pesa brand. It started officially in 2007. The new joint venture done in early 2020 was to speed up its growth. Customers register for the services and perform different transactions like loan apps and other things. Instant loans from M-Pesa can get you a loan with a maximum of Ksh.500 to Ksh.50000 without collateral. 

 Pros and Cons of M-Pesa Loans

Pros

1. It is easy to access online M-Pesa loans
2. M-Pesa account is cheap and easy to use
3. Used and accepted in Kenya
4. A local means of payment when you do not have a bank account 
5. They built your M-Pesa Sim to automatically use the apps.
6. The apps built by M-Pesa is popular in Kenya.

Cons:

1. They often hinder instant loans when you do not have an M-Pesa account. However, buy the M-Pesa sim and register and use it for six months to be eligible.

M-Pesa Loans Applications

They created a lot of apps to handle M-Pesa services and transactions. Once you apply for a loan on the platform, your money will be in your M-Pesa account within minutes. The M-Pesa loans application includes:

KCB M-Pesa Loans 

Registered customers of M-Pesa go for the loan services of KCB M-Pesa loans. You can deposit and withdraw through the services. You can also get a loan between Ksh.50 and Ksh. 1million based on the loan limit you qualify for.

You need a Safaricom Sim already built to house the app and they charge your loans at 3.6% interest rate.

M-shwari loan app

As an M-Pesa user you borrow on this platform at an interest rate of 7.5% monthly. It is a Safaricom product in partnership with Commercial Bank of Africa (CBA) to give loans. Without being an active user of M-Pesa for six months, you can use this service. Borrowing on the app depends on your usage of Safaricom services.

Tala loan app

Tala is an online mobile M-Pesa loan app for all citizens of Kenya. The credit history is looked before approving your loan on this app. You can get an amount range of Ksh.500 to Ksh.30000 with an interest rate. Download the app from Google play store and you can repay your loan through M-Pesa paybill number. There are options for 7days and 30days for loan repayment.

Branch loan app

They are a product of Branch International which was established in 2015. To start using the app, download it from google play store and create an account on the app. Your Facebook account, Safaricom mobile number and National ID is needed. Moreso, you can get between Ksh.250 to Ksh.50000 and can repay with M-Pesa paybill number. 

Timiza loan app

Timiza offers M-Pesa Loans at an affordable price. The amount of loan to get on this app depends on your M-Pesa history. It is an App by Barclays bank in Kenya. You can access up to Kshs.150,000 with an interest of 6.17%. A maximum repayment term of 30 days. The loan limit is often displayed on the app and you can not exceed the loan limit during loan application. 

Haraka loan app

They provide instant M-Pesa loans to citizens of Kenya between the ages of 18years to 60years. You can access Ksh 500 to Ksh 5,000, with a repayment tenure of 30 days. An interest rate of 23% is charged. The loan app is owned by a South African lender called GetBucks. They also offer their loan services to other parts of African countries. 

Opesa loan app 

To use this device, you have to download the app and register using your M-Pesa number. Loans between Ksh.500 to Ksh.3000 which the interest rate depends on your loan amount. You can do loan repayment through your Opesa loan app or through M-Pesa platform. Opesa loan App is built and owned by Tenspot Kenya Limited to Kenyans to get loans via M-Pesa.

Shika loan app

Shika is a mobile loan app that offers quick loans in Kenya via M-Pesa. You need an active register M-Pesa sim to access the loan. They disburse the loans within minutes to your M-Pesa account. In addition, a loan range of Ksh.500 to Ksh.20000 is accessed with an interest rate of 15%. They charge a fee on late repayment. When you refuse to pay within a period of 3months, they will list your name to CRB as a defaulter.

Saida loan app

They transfer your fund directly to your M-Pesa account upon loan application and approval. A good credit history is the basis of loan approval. Saida interest rate is between 7.5% to 10%. A minimum range of Ksh.600 to a maximum of Ksh.100000 is accessed with a repayment period of 30days. Repayment of your loan can be done through Lipa Na M-Pesa via pay bill number 854400. 

Note: You can access online M-pesa loans directly on the lender’s website by downloading the app on your phone.

How can I get a loan from M-Pesa 

To apply for loans from M-Pesa, follow the procedure:

1. Launch the M-Pesa menu.
2. Choose Loans
3. Select the M-Pesa platform you want to use. E.g. M-Shwari, KCB, etc.
4. Apply for the Loan.
5. Enter the loan amount.
6. Input your M-PESA PIN.
7. If approved the fund will be sent to your M-PESA Account.

Eligibility for M-Pesa loan

The eligibility needed for online M-Pesa loans include:

1. Be 18years and above 
2. Have a national ID 
3. Have an M-Pesa account as some app would require that.
4. Possess an M-Pesa sim which has been active for a period of six months.
5. Have a good credit history. For first-time applicants, do not delete your device transactions and history. Some apps judge your application based on that.

What happens if you do not pay any of your M-Pesa loan on time?

However, In the event that you do not repay your M-Pesa loan on the due date, you will be liable to pay a late penalty fee on the amount. 

How to repay M-Pesa loans

To repay online M-Pesa loans, follow this method:

1. Launch your M-Pesa toolkit
2. Chose lipa na M-Pesa
3. Select paybill 
4. Enter the  M-Pesa paybill number for that app
5. Enter your phone number as your account number 
6. Cross check all details
7. Input your M-Pesa pin
8. Hit the send option
9. Get a notification that your loan was successfully repaid.

Conclusion 

As M-Pesa evolved from a simple payment platform to an actual full-fledged Fintech company, it enabled lending for Kenyans.

In Kenya and other African countries, M-Pesa is the highest champion in mobile payments. Their services have expanded to other loan apps using M-Pesa since they launched M-Shwari, a smartphone app, in 2012. M-Pesa is widely known and used in Kenya.