Loans and payments in Kenya simply mean channels to receive your loans and modes to pay it back. Taking a loan is never a simple decision. You have to be sure the money is worth it, and the payback period is reasonable. We will look at some steps you can take to be informed about taking out loans and channels to get your money and repay them efficiently.
Understanding loans and payments in Kenya
In Kenya, loan processing is a combination of modern technology and old fashioned practices that have proven to work in the country for decades. The tricks of processing loan in Kenya were first developed by M-Pesa, which was launched in 2007 by Safaricom. M-Pesa has influenced the current loan payment and collection methods used by all banks in Kenya.
However, other platforms too, have helped in loan processing and disbursement. Just register and sign in, then you will perform any transactions on the platform including withdrawal.
Channels to loan payment in Kenya
Payment Systems and Solutions Limited (PSS), an arm of leading commercial banks, Family Bank, and others are offering a wide range of payment solutions for organizations in Kenya and the East African region. These include:
- Instant payments (Mobile Money)
- Card payments (Visa, MasterCard, Amex) and
- Internet payment systems.
PSS also offers a wealth of disbursement solutions including online disbursements (EFTXpress), check disbursements, business cheques, and EFT processing. Loans are also available via PSS under the brand – Easy Finance. Easy finance has various loan products inclusive of personal business Loans that can support your business growth or start-up.
How do I apply for a loan
There are many ways you can apply for loans in Kenya. You can apply through the bank, credit union, loan apps, etc. Then to apply:
- Simple begin by visiting the bank or the lender or downloading the loan app
- Fill the application form
- Register and submit all relevant documents
- After successful registration, apply for the loan.
- Choose the loan amount and repayment term
- Wait for approval. Once approved, get your loan.
Have you ever been involved in a loan transaction and couldn’t get it? It may be because of many factors. Are you looking to make an online transfer with someone in Kenya? There are several challenges that you need to overcome. The challenge might have something to do with the fact that some online platforms only allow transactions on their platform while others don’t. This makes it hard for you to achieve the transaction especially if you are trying to get a high return. Our article has explored channels to get and repay your loan in Kenya and do other transactions.