Tough times have been the issue why people borrow. With Dave, obtaining financial support for your loan and budget won’t be a problem. You plan for upcoming expenses by using loan apps like Dave. Borrowing is also one peculiar thing you can do on these apps. These applications are all about financial management and support. 

Therefore, loan apps like Daves share almost the same features with Dave.

All You Need to Know About Loans Apps Like Dave

Loan apps like Dave only charge you a monthly subscription fee or a one time fee. Some do not charge at all. You do not have to worry about paying back a fixed and variable interest. Individuals can borrow up to a large minimum they need instantly.

Moreso, loan apps like Dave are majorly the best payday loan lenders.

Pros:

1. No fixed interest rates, management and support fee
2. Centers on financial management
3. No credit checks to determine your creditworthiness
4. You can borrow even if your credit score is not good.

4 Loan Apps Like Dave

Loan Apps Like Dave	Standard Fee	Best For	Pros	Cons
MoneyLion	None	Used mainly for building credit score	A. There are no fees for standard delivery. B. Has a two-day-early paycheck. C. Customers can get up to a $250 loan.	A. A “Turbo Fees” is applied for an instant loan. B. Has no effect on credit scores.
Varo	$0 – $5 per month	Served best for all bank features	A. There are no fees attached on loans of $20 or less B. Has a two-day-early paycheck	A. Has a high fee percentage. B. Has a low cash advance limit.
Empower	$8 per month	Best used for cash back rewards	A. There’s no interest or fees attached. B. Has a two-day-early paycheck. C. You can get up to $250 in loan or cash advance.	A. Comes with a paid subscription service. B. Your account criteria decides the loan amount.
EarnIn	None	Used best for managing bank account	A. No fees applied. B. Has a two-day-early paycheck. C. You can get up to a $500 loan.	A. The bank fees can apply or extend to “Lightning Speed” payments. B. The loan app is only available to U.S. citizens. Kenyans can’t use it.

Other Loan Apps Like Dave

We will jointly explore and discuss 6 other loan apps like Dave:

1. Branch International
2. Brigit
3. Sofi
4. Avant
5. Speedy Cash
6. ACE cash express

Branch International

They give users easy access to loans. Using the app, you can sign up for financial help, apply for loans and receive it within minutes. The app also helps you create a budget and access your earnings.

Brigit

This application is similar to Dave. It allows you to get up to $250 loans. You can budget and save on the app. With these you can get a clear view on your spending habits and keep track of the daily and monthly bills. Brigit gives a no-interest loan, flexible repayment and extension on advances.

Sofi

They offer many financial solutions to customers. The app gives you access to loan, trading of shares, stocks and cryptocurrencies. You are given a debit card which allows you to earn a reward when you spend on company’s brands.

Avant

You can use this loan app to borrow, see upcoming repayments and your payment history. Loan of up to $35,000 can be accessed. These loans can be processed within minutes.

Speedy Cash 

Speedy cash is one of the lending loan apps like Dave that provided access to different types of loans. The application allows you to manage your payday, credit or extra cash on your existing loans. You can borrow a minimum of $50 to $26,000 on the app.

ACE Cash Express

They give you a loan, manage it and refine it in fast and flexible steps. You can use the app to make repayments, schedule recurring expenses and plan on payments.

How you can get loans from these loan apps like Dave

Getting loans from these applications are simple and very flexible. The steps are:

1. Download the loans app
2. Install the app on your smartphone 
3. Register on the app and supply other required personal information 
4. Apply for the loan limit available for your through the “Apply” tab

Read up on how Dave Loan App reviews and how it works.

Who needs loan apps like Dave

1. Those with steady paycheck
2. Individuals who wish to get out of financial crises. These apps will help you to plan and budget
3. People who wants to assess their spending and borrowing habits
4. customers who need quick cash to settle emergency expenses.

You can also get a loan from the powerhouse National Bank of Kenya.

Conclusion

Loan apps like Dave make it easier for consumers to manage finances and get support when they need it. Some pay you cash advances based on money you earn, offer loans without interest, rewards for using the app, and so on. Finally, you can use these applications for planning, budgeting and many other things.

CRB is an acronym for Credit Reference Bureau. The Credit bureau maintains the credit profiles of people so that lenders can check them when considering a loan application.

This credit data is shared by banks, microfinance institutions, and other loan financial institutions, and paints a detailed picture of one’s credit history usually expressed as a score between 501 to 850.

 It goes to show how well or poorly you have managed your loan collection in the past.

In Kenya, Loan Apps Without CRB (Credit Reference Bureau) gives borrowers credit without them going through the credit history checks from CRB. These apps provide quick solutions to individuals facing financial challenges due to bad credit records.

You can access this loan through a mobile app and the criteria include your transaction history, employment status, national ID, and other data. These apps offer a pathway to credit without stringent CRB checks.

So the good news is that not every lender chooses to check your details on CRB before granting a loan.

In this article, we examine some loan apps that do not check CRB status during loan approval

10 Loan Apps Without CRB Check

10 loan apps in Kenya that do not check CRB status, include:

1. Okash

OneSpot Technology Investment Ltd. provides an app called Okash for loan applications. Borrowers must meet the eligibility criteria which are outlined in the Okash loan app.

OKash loans are available to anyone between 21-55 years of age, with a fixed income and a cellphone number. The interest rate on Okash loans ranges from 14% – 16% at 91 to 92 days of repayment. The loan limits range from Ksh. 2,500 to Ksh. 50,000. 

Due to their interest rates being deducted before disbursement, borrowers usually end up with less than they had originally applied for. 

2. Opesa

TK Limited provides the Opesa loan app. Opesa decides whether a loan needs to be approved based on a borrower’s phone data – e.g. handset details. They also consider MPESA/Mshwari finance transactions, and why they want the loan.

The interest rates on Opesa loans vary from 14% to 16%, with a repayment duration of  91 or 92 days. Opesa is another online loan app that deducts interest in advance

3. M-Fanisi

Maisha Microfinance Bank offers the M-Fanisi loan service. Applicants must be 18 years of age or older and have an active M-PESA account transaction record.

M-Fanisi loans range from Ksh. 200 to Ksh. 25,000 at a 10% interest rate repayable within 30 days. The M-Fanisi loan USSD code is *281# for Safaricom subscribers or *222# for Airtel subscribers.

4. Tala

Tala Mobile is the developer of the Tala loan app. They typically approve loans based on the phone data of customers, such as the financial transactions from M-PESA as well as the answers provided while applying.

The interest rate on Tala loans varies between 5% to 15% depending on the repayment period of 21 or 30 days. The loans range from Ksh. 500 to Ksh. 30,000. Tala loans can be accessed by downloading the Tala loan app from the Google Play store.

5. Mokash

Mocash offers a loan product called Mokash. They offer loans of between Ksh. 1,000 to Ksh. 30,000 for 8 days. The Mokash loan app can be downloaded from the Google Play store.

6. Branch

The branch loan app can provide you with loans ranging from KES 250 to KES 70,000 without a CRB check. 

You can apply 24/7 despite your needs. As you apply and repay, your loan limit goes up. Also, know that the interest rate can be as high as 17% to 30%.

7. Timiza

Timiza is one of the easiest and most convenient loan apps in Kenya without CRB. They are popular and many borrowers have successfully collected loans from them seamlessly.

8. Shika

If you need a genuine, easy, and convenient loan app, choose Shika. You can get up to Ksh. 70,000 with a 7.29 interest rate. This app stands out as one of the trusted apps in Kenya.

9. Mshwari loans

Mshwari started in 2014 and offers its leading services through M-Pesa, in partnership with the Commercial Bank of Africa (CBA). Customers can apply for loans of Ksh 100 to an unknown highest limit. It has a repayment duration of one month with an interest rate of 7.5%. 

Conclusively, Mshwari requires you to become a Safaricom subscriber and have a registered M-Pesa line to qualify. 

10. KCB M-Pesa 

This loan app has built a name in Kenya. It offers quick loans and gives a minimum of Ksh 500 and a maximum of Ksh 1,000,000 to its customers. 

KCB M-Pesa was born from the partnership between M-Pesa and Kenya Commercial Bank. However, for one to qualify, you need to be an active Safaricom M-Pesa customer.

Interesting Read: How to start a micro loan business.

Other mobile loan apps without CRB checks include:

• Tunzi Loan app (formerly Utunzi loan app)
• Fadhili Loan app
• Usawa Loan app
• Kano Loan App
• Upazi loan app
• Dolax loan app
• Craft loan app
• Utajiri loan app.

Benefits of Loans Without CRB Check

Loans without CRB checks offer numerous benefits, especially for borrowers with less-than-perfect credit histories. Here are the major advantages:

• Accessibility 
• Inclusivity
• Empowerment 
• Opportunity for improvement 
• Emergency funding 
• Simplicity 
• Speed and convenience 

How to Choose the Right Loan App Without a CRB Check

Choosing the right loan app without a CRB check involves a lot and they include:

• Understanding your needs and how the loan app without CRB checks aligns with your needs
• Look out for the security and privacy of the loan app
• Check their interest rates on all loans, especially their personal and emergency loan
• Read user reviews and experiences online 
• Check out for their other additional fees
• Check their market reputation and trust
• Rate their accessibility and ease of use without worry
• Look for an app with multiple channels of customer support

Some extra fees for loan apps without CRB check

1. Registration fees
2. Appraisal fees or processing fees.

Conclusion 

Normally, a borrower will be screened by a Credit Reference Bureau (CRB), as they interact with various lenders before a lending decision is made.

This is a criterion for loan disbursement. Despite this, some lenders do not use this information. They only access the information provided by the borrower and the data accumulated on the phone. 

Frequently Asked Questions

Are there any loan apps for blacklisted people?

Recently in Kenya, there are loan apps for blacklisted people but they ask for registration fees before giving you any loan. If you are comfortable with paying a registration fee to a loan app before collecting the loan, then check out these loan apps in Kenya.

However, you need also to know that you can pay this registration fee and still not collect the loan. Also, most of them give a loan that is less than the registration fee you paid or just slightly higher than it.

We are not recommending this application but you can try them out. So it is best you build your credit and apply for a loan. 

Some of these loan apps are:

• Opesa loan app
• Ubapesa loan app
• Lion Cash loan app
• Kuwazo loan app
• CashNow loan app
• Pesa Pats loan app
• Aspira loan app
• Pezesha loan app

How can I clear my CRB without paying?

There’s no other way to clear your name from CRB without paying. Once the loan agency has reported you, create a strategy and start paying off your loans immediately to avoid further bad reputation

How do I remove my name from the CRB blacklist?

To remove your name from the CRB blacklist, check your credit bureau report and see all your loan defaults and get up to date immediately with your debts. If the debts are much, negotiate with the financial institutions involved and seek to restructure your debt or pay little by little. 

After payment, request for your clearance certificate/letter.

How Much is the CRB clearance fee?

Kshs. 2200 is the CRB clearance fee or processing fee for a Clearance Certificate. 

It is not fine to clear your name on CRB but the amount charged for processing the clearance certificate is.

Can loan apps put you on CRB?

Loan apps can’t directly put your name on the CRB list but they can forward your name to the CRBs operating in Kenya under regulation and the CRB will now directly blacklist your name after going through the due process.

These loan apps usually give defaulters a grace period of 30 days’ notice before forwarding their name.

We will review the best loan apps in Kenya in 2024. The rise of Fintech companies in Kenya has changed the face of lending among industry operators. More people would opt for loans from the comfort of their homes as opposed to the traditional methods of other lending institutions. 

Kenyans are becoming more addicted to instant loans that require no collateral. There are over 20 loan apps in Kenya for credible instant loans, however, here is a list of our top 5

What are loan apps?

Loan apps are mobile application software built by financial lenders for their customers for easy access to funds. Loan applications come in handy. Customers install it on their mobile phones for quick loan applications. Different loan platforms have a unique loan app peculiar to them alone.

Top 5 loan apps in Kenya 2024

Google Play Store hosts many applications that offer loans. However, we have good apps that offer immediate loans. We will bring five (5) of the best apps and discuss them.

Below is a summarized list of the best 5 loan apps in Kenya 2021. They are:

1. KCB M-Pesa
2. Tala loan
3. Branch loan app
4. Mshwari loan app
5. Saida loan app

1. KCB M-Pesa 

This loan app has built a name in Kenya. It offers quick loans and gives a minimum of Ksh 500 and a maximum of Ksh 1,000,000 to its customers. KCB M-Pesa was born from the partnership between M-Pesa and Kenya Commercial Bank. However, for one to qualify, you need to be an active Safaricom M-Pesa customer for at least 6 months.

Features of the KCB M-Pesa App

1. KCB M-Pesa has more than 1 million downloads on the Play Store.
2. It has 36,182 reviews on Play Store 
3. 4.2 /5 ratings on Google Play Store 
4. It has 9.1MB Memory capacity 
5. The application is easy to operate 
6. A well-designed view spelling out all functions of its products 
7. It has a unique and catchy colour 

2. Tala loans

Tala loan was the first mobile application launched as Mkopo Rahisi, but currently known as Tala. It is a trusted loan app that has gained trust over the years. Customers get a minimum of Ksh 500 and a maximum of Ksh 50,000 with an interest rate of 15%. In addition,  to be qualified,  the Tala app needs you to have a smartphone with a good M-Pesa history.

Features of Tala loan app

1. Quick communication to the server for easy operation and dispense of funds
2. Ability to secure data and other personal information 
3. More than 5 million downloads on Google Play store
4. A star rating of 4.5
5. Has 405,478 reviews on the Google Play Store
6. Requires Android version of 4.03+
7. A nice colour combination that is dim and doesn’t affect the eye.

3. Branch loan 

Branch Loan is a financial institution in San Francisco with a branch office in Nairobi,  Kenya. It started in 2017. Customers access loans from Ksh 1000 to an unknown maximum amount. More so, for one to qualify,  you need to have a Facebook account with the same name as the one on your national ID card. You also need to be a registered M-Pesa user. Interest rates vary and depend on the amount and repayment duration. 

Features of Branch loan app

1. The branch loan app has 321,038 reviews on the Google Play Store
2. The app is easy to operate and navigate through
3. Has more than 10 million downloads on Play Store
4. 4.3 star ratings, which is good.
5. An intuitive design for improved borrowing experience 
6. Showcases loan offer available to its customers 
7. Amazing view and different repayment options you can choose from.

4. Mshwari loans

Mshwari started in 2014 and offers its leading services through M-Pesa, in partnership with the Commercial Bank of Africa (CBA). Customers can apply for loans of Ksh 100 to an unknown highest limit. It has a repayment duration of one month with an interest rate of 7.5%. Conclusively, Mshwari requires you to become a Safaricom subscriber and have a registered M-Pesa line to qualify. 

Features of Mshwari loan app

1. Easy to use and navigate through.
2. Fast in loading 
3. Reads phone data and keeps all data or information safe.
4. Displays available loan limit 

5. Saida loan 

To qualify for the Saida loan, customers need an active M-Pesa/Airtel money account. Once you install the app on your phone and you apply for a loan, the app reads and tracks all your call activities. They also track all your transactions to know if you can pay back the loan.

Features of the Saida app

1. 3.6 star ratings and 10,184 reviews on Play Store 
2. 500k downloads on Google Play Store 
3. 5.9MB memory capacity 
4. Easy to use and loan applications don’t take too long to get to the server.
5. Offer other products, which are also easy to access.

How do I apply for a loan on any of the best 5 loan apps in Kenya 2024

The procedure for applying for a loan on any of the applications is basically the same in Kenya. Follow the steps below:

1. Download the mobile application from their official website and Google Play Store. They host no app in Kenya on IOS for now except Zenka.
2. After installing the application, launch it. Then register or create an account.  Supply all necessary information. Also, note that registration procedure differs from one application to another. 
3. Based on the information supplied and the app reading your phone transactions, it determines your loan limit.
4. Proceed to apply for the loan on the app. Choose or input your loan amount. Note: often, some loan application determines your loan amount and you can not access more than the displayed amount.

Important information you need to note before using a loan app for loan application 

There are details you need to note before loan application.  They are:

1. The terms and conditions of the loan.
2. The minimum and maximum amount of loan you qualify for
3. The loan requirements and qualifications 
4. Loan term or period 
5. Repayment mode and duration
6. Interest rates. 
7. Additional fees and other secret fees

How do I repay a loan on any of the best 5 loan apps in Kenya 2024

Loan repayment on any of the listed loan applications discussed in this article vary from lender to lender. But there are generic ways of loan repayments in Kenya. They are:

1. Launching your M-Pesa account 
2. Choosing paybill option
3. Entering your paybill number 
4. Choosing your phone number as your account number 
5. Entering the loan amount 
6. Inputting your M-Pesa pin
7. Cross checking all details to make sure they are correct 
8. Pressing Ok 
9. Getting a confirmation or successful loan repayment message. 

Conclusion 

In a bid to ensure professionalism among digital lenders, the Central Bank of Kenya is moving to propose new laws to regulate activities of digital lenders. These loan apps have their advantages and disadvantages. However, some of them have gained enough goodwill in Kenya and you can always rely on them whenever you need funds. 

Ipesa offers instant loans without collateral.  Ipesa loan review is what this article targeted, and we discovered it is one of the best loan lender apps in Kenya. They provide quick loans to the citizens, both salary earners and business owners. Just be sure that you have a good credit score and proceed for the loans.

We will review Ipesa loans and we believe that all the information gathered will do a lot for you.

About Ipesa loans

Ipesa loan is owned by Osome Fintech Company, whose office is in Kenya. It is among the best and leading financial apps in Kenya. They are currently receiving a lot of positive reviews, rating and good accolades online. The system uses algorithms to track your creditworthiness. It scans your mobile phone information to determine your readiness to repay loans on time.

What you need to know about Ipesa loans

Ipesa uses data on your phone to verify your identity to make lending approval decisions. Follow a few steps and you are ready to be a beneficiary of Ipesa loans. The steps are:

1. Download and install the app on your mobile
2. Create an account on the app
3. Enter your details where necessary 
4. View your loan limit. You can apply immediately if you wish
5. Loan disbursement is directly paid into your M-Pesa account 
6. Make early repayment and increase your loan limits.

Minimum and maximum Amount to borrow 

The minimum amount to borrow ranges from ksh.500 to Ksh.50,000. Repayment duration also ranges from 91 days to 180 days. In addition, Ipesa maximum APR on loans is 36%.

How to get Ipesa loans

To get Ipesa loans, follow the procedures below:

1. Download the app on google play store
2. Create an account with your Safaricom phone number 
3. Input all your personal information 
4. View the loan amount you qualify for and fill the application form
5. Select your loan repayment duration 
6. If approved, you will receive your loan within minutes.

Interest rates for Ipesa loans

For a loan duration of 14days, Ipesa will charge you 15% taking so many factors into consideration. Their average interest rate is 12% APR. They also have 0% service charge. The charges also depend on your repayment history and lending cost.

Ipesa loan requirements 

To obtain loan through Ipesa, you have to provide the following requirements;

1. Posses a Safaricom phone number linked to your M-Pesa account 
2. Have a national ID
3. Open an M-Pesa account 
4. A smart android phone 
5. Be willing to grant Ipesa access to read your phone data.

Ipesa loan app

Features of Ipesa loan app range from:

1. 23,067 reviews on Google play store
2. 4.2 star ratings
3. Has over 1million downloads on Google play store 
4. Memory space of 7.0MB.

Benefits of Ipesa loans

The various things you would gain why using Ipesa app are:

1. No sort of hidden  or secret extra charges 
2. They do not need collateral or any form of documents 
3. You data and processed information is secured
4. They have good customer support team
5. As you pay up your loan, you can borrow up to Ksh. 50,000

How to repay Ipesa loans

Follow through the steps on how to repay your Ipesa loans;

1. Launch your M-Pesa account 
2. Choose lips na M-Pesa and select paybill 
3. Input paybill number as 192010
4. On the account number section,  enter only your M-Pesa number linked to your account 
5. Type in the amount you wish to repay
6. Enter your M-Pesa pin
7. Confirm details you provided press Ok
8. Receive SMS for successful repayment 

Frequently asked questions and answers

What should I do when my payment does not reflect. 

When payment is made and it doesn’t reflect,  contact the customer care immediately.  Note down your transaction information. Wait for few hours to get feedback. 

What happens when I overpay 

Try as much as possible to contact the support team. They will work on your account and reconcile all excesses and deposit it to your M-Pesa account within  15 days.

What happens during late repayments

2% fee is charged per day on the principal amount. You are urged to repay your loans early so as not to exceed the due date. Exceeding the due date will lower your creditworthiness. 

Example: 

Assuming you borrowed Ksh. 1000 to pay back within 180 days and you exceeded with a week, you will pay the following:

Interest: 1000 x 12% = Ksh. 120

Penalty: 1000 x 2% x 7days = Ksh. 140

Total Amount = Principal + interest = penalty

= 1000 + 120 + 140 = Ksh. 1,260

This is what the analysis looks like but you can avoid all of these if you try as much as possible to repay early.

When you don’t repay early your name and other details will be forwarded to the Credit Reference Bureau (CRB). It will affect your next borrowing and you won’t even be able to borrow from other lending app.

Can I request to repay later aside from the date.

The answer is No. Start early to pay in bits so you can pay off all debt before the duration date. Avoid borrowing amount that you can’t repay

How to contact Ipesa loans

To contact Ipesa loans, reach them out on their customer care service on +05488888888. You can also email them at help@ipesa.cc. Contact them on Facebook @ Facebook page: https://www.facebook.com/iPesaKenya/

You can also visit their office at: ADLIFE PLAZA, CHANIA AVENUE, NAIROBI.

Conclusion 

Ipesa is one of the best lending apps in Kenya, they take loan repayments with utmost importance. As a result, endeavour to repay your loan as at when due to avoid any sort of penalties. Your loan limit also progresses as you borrow and repay early. It is a convenient, easy, fast, and reliable lending agency. Besides, the steps taken to borrow loans are quick.

Fintech companies provide banking and lending services and Fuliza loan is the best way to the future as it pertains to overdraft. Fuliza loan is an overdraft service from Safaricom which permits M-Pesa customers to start and complete their normal transactions when they don’t have sufficient money on their M-Pesa account. 

We will take you through Fuliza loan and all you need to know about its overdraft services. 

About Fuliza loans

Fuliza loans, which is also called Fuliza M-Pesa is an overdraft service for all M-Pesa users. In summary, see Fuliza loans as a normal bank overdraft. CBA Bank designed it and is obtained through Safaricom’s M-Pesa. 

Note: People say the platform is a loan but it is not. Fuliza loan is a continuous overdraft service.

Pros and cons

Pros:

1. Liable to receive data from the internet 
2. It also adds words to user-defined dictionary 

Cons:

1. The app prevents the device from sleeping and liable to drain smartphone battery.

Minimum and maximum amount 

The minimum amount for a Fuliza loan ranges from Ksh.1 to a maximum of Ksh. 42,000.

Interest rates

The interest rate for Fuliza loans varies. The breakdown is below:

• Ksh. 0-100 (Ksh 2)
• Ksh 101 to 500 (daily fee Ksh 5)
• Ksh 501- ksh. 1000 (fee Ksh 10)
• Ksh. 1001-1500 (fee of Ksh 20)
• Ksh 1501-2500 (has a daily fee Ksh 25)
• Ksh 2501-42,000 (operate a daily fee Ksh 30)

Requirements for Fuliza loans

The requirements for Fuliza M-Pesa include:

1. Have an active Safaricom line which should be in use for over 6months
2. Be a registered M-Pesa customer. 

Loan registration procedures 

There are two different methods of loan registration process. They are:

1. Through USSD code, by dialing (*234#)
2. By launching your Safaricom app, then choose Fuliza M-Pesa and select opt in.

How to grow your Fuliza loan limit

To grow your loan limit, follow the two steps below:

1. Make use of your Safaricom and M-Pesa services as often as possible 
2. Repay your loans early

Your loan limit is reviewed every 3 months, which depends on your usage of the M-Pesa account. 

Note: You can instantly increase this limit by opting out and then opting in. This method works half the time. Often your limit will be reset back to zero.

Additional fees

They charge you a maintenance and an access fee. It is 1% on your outstanding balance.

Fuliza loan services. 

Fuliza service is used to complete various transactions like:

1. To send money to other people 
2. Performing transactions through all “Lipa Na M-Pesa” transactions.

Note: You cannot withdraw your Fuliza funds, but you can transfer and make other transactions.

Fuliza USSD code and how to opt in

The USSD code to access Fuliza overdraft services is *234#. After dialing the code, choose Fuliza M-Pesa to opt in.

Advantages of Fuliza loans

The sole and main advantage of Fuliza overdraft is that you can continue with your transactions even when you have an insufficient balance in your M-Pesa account.

Note: When you go for overdraft, see it like any other debt.

Fuliza loan App review 

Fuliza app features are:

1. Ability to read your device data, contacts, call log and message information 
2. It also reads your current location 

How to repay Fuliza loans

The only unique way of repaying Fuliza loans is by automatic deductions upon loading of the M-Pesa account. Safaricom deducts once you top up your M-Pesa account. They can review the terms at their own sole discretion. 

Penalty for late repayment

After 30days and you haven’t paid your balances, it will cause inaccessibility of future loan services. 

Overpayment on Fuliza 

After the automatic deduction of your loans, they leave the remaining balance or your remaining over payment in your M-Pesa account. 

How to contact Fuliza loans

To contact Fuliza loans, dial *234# or 100.

Conclusion 

Ensure you read the terms and conditions before going for the loan. Most customers ignore this part. Read to understand your rights as a customer. Read through the entire loan process. In addition, study the part on the consequences of defaulting. Then you get to understand what would happen if you don’t repay your loan.

Shika platform understands that even if you are employed, sometimes you need some extra cash to take care of some needs and waiting for payday could seem like forever, hence Shika empowers you financially to keep you going.

Shika, as a loan access platform, understands the need to lower the barriers preventing accessibility of credit and hence offers swift and flexible access to loans irrespective of your class without jeopardizing credit risk/loss. 

There are more interesting things about the Shika loan app that we’ll let you know in this article.

About Shika Loan

Shika Loan and its app was the first product of Alternative Circle founded by Kevin Mutiso in March 2016 with a mission to render financial access to over 200 million people worldwide. 

Shika is a lending platform that provides instant access to micro loans and flexible repayment plans for people who meet their basic eligibility criteria.

Customers using Shika are able to know their loan limits before taking loans. Shika only requires you to have an active M-Pesa mobile money account registered with a Safaricom number.

The platform is also available for financial institutions who can leverage on it to reach potential borrowers.

Maximum and Minimum Loan to Get From Shika Loan App

Shika loan app offers its customers a minimum of Kshs. 500 and up to Kshs. 10,000 which is to be repaid in 30 days with no hidden charges.

Shika will predict your loan limit and how much you would have to repay before you proceed with your loan application. This limit is determined by your credit history. A good loan history earns you higher loan limits.

How to Apply for a Shika Loan.

Getting a loan from Shika is very easy and you can get it within 3 minutes as long as you meet their basic eligibility criteria. You can get a Shika loan through the following steps:

1. Download the Shika Loan App: You can download this application from the website.

2. Create an account: To create an account, you would provide a valid national ID and an M-Pesa account registered with a Safaricom phone number.

3. Apply for a loan: Once you successfully create a Shika account, you can view your loan limits on the dashboard and click on apply for a loan, which is within your eligible loan limit/duration.

4. Upon application, your loan request is sent in for approval and once approved, your loan would be disbursed to your M-Pesa account within three minutes.

Interest Rates

They fix interest rate for Shika loan at a rate of 15% for 30 days irrespective of the loan amount.

Elegibility Criteria

Getting a loan from Shika requires you to meet their basic eligibility criteria. Which are:

1. Signing up for a Shika account already requires you to have an active M-Pesa mobile money account.

2. As a new user on the Shika app, you build your loan eligibility from your M-Pesa transaction history. However, subsequent eligibility is from your reputation on the Shika app which they draw from your frequency of loan requests and repayments.

Note: A good transaction/loan history often qualifies you for higher loan amounts on the Shika app.

Requirements for Taking up Shika Loan

You would need to meet the under listed requirements before you can access Shika loans through its app.

1. Be at least 18 years of age at the time of registration on Shika
2. Have/possess a valid National ID card
3. Have an M-Pesa mobile money account registered with a Safaricom mobile number and have at least 4 months of active M-Pesa transactions.
4. Have an excellent credit history with Shika and other loan providers
5. The Credit Bureau of Kenya must not blacklist you

Shika App Review

Shika loan is ideal for financing your personal or small business needs and can be accessed through the app. With the Shika app, you don’t need to wait for long hours to get a loan. The features of Shika app range from:

1. Easy access and flow of command and response.

2. The intuitive design of the Shika loan application makes loan application, disbursement and repayment process seamless. 

3. Shika app is secured and offers flexible eligibility loan limit repayment options on the dashboard.

How to Repay Your Shika Loan

You can repay loans collected from the Shika app either through M-Pesa or the Shika loan app.

Loan repayments on Shika are flexible, so one can choose to repay in daily or weekly installments as long as the repayment window is not exceeded. For loan repayments via the Shika loan app:

1. Login to the Shika loan app

2. Click on the Repay button on your dashboard

3. Copy the displayed Shika loan number

4. Complete your payment on the displayed M-Pesa page

For loan repayments via M-Pesa:

1.  Login to your M-Pesa account
2. Click on “Lipan a M-Pesa” and select PayBill
3. Enter the Shika loan PayBill number
4. Put in your phone number on the Shika app
5. Enter repayment amount
6. Authorize the transaction with your M-Pesa transaction PIN
7. Check for payment notifications from M-Pesa and Shika

Extra Important Information on Shika Loan and its App

• Please take note and heed that failure to repay a loan within stipulated repayment window attracts extra charges on the collected loan.
• If you do not repay a loan 30 days after the repayment window, they add an extra charge of 10% to the loan amount to repay.
•  Failure to comply and repay the loan after 60 days, they blacklist the customer on the Credit Bureau of Kenya.

How to Reach out Shika Loans 

For more information on Shika loans, you can reach out to their support via email@ shika-app.com or call 0742143999.

Conclusion 

Shika loan app and its platform have proven to be helpful to individuals and businesses who need access to easy finance without going through the stress of tight and stringent documentation obtainable in most financial institutions.

Shika app and its platform also offer one of the competitive rates in the Kenyan micro lending space, there’s no doubt that more individuals and businesses would resort to Shika loan app and its full platform.

If you are looking for fast and convenient means to get loans in times of emergency, Usawa loan app could provide the best alternative. Usawa is one of the best mobile loan service providers in Kenya.

You can apply for a loan from the comfort of your home with your smartphone or mobile device.

However, you must be a Kenyan or live in Kenya to be eligible for Usawa loan. Since its debut, Usawa has received 10,000 downloads with over 1000 active users. 

What you need to apply for Usawa loans 

Most individuals are often sceptical about accessing loans because of the dodgy terms associated with some financial institutions.

That is why we have taken our time to enumerate everything you need to know about Usawa loan to clear your doubts. 

Here are some requirements for applying for Usawa loan.

1. You do not need to have a bank account before applying for Usawa loan.
2. An Android phone to download and install the Usawa mobile app.
3. A registration fee of 400 Kenyan Shillings to activate your account.
4. Aside from the registration fee, they do not require you to bring any form of collateral to acquire the loan.
5. You must be resident in Kenya and have a Kenyan passport or ID number to be eligible for the loan.

How to Apply For Usawa Loans 

Once you have fulfilled the criteria listed before, then you are ready to get your Usawa loan. To successfully apply for a loan on the Usawa mobile app, you need to take the following steps below:

1. Download and install the Usawa mobile app from their website or Google play store
2. Create an account with the necessary information required
3. To activate your account, you must pay the mandatory registration fee of 400 Kenyan Shillings. 
4. Then, you can apply for your loan.
5. Submit your application.
6. When your loan is approved, you will receive a notification. Usawa will then deposit the funds into your M-Pesa wallet on the app. 

As a first time user, you may not be qualified to apply for some loan amounts. Usawa will request that you fill a questionnaire which will determine your loan amount and pay the membership fee as well.

Usawa Membership Fees And Paybill

The Membership fee for Usawa loan is KES 400. All members who pay the membership fees qualify for the first loan. You can pay via M-pesa following the steps below:

1. Launch M-Pesa on your phone 
2. Choose paybill number 
3. Type in the paybill number as 138103
4. Enter your phone number as your account number 
5. Input your M-Pesa pin
6. Wait for a confirmation SMS from M-Pesa

Usawa Loan Interest Rate

The interest rate for the Usawa loan is 12%. They charge this on each amount you apply for.

Usawa Loan Repayment Period

Usawa has a repayment duration of 91 days minimum and 36 months maximum 

Minimum and Maximum Loan Amount For Usawa Loan

The quick Usawa loan platform offers loans ranging from Ksh. 500 to Ksh. 1,000,000. As you progress, the loan limit increases.

Usawa USSD Code

You can dial *483*012# to register and apply for the loan. Those who cannot download the app on their phones or those who do not own a smartphone mainly use the USSD code. 

How to Download Usawa Loan App

The procedure below is the steps you can follow to download Usawa loan app:

1. You can download the Usawa loan app by visiting the website or Google play store.  
2. Click the application and then select install to download the app
3. Proceed to create an account on the app
4. After that, you can start applying for loans.

How to Repay Usawa Loans

Usawa loans are strict with their repayment policy. After receiving your loan, you must pay back on or before the due date as late repayment attracts extra charges.

You can pay back your Usawa loan through your M-Pesa Paybill with these simple steps:  

1. Log into your M-Pesa through your Safaricom SIM Toolkit. 
2. Select the ‘Lipa na M-Pesa’ option on the menu bar.
3. Type your Usawa Paybill Number into the available column. The official Paybill Number for Usawa is 138103. 
4. Input your M-Pesa phone number in place of your account number. 
5. Next, fill the loan amount you want to repay. 
6. Then, type your unique M-Pesa pin. 
7. Cross-check your details before submitting your payment. 

How to Contact Usawa Loans

If you encounter any challenge while applying for your loan, you can contact their customer care agents through these channels:

i. You can call or send an SMS to +254790639990

ii. Or email admin@usawa.co.ke

iii. You can also check out their website.

Conclusion

Usawa serves as a source of financial aid for individuals who cannot meet the rigid terms and conditions of obtaining loans from banks.

It is easily accessible and repaying your Usawa loan on time increases your credibility to acquire more loans. You are also qualified and eligible to apply for larger loan amounts if you pay on time.