In Kenya, crypto buying and selling has been a popular trend. There are many advantages to cryptocurrency, one of which is that you can buy and sell it when you want to.
As the cryptocurrency market continues to grow, so do the opportunities for people in Kenya to get involved. It can be hard to decide whether or not to invest in cryptocurrency because there are so many different types of coins and tokens available.
So, if you have bought crypto before, then it is worth buying again even when you don’t have the funds. You can opt to crypto buy now pay later loan.
We have done a proper research into different crypto buy now pay later in Kenya that are available in the market of Kenya.
What is Crypto buy now pay later
Crypto Buy now Pay Later in Kenya is a platform that allows you to buy Bitcoin and other cryptocurrencies and pay later or buy with your credit card.
The company also allows you to pay for these purchases later if you don’t have the funds on hand at the time of purchase.
The transaction is processed through their partner bank and will take up to 48 hours before your purchase shows as completed on your credit card statement.
Read- Best Loan Application in Kenya
About Crypto Buy now Pay Later in Kenya
Crypto buy now pay later in Kenya are smart platforms for all users to lock in positive returns on trades without having cash in their wallet to trade.
This means that if you want to invest your money in crypto then all you need do is go online and find out what kind of digital currency you would like to buy and how much money you want to spend on it.
After finding the digital currency to buy, the next is funds to buy it. Would you relent if you don’t have the funds? No. You can get a crypto loan and buy, make profit and pay back the loan on time.
There are many benefits associated with buying cryptocurrency as opposed to traditional investments such as stocks or bonds. For example: You don’t need any extra knowledge about how the stock market works or how it works internally within companies (because there aren’t any).
Because digital currencies are decentralised (this means they don’t belong to any one person), they are immune from government intervention which makes them safer than most other types of investments due.
4 Crypto Buy now Pay Later in Kenya
Crypto Buy now Pay Later in Kenya is a cryptocurrency buy now pay later loan allows you to buy and hold crypto and pay later. These platforms includes:
- Bitmama buy crypto and pay later
- Binance buy crypto and pay later
- Chamapesa Blockchain-based social savings community
- Earnza P2P blockchain lending platform for business loans.
1. Bitmama buy now pay later loan
Bitmama’s new feature of Buy Crypto Pay Later (BCPL), permits users to get loans without collateral from the platform to buy cryptos. They operate in African countries including Kenya.
Users who secure these loans can also use other products features like bill and airtime payment with crypto, crypto cards, send and receive crypto and fiat from all around the world.
Read- List of Commercial Banks in Kenya
Features of our Bitmama buy now pay later loan Product feature
Loan period: Maximum of 30 days
Interest rate: 15% per month on each loan
Use: You can only use the loan to buy BTC, ETH and CELO Only for now.
Repayment: The amount is deducted from your wallet at the end of the loan period plus the interest accumulated.
Availability: Nigeria, Ghana and Kenya
Pros and Cons of Bitmama
Pros
- A smart way for all users to lock in positive returns on trades without having cash in their wallet to trade.
- This can serve as a gateway to the crypto ecosystem allowing those without cash to also buy crypto on credit and pay later.
Cons
- As a customer, even if you lose due to volatility, you will still have to repay the loan or have your credit history on Bitmama affected.
How it works
- The loan is available to all users of Bitmama products even first time users
- You can only access a maximum of $50 for the first loan request
- Paying back your loan on time helps you build credit worthiness with Bitmama which in turn will have your limit increased. If you do not payback on time, you will have your loan limits lowered.
- The Bitmama loans cannot leave the platform until they are paid back. You can only use it to purchase crypto on Bitmama platform. So you as the user can only view your account performance.
- You will be able to access your returns once your account is funded and principal plus interest is paid back.
2. Binance Crypto Loans/Buy crypto and pay later
Binance allows users to borrow for Spot/Margin/Futures trading. You can also stake with the loan to earn a high APY.
Read- Bank of Africa Kenya Loans
Feature of Binance buy crypto and pay later
Cryptocurrencies to borrow on Binance: BUSD, USDT, BTC, and ETH. Click here to check out other cryptos to borrow.
Loan terms: Binance crypto loan terms are available from 7, 14, 30, 90, and 180 days and it would be better if you repay on time.
Interest rate: Interest starts to accrue once you borrow and is calculated hourly. Also note that less than an hour is calculated as one hour. To read more about the features of this loan, click here.
Pros and cons
Pros:
- Binance crypto loans can be used to trade on the spot, margin, or futures markets, staking, or even withdrawing the funds.
Cons:
- You will receive an overdue duration of 72 hours (for loan periods of 7 and 14 days) or 168 hours (for loan periods of 30, 90, and 180 days), during which they will charge you 3 times the hourly interest. If no payment is received by Binance from you after the overdue duration, they will liquidate your collateral to repay your loan.
Other Crypto Loans Company in Kenya
The other cryptocurrencies loan companied in Kenya that people leverage on are:
- Chamapesa and
- Earnza
1. Chamapesa Blockchain-based social savings community
Chamapesa was founded in 2012 and they permit users to run blockchain-based social savings community and where members get access to savings accounts and loans.
The Chamapesa platform is powered through Chamacoin. This Chamacoin are earned my members by recruiting new members and groups and making assurances and guarantees, through good behaviour.
Earnza P2P blockchain lending platform for business loans
Earnza was founded in 2019 and renders a P2P blockchain lending platform for business loans. They facilitate instrument/collateral tied loans, investment pools, instant loans, and more. Its algorithm brings borrowers and lenders together in their loan marketplace and smart contracts automate the entire process.
Specific lenders can make offers on public loans and get funding based on lending data. On the other hand, borrowers are given smart scoring after loan completion to get offers from various lenders.
How do I get crypto buy now pay later in Kenya?
If you are using platform on your mobile phone, you can purchase the product right in the app or online if applicable. Directly, you can:
- Tap the Buy on the Assets tab.
- Then tap on the “Trade” tab or the correct tab where you see “choose coin” to choose the crypto you want to buy
- Finally, go ahead to select buy now pay later Pay.
People Also asked Questions on Crypto Buy now and pay later
Can I borrow money to buy crypto?
Yes, there are platforms that offer these services but is wise to borrow money you can pay back. Not only can you lose the collateral, it can ruin your credit score.
If you are have subscribed to crypto buy now pay later, financial experts recommend selling enough crypto to pay back the loan on time.
What happens if you don’t pay back a crypto loan?
If you fail to repay your crypto buy now pay later loan, the lender will liquidate or cash out the cryptocurrency. Crypto lenders like Binance, have relatively low annual percentage rates and have 7 to 180 days loan terms, but high minimum loan amounts. They will liquidate your collateral to repay your loan if you fail to pay back the loan.
How much does Crypto buy now pay later cost?
Crypto buy now pay later typically range between 2% and 15% of a customer’s purchase amount.
Conclusion
Crypto buy now pay later is an alternative method of payment for cryptocurrencies. Some offer these services through credit card. By making a purchase using your credit card and paying back later.
For those asking if crypto buy now pay later exists in Kenya, Yes, it does exist. You can enjoy their services and make sure to pay back on time to avoid issues.
However, it is also important to note that even if you lose in the process of trading as crypto is volatile stock, you must also repay the loan.
Also note that Crypto Buy now Pay Later in Kenya may not be able to accept all types of credit cards due to varying regulations between countries as well as banks’ policies regarding exchange rates/fees etc.