The total combination of banks and other financial institutions brought about loan agencies in Kenya. They made the penetration of the internet and smartphones in loan applications possible through strategies developed by Fintech companies.
These strategies also improved loans services and helped financial institutions reach people in different locations in Kenya. Let us explore loan agencies in Kenya and all you need to know.
What are loan agencies?
Loan agencies are a term to describe individuals or groups of people operating in the capital market. They give out loans to the public. Often, they use two terms to describe their loan services, “Syndicate and bilateral loan”. Bilateral loans are often small amounts and financed by private or single lenders. Syndicate loans are often large and involve banks and other financial entities.
20 Loan agencies in Kenya
Some loan agencies in Kenya are:
- Karish Agencies – Nairobi, Kenya
- Cash Point Agencies – Nairobi, Kenya
- ECLOF Kenya- Nairobi Kenya
- Loan On Items & LogBook Loans – Nairobi CBD
- Musoni Microfinance – Zimmerman
- Letshego Kenya Limited – Nairobi Kenya
- ASL Credit Ltd – Nairobi, Kenya
- MOGO – car financing, asset based finance, logbook loans, boda boda financing – Kenya
- Ngao Credit Ltd CBD Branch – Nairobi Kenya
- Rehani Loan Agency – Nairobi, Kenya
- Canal Agency Kenya Ltd – Nairobi Kenya
- Family bank
- Jijenge Credit Limited Number One for LogBook Loans | Title Deeds
- Sisdo – Nairobi, Kenya
- Real People – Kisumu Kenya
- Platinum Credit-Eldoret – Eldoret, Kenya
- ASA Limited – Nairobi, Kenya
- Faulu Kenya – Nairobi, Kenya
- SPEED CAPITAL LIMITED – Nairobi, Kenya
- Nyali Capital Limited – Mombasa, Kenya
Hosts that make up loan agencies in Kenya
The hosts that make up loan agencies are:
- Private lenders
- Investors in Syndicated market
- Credit market and unions.
5 Services of loan agencies
The services of loan agencies include:
- Loan financing
- Offering bilateral loans
- Rendering Syndicate loans
- Supporting at different levels
- Often serves as an intermediary
6 Roles of loan agencies in Kenya
The responsibilities of loan agencies in Kenya are
- Facilitating communication
- Administrative roles in loan application
- Loan calculation roles
- Account bank operator
- Private lender operator
- Collateral agents in some loans like home loans.
One of the major hurdles in life is lack of access to loan agencies and their services. And lack of proper knowledge on where and how to access loan agencies when you need them.
Fintech companies have bridged the gap and made loan agencies reach both urban and rural areas. These loan agencies often serve as an intermediary between the lender and the borrower.