It is common in Kenya to get loans without security. It comes with minimal requirements and funds are received instantly. Loans in Kenya without security are easy to access and qualify for.
The purpose of this article is to direct you on how to apply, some platforms to apply from and how to qualify.
Facts About Loans in Kenya Without Security
You can easily secure loans in Kenya without security but one thing is certain, it attracts higher interest rates. Unlike secured loans that come with lower interest rates.
Loans in Kenya without security are loans you apply without presenting any collateral or instrument as backup for the loan.
In addition, you may not get a higher amount by most lenders due to the involved risk. Some lenders use the collateral as backup in case of loan default.
Other than that, loans without security are simple and quick to get.
How to Apply for Loans in Kenya Without Security
- Visit lenders online or offline and check their features
- If you wish to use a mobile app, download the app from Google play store.
- Register online by filling the form or create an account on the app
- Upload all necessary documents of requested for
- Apply for the loan based on the loan limit
- Input your account number
- Wait for loan approval
- Once approved, get your loan
Lists of Loans in Kenya Without Security
Generally in Kenya, there are various credit platforms and financial institutions that gives funds without security and they are:
- M-Pesa loan apps like: Tala loan app, Branch loan app, Zenka loan app, KCB M-Pesa loan app, Mshwari loan app, etc
- Banks like: Equity bank, NIC Bank, National bank online loans, KCB unsecured loans, etc.
- International loan platform like: International finance corporation, etc
- SACCOs
- Credit unions
- Online emergency loan lenders
What Qualify Eligibility For Loans in Kenya Without Security
- Credit rating and worthiness
- Financial stability
- Age limit
- Have evidence of proof of age
- National ID to prove citizenship
How is the Repayment Terms like?
- Some ranges from 30days to 60days
- Attracts an interest rate of 6% to 15% depending on the lender
Categories of Loans in Kenya Without Security
- Personal loans
- Business loans
- Emergency loans
- Salary advance
Conclusion
This article shows the various alternatives you can choose from when looking for loans without security. The first amongst them is mobile loans.
Mobile loans are easy to access and just one tap on the phone, you get your loans instantly. Your other alternatives include private lenders, international financial firms, online loans, SACCOs, etc.
Compare and evaluate the above mentioned in this article. We shall be updating this article as soon as we come across other viable credit platforms in Kenya without security.