Loanspot.io Kenya

Search Results for: business

Credit note explained

by

One of the crucial techniques when carrying out invoicing procedures is to use credit notes. A lot of persons and businesses are yet to harness this important tool when performing invoicing workflow because of inadequate knowledge of credit note.

The aim of this article is to educate our readers about credit notes, showing when and how to use them. In this discussion, we will reveal robust and helpful information needed to give credit notes. In addition, we will provide examples and samples and also differentiate credit from debit notes.

credit-note

What is a credit note?

Credit notes are commercial and legal documents which empowers someone (a seller) to nullify completely or partially an invoice given to a buyer. This is usually done by the seller because of mistakes, damaged goods or when a transaction is canceled. The importance of credit notes in business transactions cannot be over emphasized, as mistakes are bound to occur more often than not.

An example of where it is used is when a seller discovers that they damaged the supplied goods. He then issues a credit note to the buyer, reducing the amount to be paid for such goods by the buyer. It also provides a negative balance of an invoice.

For instance, assuming a customer initially paid the sum of ksh. 600 to the seller and the seller wishes to end such invoice, he or she will issue a credit note to the buyer for the negative value of – ksh. 600. Also, from the example above, if the seller overcharged the buyer in error by 10%, he will issue a credit note of -ksh. 60 (I.e. 10% of $500) to the buyer which corrects the mistake made in the amount issued originally to the buyer. Credit note is a way of compensating the customer for the defective goods supplied. provides the seller the room to delete his financial records without erasing the invoice 

Common Reasons for which Credit Note is issued

These are some circumstances under which they can issue it are:

  1. When the buyer discovers he has been charged by the seller below the actual price of product.
  2. If the seller discovers, he has overcharged in the transaction’s cause.
  3. The seller issues it when there is a return after sales.
  4. When the occasion of discount or benefit is to be given by the seller

Examples

The examples done below regarding credit note to show that the procedure for issuing it is not complicated as it might seem. Let us explore more with examples 

Example 1.

  1. Assuming company Z made ksh. 700 purchase of products from Company X and later discovered that there was a mistake on the invoice issued, which resulted in an incomplete transaction. How can this be solved?

This kind of situation can be handled as follows: When the error is discovered and company Z has contacted Company X regarding the error, the seller (Company X) issues a credit note on the invoice sent to company Z (the buyer) stating that the issued invoice has been canceled while they also record the status of Ksh. 700 paid as positive in their account payable record. Company Z can then go for a refund or use the amount for future purchases from the same company.

 Example 2

  1. Assuming company C bought products of value ksh. 40,000 from company K. Later it was discovered that ksh. 30,000 worth of products out of the entire stock were bad. Then they sent a notification to company K regarding those products at the time of delivery. How can such a situation be handled?

This case is best handled by the seller issuing a credit note of Ksh. 30,000 in the name and details of the affected buyer. 

When to issue a credit note?

They issue it based on the situations, type of industry or business you are operating on. Some general ones are:

  1. Note that it is issued whenever there is a mistake in an invoice issued for example when there is an error in the amount on the invoice or damages in the products purchased. It is also employed when there is a need for re-issuance or change of invoice.
  2. They are typically used when there has been an error in an already-issued invoice, such as an incorrect amount, or when a customer wishes to change their original order. In short, it can be used in any circumstances that would require the invoice to be changed and re-issued.
  3. It is also issued when an incorrect item is sent to the customer or buyer.
  4. Also, it is issued when the price of goods and services is wrongly charged by the seller. The seller sends it to the buyer reversing the extra charge.
  5. It is also issued for any discount that has not been applied on goods and services at the time the invoice of such is prepared.
  6. Finally, they are issued by the seller when he wants to terminate pending payment from the buyer.

How do you issue a credit note?

After knowing when to issue it, it is important to know how to issue it to a customer. The process of issuing it is not complex or ambiguous. Let us see how the process looks like.

There are tools and invoicing softwares that makes the process very easy. Example of such software is Xero. This software enables easy issuance against any invoice issued originally.

It is crucial that are kept together with the invoice number in order to keep track of the process. If the affected invoice is number 1, its credit note should be number 2, while the next invoice will be number 3. A credit note should be sent to the affected customers while a copy is kept by the seller. Doing this makes the financial record to be properly kept, and the process organized.

Why you should issue a credit note to your customers

Issuing credit notes to your customers helps your accounting records to be reliable. Once an invoice is issued, it cannot be deleted, but it provides the avenue to do such from your financial records without going against the law. 

These cases cited below makes the issuance indispensable. Most times the customer returns goods or rejects services for many reasons when:

  1. There was an error in payment on the original invoice issued 
  2. There was a mistake in price such as overcharging of prices of goods and services on the original invoice.
  3. The goods were damaged during transit to the buyer.
  4. There is a need to cancel part, or all of an invoice issued.
  5. There is no refund policy for returned items, credit notes are issued to the customer as a goodwill act and as such, they can be used in future transactions against another invoice for the same seller.

 What information should you include on a credit note? 

The format ooks like that of an invoice, but its structure is less rigid and strict than a quotation or invoice. It is very crucial to state boldly at the top of the document that it is not an invoice but a credit note. This helps to prevent confusion of assuming that it is an invoice. They should include all the information for administrative and account recording used in the credit notes. Some of them are:

  1. Issuance date
  2. The number of the credit note linked to the invoice.
  3. The reference number of the customer
  4. The terms of payment
  5. Seller’s contact details such as name, phone number, address, email, etc
  6. Customer’s contact details such as name, phone number, address, email, etc
  7. Details from the original invoice such as invoice no, date, etc.
  8. The purpose of issuing it
  9. Value Added Tax (VAT) details if the matching invoice has VAT
  10. Products and their quantities
  11. Prices of products involved as agreed by both parties
  12. A new payment terms

All this will enable the customer to comprehend the purpose of the issued credit notes.

Types of credit Notes

There are two main types and they are:

  1. Credit notes for outgoing payments
  2. Credit notes for incoming payment

Differences between a Credit and a Debit note

Credit and debit notes are not actually the same. Here are some differences between both of them.

  1. Credit notes are commercial documents containing the record of money that a seller owes a customer, while Debit note is a document where the money a client owes a seller is recorded.
  2. Credit notes give a negative balance of an invoice, while debit notes provide a positive balance of an invoice.
  3. The seller of goods and services issues A credit note, while the buyer of such goods and services requesting for a credit note issues a debit note.

Conclusion

Credit note is very essential for account record keeping of business transactions. Errors usually occur in the cause of documenting business transactions. Hence the need to take care of errors and prevent unnecessary hassle for the finance officers when such errors occur.

While preparing it, great care has to be taken to ensure that all the necessary information is captured in . It should contain VAT details for the matching invoice issued together with the amount before VAT. It should be clearly stated that the document is a credit note and not an invoice, as this will confuse the customer when not specified. Armed with this information, we strongly believe that you will be well informed to use credit notes whenever you need to do so.

Instant Unsecured Loans in Kenya Explained

by

Instant Unsecured loans are loans that are granted with no collateral and within a few minutes. If a borrower defaults on the loan, it leaves the lender with few options to get paid outside of filing a lawsuit.

In the course of this article, we will be looking more into instant unsecured loans and if they’re right for you.

instant-unsecured-loans-in-kenya

What is an instant unsecured Loan?

As stated above, instant unsecured loan is a form of loan that doesn’t need collateral or a security deposit to receive and is disbursed immediately.

With instant unsecured loan, instead of pledging assets, borrowers qualify based on their credit history and income. Lenders do not receive the right to take physical assets if borrowers stop making payments on unsecured loans.

You promise to repay, but you don’t back up that promise by pledging collateral. 

An unsecured loan generally comes in three forms:

  • Personal loans
  • Student loans
  • Unsecured loans

How instant unsecured loans work

When applying for an instant unsecured loan, most lenders check the applicant’s history to see if you have successfully paid off loans in the past. Based on the information in your credit report, your credit score is created, which is a shortcut for evaluating your creditworthiness.

Lenders will also want to be sure that you have the financial capacity to repay any new loans. When you apply for a loan, whether secured or unsecured, lenders will ask for proof of income.

Then, evaluation is done to ascertain how much of a burden your new loan payment will be relative to your monthly income. They typically do this by calculating a debt-to-income ratio.

Documents required for obtaining instant unsecured loan

The following document requirements are obtainable with most unsecured loan providers:

  • Office address proof for self-employed individuals
  • Proof of continuity of business
  • Processing fee cheque
  • Duly filled loan application form
  • Couple of passport-size photographs of loan borrower
  • Identity proof – passport, driving license, voters ID, PAN card (any one proof)
  • Proof of residence – utility bill, passport, etc.
  • Pay slips for last 3 or last 6 months

How to Apply for instant unsecured Loans?

The following are ways to apply for unsecured loans:

Lender’s website: A great percentage of lenders in the market now provide their services through their websites. You can visit the official website of the bank and apply for a loan with your credentials.

Loan aggregators: These are third-party loan aggregators that can help you find the best deals available in the market. With them, you can compare the different loan products and choose the best product that suits your specific needs.

Branch office: Lastly, you may also visit the lender’s branch office and apply for a loan in person. With the Internet, this choice of application is gradually going extinct. However, if you are not Internet savvy, you may use this option to apply for a loan.

Top banks in Kenya that offer instant unsecured loans

Knowing the fact that a great percentage of the risk involved in granting instant unsecured loan rests on the shoulders of the lender.

Not every credit provider out there welcomes the idea of granting unsecured loans. The following banks offer instant unsecured loans in Kenya:

National Bank of Kenya

NBA is a commercial bank and licensed by the central bank of kenya. You can get an unsecured loan of kes. 6,000,000 without collateral

Benefits

  • Short processing period
  • Easy payment
  • No collateral required
  • Top up your loan
  • Easily accessible

Rates and fees

  • Minimum of KSh 50,000 and maximum of KSh 6,000,000
  • Interest Rate is made up of  CBR + Bank Margin % p.a on a  reducing balance.
  • Has a minimum of 6 months and a maximum  of 84 months
  • Negotiation fees  of 2% for first loans and buy offs. Then 1.5% for top-ups.

Internal costs

  • Appraisal fees charged per individual

External costs

  • Excise duty
  • Insurance fee charged against retrenchment and death.

HDFC Bank

HDFC is one of the biggest private lenders in the country. The transparent process in offering loans helps customers with easy access to instant unsecured and other forms of loans.

Benefits

  • Loan disbursal within just 10 seconds for pre-approved customers
  • Loan disbursal within 4 hours for other customers
  • Optional insurance coverage for customers
  • Hassle-free application process

Stanbic Bank Kenya

Stanbic Bank Kenya is also one of the top-notch loan providers with a top-notch collection of loan products in its line-up. The personal loan offered by the bank comes with flexible terms for the benefit of applicants. They include:

Benefits

  • Flexible payment and loan-top after 6 months or repayment
  • Fast and hassle-free application process and fund disbursed within 48hours

What you need to provide

  • Kenyan National ID
  • Proof of Residence. You can come along with your utility bill or lease agreement.
  • 3 months bank statement or your current payslip
  • Kenya Revenue Authority PIN

HF Group

H.F Group is an integrated property and financial solutions regulated by Central bank of kenya. They are major financial institutions that offer SME loans and Asset financing in Kenya. The personal loan offered by the company comes with the following terms:

Features & benefits

  • Maximum period of 36 months and Maximum amount of Kes. 500,000
  • No early repayment penalties
  • Attractive interest rate on reducing balance

How can I ensure my instant unsecured loan application is approved?

Applicants can follow the steps mentioned below to ensure that their instant unsecured loan applications do not get rejected:

  • We should pay bills and existing loans on time to maintain a high credit score.
  • In case a customer has a low credit score or has never applied for any credit before, he or she can build his/her credit score or enhance it over time.
  • Ensure your earnings match or exceed the minimum income criteria of the concerned lender before applying for an unsecured loan.
  • Having a stable and regular source of income also increases the chances of an unsecured loan application getting approved.

Pros and Cons of instant unsecured Loans

From the borrower’s perspective, the main advantage of an instant unsecured loan is the fact that it is risk free and gotten within a short while. If you receive an instant unsecured loan and can’t make payments, you don’t risk losing your assets.

You just put your credit score at risk. For people and businesses with instant unsecured loans, there is a high chance that your debt will be discharged if you file for bankruptcy.

Additionally, since instant unsecured loans don’t require any collateral and are paid within a few minutes after application, the lender takes on more risk. This generally translates to higher interest rates and less favorable terms.

While instant unsecured loans may be less risky for the borrower, it is important to know how much more it could cost you over its duration. You may find that putting an asset down as collateral is more beneficial than the extra money you will pay as interest.

Conclusion

An instant unsecured loan can be one of the best loan options for blacklisted people. The fact that you don’t have to provide any form of collateral and still get your loan within a few minutes is definitely an advantage to the borrower.

Especially in a situation the borrower has little or nothing to offer at all. You can enjoy instant unsecured loans from any place you are in Kenya. All you need is to login to the lender’s website or visit their physical office. 

Loan Apps in Kenya: Reviews and Explanations

by

What is more exciting is getting a loan within 24hours or just a few minutes after application without delay, considering the turn of recent events and other policies affected the economy. Loan apps in Kenya have really come in handy.

You can access quick and instant loans through loan apps without security. While there are many disadvantages to loan apps, we advise borrowers not to get defrauded by dubious apps. Aside from this, loan apps are really helpful. It is used to access quick loans in the comfort of your homes.

Kenya has over 25 loan apps. We will run a quick review and examine some of the best loan apps that disburse directly to your M-Pesa account.

Lists of Loan Apps in Kenya

Getting a quick loan through loan apps is now workable and accessible. The lists of the loan apps are:

Tala loan app

It is among the best loan apps and available in Google play store. Once you download it, you can start your application by signing up.

Also, by answering a few personal questions, you get your account verified. In addition, they send your cash directly to your M-Pesa account. Ksh 500 to ksh 50,000 is the minimum and maximum loan limit.

The Interest rate is 15%. Weekly repayment option on the app for three weeks through the paybill number 851900. Loan defaulters are not eligible to access future loans.

Remarkable features of Tala loan app are:

  1. Simple design with easy application.
  2. No unneeded advert popping up during usage.
  3. There is an individual security pin to ensure proper protection.
  4. it reads and tracks your credit history with the app’s status.
  5. Easy repayment and options to choose repayment terms

CBA loop loan app

We can’t forget the remarkable CBA loop loan app. Use the CBA loop loan app for 3 months to explore other features of the app before you can qualify for a loan.

Download the app from their website at. Use your phone number and a valid ID to create an account. They will send a pin to you to activate your account after the loan application. No minimum amount to access, you can take up to a loan of ksh 3 million on the app.

Features of the app are:

  1. Size of the app is 11.46mb in which customers using limited memory phones can still download and use.
  2. It is easy to use and navigate
  3. A schedule on the app gives you a future repayment date and amount with a clear insight on the principal and the interest charges.
  4. A repayment period of 6-36months
  5. It offers other products on the app like sending money, making payments, investment and savings.

Branch loan app

To use this beautiful app, you need to be a registered M-Pesa user. You need an official Facebook account with a profile and username matching those on your National ID card. In addition, download the loan app on Google play store. Sign up, link the app to your Facebook account, provide details, and verify your phone number and account.

Finally, the minimum limit of loan on branch app is ksh 250 and maximum is ksh 70,000. Interest rate depends on repayment of weekly installments on time. It increases the credit score and decreases the interest rates.

Features of the app are:

  1. It is easy to navigate and run through
  2. The app design is simple and eye-catching.
  3. For proper identification, you link the app to your Facebook account before usage.

Timiza loan app

Timiza is one of the best loan apps in Kenya. They opened it for everyone with a mobile phone. Deposit money into Timiza app from your M-Pesa mobile money.

It is then you qualify your chances of getting a loan. 1.083% is the interest, and 5% is the facilitation fee. You need to also be an M-Pesa user for 6 months. It is within a term of 30 days.

Features of the app are:

  1. Creating an account is straightforward.
  2. The app is smooth to be used to access other products. 
  3. There is an easy loan application on the app.

Okash loan app

The loan app gives both individual business loans. Just download the app on google play store, install and create an account.

A maximum limit of Ksh. 60,000  loans. The interest rate is slightly higher at 14%. Customers have 15 days to clear loans.

Features of the app are:

  1. It is easy to download
  2. Scrolling through the app is easy.
  3. Through the personal details you provided on the app, it determines your credit limit.

iPesa loan app

It is a loan app that offers loans between a minimum of ksh 500 to ksh 50,000. The repayment period is between 91 days and 180 days.

Interest rate is between 0 to 6%. It has a variable service fee of 5% to 10%. Before you can use the app, you need to be at least 18years.

Features of iPesa loan app are:

  1. Loan application is easy.
  2. The loan app privacy permission is superb. They encrypt personal data supplied on the loan app.
  3. To ensure proper documentation, it uses the data on your phone to verify your identity.

Zenka Loan app

Zenka loan app is accessible and reliable. You can download it on google play store. The first loan in this app is interest free.

Zenka finance promises a loan between a minimum of ksh 500 to a maximum of ksh 30,000. It is payable within 61 days. However, the 61 day repayment terms have a processing fee of 9% to 30%. Processing fee is from ksh 45 to ksh 870.

Features of the loan app:

  1. The app is transparent with the fees it charges.
  2. It is colorful and easy to operate.
  3. It is easy to use.

Mshwari loan app

Mshwari is one of the best loan apps with minimum requirements. They render it through M-Pesa. By increasing your saving amount in your account and repaying your first amount borrowed, you can then be qualified to take a higher loan.

In addition, you must be a Safaricom subscriber before you can use the app. Minimum amount is Ksh 100, and we do not know the maximum. It has an interest rate of 7.5%. Repayment terms are 30 days.

Features of the app include:

  1. It is easy to operate, use, and navigate.
  2. The functionality of the app is good, as it gathers information from your M-Pesa history. 
  3. No unnecessary adverts popping up while using the app.

KCB M-Pesa

In this app, it is easy to borrow without saving. Be active on Safaricom for 6 months. They disburse loans through KCB M-Pesa app Menu on your phone.

Moreso, Ksh 50 and Ksh 1,000,000 are the minimum and maximum. Interest rate is at 1.16% every month. Negotiation fee of 2.5%. 

Berry loan app

It is a unique and flexible mobile money lending app which offers low-cost loans in Kenya. First, download the app from Google Play. Install and register on the loan app.

You need to get verified to access loans. The minimum loan is Ksh. 500 and with time, it rises to Ksh. 50,000. The service fee is 9%-16% of the principal amount. 

Features of the app are:

  1. Easy to download, set up and log in.
  2. The app has flexible repayment schedules, which are easily accessible. 
  3. The repayment procedure is painless.

How to get a loan through a loan app

The above loan apps listed have requirements which allow you to apply for loans.

To access an instant loan in Kenya, meet the following requirements:

  1. You must be above 18years to access any loan through an app.
  2. To access mobile lending, possess a registered line on your mobile phone.
  3. No low credit profile (or blacklisted on CRB). 

Conclusion 

Mobile loan apps are really making headway. You can access an instant loan within a few minutes. Need a loan to clear your debts, go through the lists and make a choice.

You can stay in your comfort zone and apply for an instant loan using your mobile phone. Be smart enough to check out our website for your loan comparisons. Comprehend the information and explore your choice.

Bank Overdraft – Everything you should know

by

Every business needs a steady cash flow to keep it running at its apex. Cash flows are intermittent. All businesses crave for growth and this gives them more advantage. For customers to come, everything must be in place and consistent. Therefore, for your cash needs, fast growth and development, you need funds and you can get funds through a bank overdraft. Get access to finances to solve your short-term needs and give your business more capabilities. 

bank-overdraft

What is bank overdraft 

It is a financing for individuals from SME, corporate sectors and other sectors in Kenya to manage and fill their cash flow gaps. Here banks allow you to draw more than what is available in your account. Customers waiting to collect debts honour this type of financing to keep their working capital obligations at a consistent level. They also know bank overdraft as a financing rendered to customers to help them meet their day-to-day capital engagements. 

Conditions

  1. Most banks operate based on customers providing a security when their salary is not channelled to the bank
  2. They charge interest on the amount collected/drawn 
  3. Renewal is mostly a year for most banks.

How does an Overdraft facility work?

If you get an overdraft account with a bank, you will receive the overdraft you apply for, just as you receive loans. When you have been pre-approved for the overdraft, you can withdraw money whenever you need it. You can withdraw up until the agreed limit. By withdrawing the funds, you increase your outstanding on the account and only decrease when you deposit funds into the account. From the time you borrowed until you repay, you will be charged interest by your bank.

Overdraft system allows you to repay money in full or partial. After repayment, you can also withdraw money again until the limit of the overdraft is reached.

Eligibility criteria

  1. 18years and above
  2. Possess a national ID
  3. Have a valid bank account 
  4. own a valid phone number
  5. Must have developed and kept good accounting conduct for months(this peculiar for companies)

Requirements for individuals 

  1. Filled and signed application form
  2. National ID card/KRA PIN/passport
  3. Bank statement covering six months
  4. Email address
  5. If secured, provide a security details
  6. Customer’s physical location 
  7. Utility bill
  8. Valuation report
  9. Certificate of incorporation 
  10. Reasons for drawing overdraft 
  11. Guarantors details if requested for

Requirements for companies

  1. Properly signed application form
  2. National ID and PIN copies of all directors
  3. Three (3) years audited account 
  4. Guarantors personal guarantees
  5. Cash flow projection for 12months
  6. Six months bank statement 
  7. Copies of valuation reports
  8. Certificate of registration 
  9. Recent management account 
  10. Debtors and creditors aging
  11. Copy of amount returns
  12. Company PIN and VAT
  13. An open account 
  14. Proposal for borrowing 
  15. Audited accounts

Rates and fees

  1. Interest rate
  2. Favourable negotiation fees
  3. Commitment fee (Most banks charge this)
  4. Price prime rate (charged by some)
  5. Facility fee(some banks charge this)

Features

  1. A budget for short-term financing 
  2. A simple financing process
  3. Very convenient to operate and monitor
  4. Interest is charged on amount drawn
  5. You repay when you have the money
  6. They allow joint borrowers to draw overdraft

Benefits

  1. Competitive interest only charged on amount 
  2. One can access both secured and unsecured overdraft
  3. Some banks offer overdraft in Kenya in dual currencies 
  4. Gives you immediate cash 

Who qualifies for a bank overdraft?

Anyone from 18years and above and earning a reasonable amount of money can get an overdraft loan.

How do I get a bank overdraft?

To get an overdraft, you need to have a salary account with the bank in question. For self employed, you also need to open and operate an account with the financial institution. You can go further with the process by presenting all other necessary requirements. 

Conclusion 

Overdraft facility allows a borrower to apply and withdraw funds in his/her account and repays when the fund is available. They charge you interest on the amount drawn and used not the whole limit. The borrower can take an unsecured overdraft without using collateral. However, if the borrower takes an overdraft against his/her assets as collateral, then it is a secured overdraft. Assets used can vary, and each bank can demand a unique asset for an overdraft. Also note that the interest rates charged and overdraft amounts limit approved by banks vary depending on the collateral.

Emergency loans in Kenya – Everything you should know

by

With the current global pandemic and other economic issues in Kenya, living has not been easy. No matter how much you work, toil and expect the unexpected, there is simply no way to know what lies ahead. Escaping from emergencies in a smarter and effective way is through an emergency loan. After all, unplanned and completely unpredictable events must always occur.

An emergency fund in Kenya gives you peace of mind when daily troubles and lack of funds leaves you stressed out. So know this, it is difficult to come up with a fund right away when you need it. Are you still willing to go along with me? If yes, let us explore emergency loans in Kenya and all you need to know.

Table of contents

What you need to know about Emergency loans

Emergency loans often come as unsecured personal loans, salary advances, payday loans, and credit card cash advances. These forms of loans are gotten quick to solve the said emergencies. It is sent directly to your bank account or your M-Pesa account. Often within a business day or few hours. The fast processing of the loan depends on the lender and the details of the loan application.

To fully understand the lender’s requirements and your options, conduct a quick research. Also read everything throughout the process.

What are Emergency loans?

Emergency loans are loans that cover sudden expenditures. They are unsecured personal loans that you can borrow to solve pressing and unexpected expenses. Relatively they are expenses like unexpected car repairs, home roof repairs, personal needs, etc.

Because emergency loans are unsecured, they require no collateral. However, some lenders offer emergency loans where the borrower has to put up an asset.

Personal emergency loans steps and procedures vary by lender, so all you need to do is to evaluate each of your options. Consider how much you can borrow, the fees, minimum amount, your income and the requirements

How does emergency loan work

An emergency loan is an unsecured personal loan that allows you to get a loan and pay for unexpected expenses immediately. If they approve your loan, it gives you the power to own a fund and solve your immediate problem and pay back the next day or soon enough.

Then instead of submitting a collateral and going through the long process of collecting a loan, you take the quick step. You make simple fixed- rate repayments within a month or more based on your terms.

Personal emergency loans come with low credit interest rates than credit card cash advances.in paying back the fund you collected, do it in a smarter, affordable and better way.

What can you use Emergency loan for

Emergency loans as a type of unsecured personal loans can be used for almost everything. It is pertinent you review the terms of each lender before proceeding to apply. Therefore, emergency loans are used to pay Bill’s ranging from:

  1. Car repairs: while going through your daily activities, your automobile might need an immediate repair. The tendency being to use it at the most effective time often regarding going to work.
  2. Unexpected circumstances to see the medics: often the body system changes without permission. The need to see the doctor may arise unexpectedly and if you don’t have cash, an emergency loan is the best option. You can also use the fund collected to pay off accumulated hospital bills or purchase drugs. 
  3. Natural disaster occurrence: natural disasters like flood and wind blowing off home roofs might need an emergency fund to repair it. You can collect the money and sort out disaster occurrences and pay in due time.
  4. Utility bills: unexpected bills and utility bills can make you go for emergency loans when you don’t have the fun. It can be used to set off immediate bills to avoid embarrassment and issues.
  5. Machine replacement and food stuffs: replacing a machine for creating more output is important and might require an emergency loan to tidy that up. Also, hunger can not be endured till the end of the month when you receive a salary. It is better if you take up an emergency loan and buy foodstuffs and payoff at the end of the month.
  6. Rent payment: if your rent is due and you run short of cash, an emergency loan can sort that. To avoid being thrown out of the house, it is better you sort for a better option and better later with an interest.
  7. Funeral expenses: death does not knock on the door before it comes in. When a loved one passes away without leaving a funeral cost, you may take up the responsibility and go for an emergency loan.

Types of emergency loans

When you need a loan in time of emergency, there are several options out there that you can pick from. The type of loan you go for depends on your credit history.  They may also consider your capacity in repaying the loan. The types of emergency loans we have are:

  1. Personal loans
  2. Payday loans
  3. Credit card cash advance 
  4. Title loans and Shylocks loans

Personal loans

Unsecured personal loans is a type of an emergency loan that is rampant in Kenya. Your eligibility and amount are determined using your credit history. Some personal loans also are collected by presenting a collateral like logbook car loans.

Learn more on how to apply for personal loans in Kenya

Payday loans

This is also a form of an emergency loan that has a high interest rate and flow amount. You make repayment on your next payday and require no credit check. Unsecured personal loans are better when compared with payday loans.

Credit card cash advance

This involves borrowing funds through your current credit balance when you have a credit card. The interest rate for this type of emergency loan is also high. Transactions and processing are associated with this type of loan.

Title loan and Shylock loan

Here you need to provide your car or a tangible item, as requested by the lender for funds. When you cannot pay back the loan, the lender keeps the car or sells it off to recover the loan amount.

Check out other types of Loans in Kenya

Where to get an emergency loan

When there are options like credit card cash advance, payday loan and others, there are other options. You can also collect emergency loans from:

  1. Bank
  2. Online lenders
  3. Credit union

Banks

You can get an emergency loan in the bank and have it transferred to your bank account. If you check and find out that you qualify and the process isn’t too long, you can go with the bank. 

Online lenders

Different online lenders in Kenya offer emergency loans quick and easy using a loan app. Some show you the pre-qualification on the app to check if you qualify. This option is also better once you are sure they are reputable lenders, have a secure site and legitimate as well.

Credit unions

A credit union can provide emergency loans. They transfer the money to your credit union account. It is a community or women or region based union. Their loan amounts vary, and they are fair to credit scores. Just meet the requirements and find out If they give to their members only or individuals that have covered their probation. 

How to choose an emergency loan

When doing your quick research and comparison both online and offline, know what you want. Avoid choosing the first person, each for the best lender by considering:

  1. Fund arrival time and how soon to get the cash
  2. The interest rate associated with the loan amount.
  3. The repayment duration. Know that the emergency loan duration varies with lenders. It is important you go for a longer repayment duration to give you time to gather enough funds.
  4. Check all other associated fees. Watch out for what lenders charge, especially the transaction fee and late payment penalties. 
  5. Identify the credit score to meet. Your credit history affects your interest rates and the loan amount.

Emergency loan alternatives and alternatives when you have a bad credit

When you have weighed all options and there are many shortcomings. Seek for other alternatives. Often bad credit could be the cause. Look out for other escape route to this. Other options include:

  1. Seek an advance cash offer from your employer 
  2. Checkout charitable financial organisations 
  3. Talk to a friend, family or neighbors.

Conclusion 

You can conquer any situation you find yourself in life that may require funds. Life issues knock on everyone’s door; the financial market has mapped out daily and several options to sort it out. Emergency loans are loans you receive to cover unexpected life issues. We have various types of emergency loan discussed in this article. Know them and select the one you need to go for. 

Also, note strategies or alternatives to take when commercial loans fail you. Be smart enough to penetrate the financial market quickly and smoothly to meet up and solve the emergency. 

Credit Control – What You Should Know

by

Read along with me to learn about credit control and all you need to know.

One thing is certain, you can not take an uncoordinated decision and loan credit to an individual with a bad credit history and expect your money back. Chances are likely to be late repayment or default. If this continues, the lender will end up with inadequate liquidity. 

Therefore, it ensures that they prefer only prospective customers with an excellent credit history. It leads to the company having enough cash flow to carry out its operations. 

Let us take you through credit control and all you need to know.

credit-control

What Is Credit Control?

Credit control is a lending strategy of allowing those with an excellent credit history to access credit. Relatively, it includes some sort of reminders that financial institutions deploy to retrieve their credit.

It is also called credit management, where businesses prefer to extend credit to those with a convincing credit score.

Read- 5 Banks Offering Unsecured Loans in Kenya.

Understanding Credit Control

Understand that credit control extends credit to an individual who makes it easier in repayment. It includes strategies like increasing quality, advertising and firm’s control. Know also that the benefit for every business is to increase sales so as to increase profit. Most important part of it is to determine who to give credit to. Business must determine what kind of policy they want to practice and implement. 

In conclusion, institutions and lending platforms should recognize able and delinquent customers to render credit to. This can help them ensure to minimize the customer’s probability of not paying back the credit.

Credit Control Policies

When drafting credit control, there are policies that should guide you as a lender or a company. Many companies know ways to go about it, but to be more explicit, we would list all. They are:

  1. Restriction policy – here customers with excellent credit history are offered credit
  2. Moderate policy- this is the middle of the way risk policy that extends to these with fair credit history 
  3. Liberal credit control policy- it is a high-risk policy where companies give credit to most of the customers. This is mostly practiced by companies with market monopoly.

Setting a Credit Control Policy

Before setting a credit control policy, there are factors to note and consider. The factors are:

  1. The stage of profit in each sale
  2. Monopoly of product and services. Monopoly suppliers dictates conditions of transactions and extends credit to keep customers ‘
  3. Consider also the rooted income flow of your company. Financial institutions with low income flow can not offer credit to every customer. They offer to proven and liable customers that can repay the credit.

Who use Credit Control

The committee of companies that use credit control are:

  1. Banks
  2. Other financial institutions 
  3. Retailers and
  4. Manufacturing companies.

Why is Credit Control important

Credit control plays an important role in maintaining a company’s flows through credit lending. Its importance include:

  1. It ensures that only prospective customers with excellent credit history gets the credit
  2. Enough cash flow to maintain company’s operations
  3. Frequent return of the credit with interest increases the profit margin
  4. It boost trust and mutual relationship between the company and the customer 

Credit Control Factors

The four basic credit control factors are:

  • Credit period: This is the length or duration of time they expect a customer to pay.
  • Cash discounts: they offer Cash discounts to businesses to prompt them to pay early. The discount is offered from the sales price when the buyer pays before the end of the discount.
  • Credit standards: This makes up the financial strength that a customer must possess for credit. When everyone is given credit without proper checks, it would boost sales but will increase bad debts.
  • Collection policy: Includes all policies designed for debt collection. Tougher policy speeds up collection but must also be flexible. If not, some customers after paying, they might not want to do business with the supplier again.

Tips for effective credit control

The best practice tips for effective credit control system in companies are:

  1. Companies should ensure all it can do to quicken customer’s payment. 
  2. Adopt a flexible strategy in lending credit and hitting the which is profit maximization
  3. Put in place proper steps to identify early potential bad debts
  4. Possess an effective management policy.

Other related articles

 Conclusion

Credit control is a business strategy that suppliers used to promote the selling of goods. They do so by extending credit to customers. Most businesses in Kenya try to extend credit to customers with an excellent credit history.

The customers on their own part ensure payment of the goods or services. Moreso, companies draft credit control policies that are either restrictive, moderate, or liberal, which serves as a strategy to credit. 

Conclusively, it focuses on different aspects like credit period, cash discounts, credit standards, and collection policy. These aspects must be flexible so as not to hurt future results. 

How to get soft loans in Kenya

by

Individuals, firms and developing nations need money to survive, thrive and expand in all aspects of their endeavours. Bringing it home to Kenya, fund is the highest means of survival. This is where getting soft loans in Kenya comes in.

However, for whatever reasons we may need cash for, it is advisable to look for the lowest loan rate and favourable terms loans. This helps you save up from the excess amount you would have repaid normally and have an extended grace period for repayment. Therefore, simply feel free to go through this article and learn how to get soft loans in Kenya.

What are soft loans

Soft loans are loans with little or no interest rate. Often it is below the market rate of interest. It also has lenient terms and conditions, grace extension periods where you can only pay for the interest rate and service charge. Typically, they offer a longer repayment schedule unlike other loan platforms.

Moreover, multinational development banks or federal government finance firms. Such loans are also called “Soft financing” or “Concessional funding”. Developing countries that could not borrow at the market rate goes for soft loans.

How to get soft loans in Kenya

In getting soft loans in Kenya, there are lenders to turn to. We have researched and compiled a list of some lenders that provide soft loans in Kenya.

S/noLendersInterest Rates
1mKey loans9%
2Branch loans6% to 16%
3KCB M-Pesa4% to 15%
4M-shwari7.5% for 30 days
5Mco-op cash loans1.166% to 3.498%
6Eazzy loans2% to 10% for one month to 12 month
7Timiza6.17% for 30days
8Whizz7.725% for 30days
9Nic mobile banking1.13%

You can also check out how to apply for a loan in Kenya

How soft loans work

Soft loans are offered to support growing individuals or business owners to thrive, survive and expand. It helps them narrow their resources down and handle tremendous tasks.

Developing countries also go for this type of loan. It works in the sense that a tie is formed between the lender and the borrower. Especially if the borrower (either individual or developing country) has a resource or product that greatly interests the lender.

Pros and cons

Pros:

Progress and boost for business 

Along with serving as a great value to the lender tieing the lender and the borrower together, soft loans offer business opportunities. Many firms who receive such loans do well to manage their funds and put the remaining to other aspects of their business. 

Cons:

Late returns occurring 

The time to repay the soft loan might take too long and the opportunity for dialogue might not be there again. The tie and the relationship often lead to late returns. 

Default or repayment problem arising

There is the issue of the borrower defaulting, despite the soft loan’s favourable terms and conditions. Individuals’ or firms may be tempted to take more cash than they can afford. Such a situation can lead to repayment problems.

How to apply for soft loans in Kenya

To apply for soft loans in Kenya, follow the steps below:

  1. Visit the lender’s website to apply or download the app on google play store
  2. Install the application and register on the app
  3. Allow the app to access your phone’s data
  4. Apply for the loan limit you qualify for and cross check all details
  5. Wait for loan approval 
  6. Get your loan once approved

You can also read how to apply for tala loans in Kenya

Conclusion

It is wise to choose the right soft loan for your specific needs. Therefore, it is important to pay keen attention to the lender’s interest rates, loan duration and additional and extension fees before committing. Whether as an individual, firm or developing country, you can easily get that soft loan from the methods listed in this article. 

Loans and payments in Kenya- All you need to know

by Leave a Comment

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.

loans-and-payment-in-Kenya

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:

  1. Instant payments (Mobile Money)
  2. MobiKash 
  3. M-Pesa
  4. Surepay
  5. e-Gate)
  6. Card payments (Visa, MasterCard, Amex) and 
  7. 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:

  1. Simple begin by visiting the bank or the lender or downloading the loan app
  2. Fill the application form
  3. Register and submit all relevant documents
  4. After successful registration, apply for the loan.
  5. Choose the loan amount and repayment term
  6. Wait for approval. Once approved, get your loan.

Conclusion 

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. 

Secured loans in Kenya – Meaning and what you should know

by

As the search for more creative and better ways to facilitate loan application continues to rise, both lenders and borrowers continue to practice secured loans. This means an increased willingness of lenders to give out loans by receiving collateral. 

Though in Kenya lending standards appear to be sophisticated, borrowers still protect their risk exposure by providing an asset. The asset turns to belong to the lender if the borrower cannot repay the loan amount. So it is important that borrowers should be open-minded and probing about what they may pledge as collateral. If the earning power is enhanced and improved on, the lender continues to look more favourable to the borrower.

Let us study secured loans in Kenya and everything you need to know.

secured-loans-in-kenya

What is a secured loan

A secured loan is a loan given to individuals who have deposited or provided any form of security. Examples of such securities are title deeds, logbook, share certificates, etc. They are acquired with specific collateral as requested by the lender considering the loan amount. A logbook loan is one of the highest types of loan applied for in Kenya by the citizens. 

Understanding secured loans

Secured loans can come as a business or personal loan in Kenya. The lender allows you to borrow by providing a collateral or security. Most times the collateral for secured loans are assets for money.

If you default on the loan, the lender sells off the asset or seizes the collateral. So with a mortgage loan for an instance, until you make the full payment, the home is not yours yet. Once you cannot pay, the bank takes possession of the asset.

How a secured loan works

In Kenya secured loans allow you to borrow and then submit collateral. Once you repay the loan, you take back your collateral. But if you cannot pay back the loan, the lender owns the property.

You can find these loans from many lenders like the bank, credit union, and online lenders. Most lenders offer these loans as mortgages and car loans. However, there are still other ways you can secure a loan using your equipment.

Finally, they require a little credit check depending on the lender. The lender determines your interest rates based on the amount you are applying for and the repayment duration. Interest rates for this type of loan are low when compared with unsecured loans. It is so because the risk of the loan is reduced by using an asset to secure the loan.

Rates and fees

The rates and fees associated with secured loans in Kenya are:

  1. Interest rates
  2. Negotiation fee
  3. Annual renewal fee
  4. Documentation and security fee
  5. Valuation fee

Standard requirements

The basic requirements for any secured loan are the same everywhere in Kenya except some little difference. The requirements are:

  1. Kenya national ID card
  2. Passport 
  3. Must have an account with the financial institution. Some lenders might also prefer you have an M-Pesa account
  4. Employment card
  5. The last 3 months’ pay slips
  6. Evidence of income and consistent cash flow for self employed.
  7. Valuation report for motor vehicle loans

Benefits

The benefits are many. To dive deep into the matter, it is one of the easier loans to apply for. You do not need to worry about your credit score and the lender, too, worries less. Alternatively, once you present the collateral, they reduce the risk of the loan. Once the borrower cannot pay back the loan, the lender sells it off to recuperate the fund. The benefits include:

  1. The lender is relaxed and has an alternative way of recovering the money once the borrower cannot pay back the money.
  2. It has a competitive and low-interest rate.
  3. It has a longer repayment duration.
  4. The borrower also enjoys in such a way that many lenders remove other associated fees once they request security.

Examples of secured loans

Secured loans can come in different forms and used for different purposes. So if you are borrowing funds for business or for personal usage, your security option can come in the form:

  1. Bad credit loans
  2. Mortgage loans
  3. Car logbook loans
  4. Vehicle loans
  5. Shylocks loans
  6. Equipment loans

Where to find secured loans

In Kenya, searching for where to get secured loans is just not far-fetched. You can collect secured loans from different financial institutions like:

  1. Banks
  2. Online lenders
  3. Credit unions

What can you use as a collateral for secured loans

Kenya is a country that has a larger financial market. And they offer several types of loans with collateral while some are not. Collateral as an asset is pledged in exchange for a fund. The lender takes possession of the asset till the borrower pays off the loan. Collateral most lenders want are items that can easily be converted into cash. The items include:

  1. Houses
  2. Bonds
  3. Cars
  4. Stock
  5. Jewelry
  6. Antique furniture
  7. machines

These assets represent a revenue stream for the lender once the borrower cannot repay the loan.

What to consider when looking at secured loans

Secured loans are risky in the sense that you lose everything once you cannot pay back the loan. It is also risky to the lender when the collateral cannot be easily liquidated. When comparing and considering secured loans, there are tips to keep in mind. They are:

  1. The type of collateral or security required for the secured loan
  2. The interest rate associated with the secured loan
  3. Check if the secured loan interest rate is fixed or variable
  4. Look out for other fees and hidden charges
  5. Ask for the minimum and maximum loan amount
  6. Consider also the credit score
  7. Be sure to assimilate the whole requirements.

Conclusion 

With a secured business or personal loan, be rest assured that you repay with a low-interest rate. Be sure to check the requirements. While they continue to ask for collateral, be capable of paying back the loan, you do not want to be taken by surprise. And with a secured loan, checking your credit score is not taken too seriously by some lenders. Note that, it is helpful to ask and compare lenders before you take a step.

Instant unsecured loans in Kenya – What you should know

by

Instant Unsecured loans are loans that are granted with no collateral and within a few minutes. If a borrower defaults on the loan, it leaves the lender with few options to get paid outside of filing a lawsuit. In the course of this article, we will be looking more into instant unsecured loans and if they’re right for you.

instant-unsecured-loans-in-kenya

What is an instant unsecured Loan?

As stated above, instant unsecured loan is a form of loan that doesn’t need collateral or a security deposit to receive and is disbursed immediately. With instant unsecured loan, instead of pledging assets, borrowers qualify based on their credit history and income. Lenders do not receive the right to take physical assets if borrowers stop making payments on unsecured loans. You promise to repay, but you don’t back up that promise by pledging collateral. 

An unsecured loan generally comes in three forms:

· Personal loans

· Student loans

· · Unsecured loans

How instant unsecured loans work

When applying for an instant unsecured loan, most lenders check the applicant’s history to see if you have successfully paid off loans in the past. Based on the information in your credit report, your credit score is created, which is a shortcut for evaluating your creditworthiness.

Lenders will also want to be sure that you have the financial capacity to repay any new loans. When you apply for a loan, whether secured or unsecured, lenders will ask for proof of income. Then, evaluation is done to ascertain how much of a burden your new loan payment will be relative to your monthly income. They typically do this by calculating a debt-to-income ratio.

Documents required for obtaining instant unsecured loan

The following document requirements are obtainable with most unsecured loan providers:

· Office address proof for self-employed individuals

· Proof of continuity of business

·         Processing fee cheque·         Duly filled loan application form

Proof of residence – utility bill, passport, etc.

Pay slips for last 3 or last 6 months

How to Apply for instant unsecured Loans?

The following are ways to apply for unsecured loans:

Lender’s website: A great percentage of lenders in the market now provide their services through their websites. You can visit the official website of the bank and apply for a loan with your credentials.

Loan aggregators: These are third-party loan aggregators that can help you find the best deals available in the market. With them, you can compare the different loan products and choose the best product that suits your specific needs.

Branch office: Lastly, you may also visit the lender’s branch office and apply for a loan in person. With the Internet, this choice of application is gradually going extinct. However, if you are not Internet savvy, you may use this option to apply for a loan.

Top banks in Kenya that offer instant unsecured loans

Knowing the fact that a great percentage of the risk involved in granting instant unsecured loan rests on the shoulders of the lender. Not every credit provider out there welcomes the idea of granting unsecured loans. The following banks offer instant unsecured loans in Kenya:

National Bank of Kenya

NBA is a commercial bank and licensed by the central bank of Kenya. You can get an unsecured loan of kes. 6,000,000 without collateral

Benefits

  • Short processing period
  • Easy payment
  • No collateral required
  • Top up your loan
  • Easily accessible

Rates and fees

  • Minimum of KSh 50,000 and maximum of KSh 6,000,000
  • Interest Rate is made up of  CBR + Bank Margin % p.a on a  reducing balance.
  • Has a minimum of 6 months and a maximum  of 84 months
  • Negotiation fees  of 2% for first loans and buy offs. Then 1.5% for top-ups.

Internal costs

  • Appraisal fees charged per individual

External costs

  • Excise duty
  • Insurance fee charged against retrenchment and death.

HDFC Bank

HDFC is one of the biggest private lenders in the country. The transparent process in offering loans helps customers with easy access to instant unsecured and other forms of loans.

Benefits

  • Loan disbursal within just 10 seconds for pre-approved customers
  • Loan disbursal within 4 hours for other customers
  • Optional insurance coverage for customers
  • Hassle-free application process

Stanbic Bank Kenya

Stanbic Bank Kenya is also one of the top-notch loan providers with a top-notch collection of loan products in its line-up. The personal loan offered by the bank comes with flexible terms for the benefit of applicants. They include:

Benefits

  • Flexible payment and loan-top after 6 months or repayment
  • Fast and hassle-free application process and fund disbursed within 48hours

What you need to provide

  • Kenyan National ID
  • Proof of Residence. You can come along with your utility bill or lease agreement.
  • 3 months bank statement or your current payslip
  • Kenya Revenue Authority PIN

HF Group

H.F Group is an integrated property and financial solutions regulated by Central bank of kenya. They are major financial institutions that offer SME loans and Asset financing in Kenya. The personal loan offered by the company comes with the following terms:

Features & benefits

  • Maximum period of 36 months and Maximum amount of Kes. 500,000
  • No early repayment penalties
  • Attractive interest rate on reducing balance

How can I ensure my instant unsecured loan application is approved?

Applicants can follow the steps mentioned below to ensure that their instant unsecured loan applications do not get rejected:

·         Bills and existing loans should be paid on time to maintain a high credit score.

·         In case a customer has a low credit score or has never applied for any credit before, he or she can build his/her credit score or enhance it over time.

·         Ensure your earnings match or exceed the minimum income criteria of the concerned lender before applying for an unsecured loan.

·         Having a stable and regular source of income also increases the chances of an unsecured loan application getting approved.

Pros and Cons of instant unsecured Loans

·         From the borrower’s perspective, the main advantage of an instant unsecured loan is the fact that it is risk free and gotten within a short while. If you receive an instant unsecured loan and can’t make payments, you don’t risk losing your assets. You just put your credit score at risk. For people and businesses with instant unsecured loans, there is a high chance that your debt will be discharged if you file for bankruptcy.

·         Additionally, since instant unsecured loans don’t require any collateral and are paid within a few minutes after application, the lender takes on more risk. This generally translates to higher interest rates and less favorable terms. While instant unsecured loans may be less risky for the borrower, it is important to know how much more it could cost you over its duration. You may find that putting an asset down as collateral is more beneficial than the extra money you will pay as interest.

Conclusion

An instant unsecured loan can be one of the best loan options for blacklisted people. The fact that you don’t have to provide any form of collateral and still get your loan within a few minutes is definitely an advantage to the borrower. Especially in a situation the borrower has little or nothing to offer at all. You can enjoy instant unsecured loans from any place you are in Kenya. All you need is to login to the lender’s website or visit their physical office.