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Shika Loan App – How To Apply And All You Need To Know

March 21, 2023 by hakeem

Shika platform understands that even if you are employed, sometimes you need some extra cash to take care of some needs and waiting for payday could seem like forever, hence Shika empowers you financially to keep you going.

Shika, as a loan access platform, understands the need to lower the barriers preventing accessibility of credit and hence offers swift and flexible access to loans irrespective of your class without jeopardizing credit risk/loss. 

There are more interesting things about the Shika loan app that we’ll let you know in this article.

shika loans kenya

About Shika Loan

Shika Loan and its app was the first product of Alternative Circle founded by Kevin Mutiso in March 2016 with a mission to render financial access to over 200 million people worldwide. 

Shika is a lending platform that provides instant access to micro loans and flexible repayment plans for people who meet their basic eligibility criteria.

Customers using Shika are able to know their loan limits before taking loans. Shika only requires you to have an active M-Pesa mobile money account registered with a Safaricom number.

The platform is also available for financial institutions who can leverage on it to reach potential borrowers.

Maximum and Minimum Loan to Get From Shika Loan App

Shika loan app offers its customers a minimum of Kshs. 500 and up to Kshs. 10,000 which is to be repaid in 30 days with no hidden charges.

Shika will predict your loan limit and how much you would have to repay before you proceed with your loan application. This limit is determined by your credit history. A good loan history earns you higher loan limits.

How to Apply for a Shika Loan.

Getting a loan from Shika is very easy and you can get it within 3 minutes as long as you meet their basic eligibility criteria. You can get a Shika loan through the following steps:

1. Download the Shika Loan App: You can download this application from the website.

2. Create an account: To create an account, you would provide a valid national ID and an M-Pesa account registered with a Safaricom phone number.

3. Apply for a loan: Once you successfully create a Shika account, you can view your loan limits on the dashboard and click on apply for a loan, which is within your eligible loan limit/duration.

4. Upon application, your loan request is sent in for approval and once approved, your loan would be disbursed to your M-Pesa account within three minutes.

Interest Rates

They fix interest rate for Shika loan at a rate of 15% for 30 days irrespective of the loan amount.

Elegibility Criteria

Getting a loan from Shika requires you to meet their basic eligibility criteria. Which are:

  1. Signing up for a Shika account already requires you to have an active M-Pesa mobile money account.

2. As a new user on the Shika app, you build your loan eligibility from your M-Pesa transaction history. However, subsequent eligibility is from your reputation on the Shika app which they draw from your frequency of loan requests and repayments.

Note: A good transaction/loan history often qualifies you for higher loan amounts on the Shika app.

Requirements for Taking up Shika Loan

You would need to meet the under listed requirements before you can access Shika loans through its app.

  1. Be at least 18 years of age at the time of registration on Shika
  2. Have/possess a valid National ID card
  3. Have an M-Pesa mobile money account registered with a Safaricom mobile number and have at least 4 months of active M-Pesa transactions.
  4. Have an excellent credit history with Shika and other loan providers
  5. The Credit Bureau of Kenya must not blacklist you

Shika App Review

Shika loan is ideal for financing your personal or small business needs and can be accessed through the app. With the Shika app, you don’t need to wait for long hours to get a loan. The features of Shika app range from:

  1. Easy access and flow of command and response.
  1. The intuitive design of the Shika loan application makes loan application, disbursement and repayment process seamless. 
  1. Shika app is secured and offers flexible eligibility loan limit repayment options on the dashboard.

How to Repay Your Shika Loan

You can repay loans collected from the Shika app either through M-Pesa or the Shika loan app.

Loan repayments on Shika are flexible, so one can choose to repay in daily or weekly installments as long as the repayment window is not exceeded. For loan repayments via the Shika loan app:

1. Login to the Shika loan app

2. Click on the Repay button on your dashboard

3. Copy the displayed Shika loan number

4. Complete your payment on the displayed M-Pesa page

For loan repayments via M-Pesa:

  1.  Login to your M-Pesa account
  2. Click on “Lipan a M-Pesa” and select PayBill
  3. Enter the Shika loan PayBill number
  4. Put in your phone number on the Shika app
  5. Enter repayment amount
  6. Authorize the transaction with your M-Pesa transaction PIN
  7. Check for payment notifications from M-Pesa and Shika

Extra Important Information on Shika Loan and its App

  • Please take note and heed that failure to repay a loan within stipulated repayment window attracts extra charges on the collected loan.
  • If you do not repay a loan 30 days after the repayment window, they add an extra charge of 10% to the loan amount to repay.
  •  Failure to comply and repay the loan after 60 days, they blacklist the customer on the Credit Bureau of Kenya.

How to Reach out Shika Loans 

For more information on Shika loans, you can reach out to their support via email@ shika-app.com or call 0742143999.

Conclusion 

Shika loan app and its platform have proven to be helpful to individuals and businesses who need access to easy finance without going through the stress of tight and stringent documentation obtainable in most financial institutions.

Shika app and its platform also offer one of the competitive rates in the Kenyan micro lending space, there’s no doubt that more individuals and businesses would resort to Shika loan app and its full platform.

Filed Under: loan apps

Private Money Lenders In Nairobi – Everything You Should Know

March 14, 2023 by hakeem

Private money lenders in Nairobi believe that in tough times and in need of financial help, the last thing to do is worry about where to get a loan. Mobile banking is rampant in Kenya.

Some of these private lenders operating mobile banking systems have their primary offices in Nairobi. Nairobi is in the heart of Kenya.

Private money lenders give out online, business and secured loans to the people in the city. Their priority is to give you money when you need it.

We will take you through private money lenders in Nairobi.

Who is a private money lender

A private money lender is an independent person or organization rendering financial services to the people. They give out loans to investors and customers to solve distinct problems. They also give out different loans.

In addition, they provide platforms both online and offline where you submit application loans. At the end of the month, you pay back the loan with a stipulated interest. They are almost an opposite to getting commercial loans.

List of Some Private Loan Lenders in Nairobi

This is the list of some private money lenders in Nairobi. They are:

  1.  Izwe loans – Kabarsiran Avenue, Nairobi Kenya
  2. Rudisha instant loans- Gikomba market road, Nairobi Kenya 
  3. Instant loans on items – Jevanjee Garden shopping Mall along Moktar Daddah Street, Nairobi 
  4. Eclof Kenya- 73 ground floor, Kubrick, spine road, Nairobi Kenya.
  5. GetBucks Kenya- 300 Tom Mboya St, Nairobi.
  6. Samchi Credit Limited- Parklands/Highridge Parklands Parklands Plaza, Nairobi, Kenya.
  7. Mombo app -13th Floor Argwings Kodhek Rd, in Landmark Plaza, Nairobi.
  8. Kenya Ecumenical church loan fund – P. O. Box 34889, Nairobi, Kenya.
  9. Mwananchi credit limited– Ecobank Towers’ 10th Floor, Kenya.
  10. Loan millennium Place Shop 11 opposite Quick Mart Supermarket along Mumias South Road, Kenya.
  11. Housing finance- 03 Koinange St, Nairobi, Kenya.

How to Become a Private Money Lender in Nairobi

To Become a Private Money Lender in nairobi, these are the things you need to do:

  1. Start and establish your business and obtain the required insurance cover.
  2. Meet and discuss with a talented lawyer about the lending structure 
  3. Look out for your preferred lending attention.
  4. Join a peer-to-peer lending group to find possible borrowers.
  5. Test any potential customers by calculating returns and risk.
  6. Then begin your private lending business. 

Functions of Private Money Lenders 

Different functions of private money lenders in Nairobi are:

  1. They provide quick, personal and unsecured loans
  2. Render advice on how to pay back your loans.
  3. They also render other products aside from loans. Products that range from savings, airtime, etc.
  4. They help upload your credit scores to CRBs, where you can quickly access them.

Types of Loans by Private Money Lenders

There are different types of loans provided by different private lenders in Nairobi. They are:

  1. Personal loans
  2. Unsecured loans
  3. Business loans
  4. Online loans
  5. Civil servant loans
  6. Car logbook loans

Documents Required by Private Money Lenders

The list of documents required by private money lenders in Nairobi are:

  1. National ID
  2. Letter of undertaking and Recent passport by some lenders.
  3. Employment card for civil servant loans
  4. Logbook documents for car logbook loans

 Elements in Private Money Lending 

There are three basic elements in private money lending. They are:

  1. The lender: The is the private individual lending to investors and the public
  2. The borrower: The borrower is the person who applies for loans from the lender.
  3. Paperworks: This the platform that holds the agreement between the lender and the borrower.

How Private Money Lenders Get Paid

Private Money lenders get paid through the following ways:

  1. Interest rate and
  2. Application and extra fees.

Tips to Becoming a Private Money Lender in Nairobi

Simply put or state that private money lenders acts as a bank for other investors and the general citizens. It is beneficial, but there are certain tips to note. The tips are:

  1. Start out small
  2. Know what you are going into/subject matter
  3. Be transparent
  4. Find an excellent attorney
  5. Be familiar with changes in the system.

Conclusion

Given the points above, private lending system in Nairobi has several benefits. If done properly, customers will know you and you explore from there.

With this in mind, they lend their own money to other citizens because they look forward to getting interest. Coincidentally, private money lending serves as an alternative to traditional lending institutions.

In conclusion, there are a lot of private money lenders in Nairobi that are transparent, find them out and secure a quick loan when you need one.

Filed Under: Personal Loans

I Need an Easy Cash Advance, Which Loan Would be the Best? 

March 3, 2023 by hakeem Leave a Comment

Have you found yourself in a financial situation where you need a loan to tide you over for a few months? If so, the first thing that comes to mind is how can you get an easy cash advance. But finding one of the best loans in Kenya can prove ‌quite a challenge. In borrowing money, most lenders require that you meet certain requirements and go through several stages before they even give you a chance to borrow their money. These requirements and stages are mostly time-consuming and end up wasting most of your time instead of getting you the loan of your dreams.

I Need an Easy Cash Advance, Which Loan Would be the Best?

The best solution when I Need an Easy Cash Advance, Which Loan Would be the Best? 

When you face a financial emergency and you need cash in a short space of time, what are your options? You can do several things such as:

  1. Borrowing from friends, family, or even taking a loan from a credit union. These loan options may not be that easy to get if you have been suffering from bad credit scores.
  2. The easiest other option for you then is to look for an online loan lender that can approve the easy cash advance that you need in no time.
  3. Try the Saccos and credit unions. Most consumers need cash for different purposes like paying bills, buying food, paying school fees, and many more. The loan industry is a lucrative business in Kenya and there are several investors and unions who are ready to provide financial support to those interested.
  4. You can also try out traditional and other direct lenders.

Applying for the Best, Easy Cash Advance Loan Online

You are in debt and you have Ksh. 35,000 which you need to raise. You need cash. You need it now. Applying for the best and easy cash advance loan online will depend on many factors. These factors need to be put in check as often as possible. They include:

  1. The lender you choose and your preference.
  2. To have good deals, you may have to have a good credit score.
  3. Check out for the best cash advance loans online that offer credit that can be paid back over a few months
  4. See to choose and ride along with accepting lenders who offer borrowers who have bad credit ratings and cannot offer collaterals.
  5. Be sure to provide and have a legit income statement which is a factor that also determines how much you can borrow both online and offline.

Credit Card Advances vs. Payday Loans vs. Installment Loans

Are you looking for a personal loan? It can be very overwhelming when looking for the best personal loan to meet your needs. You may have a number of loan providers asking for your business, but will all these companies provide a good service?

Let’s take a look at credit card advances, payday loans, and Instalment Loans. Check out the differences.

Credit card advances: They are short funds offered by credit card companies in Kenya as cash advances, on your credit card. It is very flexible to use and can be repaid based on the terms and conditions of the lender.

Payday loans: Payday loans are short-term loans or a quick credit that have to be repaid in lump-sum on your next pay date or once you receive your paycheck l, depending on the agreement. Most times it is repaid on the last day of the month and has a minimum of 30days duration.

Installment Loans: direct lenders and traditional lenders offer Installment loans. Traditional credits are repaid in installments in most situations. While the online installment loans from a direct lender render the same benefits as payday loans but are more flexible with the repayment terms.

What to consider when you need an easy cash advance

Loan applications in the country have been experiencing a boom ever since the government made it a duty for all banks to provide small loans to their customers. This has been followed by many loan companies entering the market who also offer loans to Kenyans at relatively cheaper interest rates. What to consider before you choose any lender:

  1. The interest rate
  2. Their 24 hours transfer
  3. 24/7 loan accessibility
  4. Their No credit checks options
  5. No collateral
  6. Online application

What to do if you need your Loan on the Same Day

A loan is a very vital tool in society to establish a business and get the capital needed to start it. What you need to do if you need your loan on the same day is by sourcing through a direct lender. This is not guaranteed but most direct lenders offer it easily. It is achieved with no collateral or mortgage to build confidence for a startup. A person has to be 18 years old and above to apply for a loan. Having a valid bank account is also another key requirement. Bear all these requirements in mind as you proceed with your loan application.

Bank Loans may not be Easy to get, but could Save you Money

Having a hard time making ends meet with your high loan installments? Or thinking of repaying with large interest. Bank loans save a lot of money when compared with payday loans. 

I have met people who don’t enjoy taking high amounts of loans from the bank because of the collateral and other rigid requirements. However, they ‌serve a purpose, but only in a very particular situation, saving you a lot of money as regards if you had applied with payday lenders. Their interest rate is lower.

Other Searches- Payday loan for people with disabilities in Kenya

Conclusion

A loan is a good choice if you want to borrow money but you do not know where to get a loan. The best lender is always the person who gives you money easily and faster than others can usually accumulate. However, it is also pertinent you check the ones that carry a high risk of defaulting on payment. Those also with high-interest rates. The benefits and disadvantages of each category and their characteristics should be of utmost importance.

Filed Under: Personal Loans

Usawa Loan App – How to Apply And Download The App And USSD Code

February 27, 2023 by hakeem Leave a Comment

If you are looking for fast and convenient means to get loans in times of emergency, Usawa loan app could provide the best alternative. Usawa is one of the best mobile loan service providers in Kenya.

You can apply for a loan from the comfort of your home with your smartphone or mobile device.

However, you must be a Kenyan or live in Kenya to be eligible for Usawa loan. Since its debut, Usawa has received 10,000 downloads with over 1000 active users. 

usawa-loan-app

What you need to apply for Usawa loans 

Most individuals are often sceptical about accessing loans because of the dodgy terms associated with some financial institutions.

That is why we have taken our time to enumerate everything you need to know about Usawa loan to clear your doubts. 

Here are some requirements for applying for Usawa loan.

  1. You do not need to have a bank account before applying for Usawa loan.
  2. An Android phone to download and install the Usawa mobile app.
  3. A registration fee of 400 Kenyan Shillings to activate your account.
  4. Aside from the registration fee, they do not require you to bring any form of collateral to acquire the loan.
  5. You must be resident in Kenya and have a Kenyan passport or ID number to be eligible for the loan.

How to Apply For Usawa Loans 

Once you have fulfilled the criteria listed before, then you are ready to get your Usawa loan. To successfully apply for a loan on the Usawa mobile app, you need to take the following steps below:

  1. Download and install the Usawa mobile app from their website or Google play store
  2. Create an account with the necessary information required
  3. To activate your account, you must pay the mandatory registration fee of 400 Kenyan Shillings. 
  4. Then, you can apply for your loan.
  5. Submit your application.
  6. When your loan is approved, you will receive a notification. Usawa will then deposit the funds into your M-Pesa wallet on the app. 

As a first time user, you may not be qualified to apply for some loan amounts. Usawa will request that you fill a questionnaire which will determine your loan amount and pay the membership fee as well.

Usawa Membership Fees And Paybill

The Membership fee for Usawa loan is KES 400. All members who pay the membership fees qualify for the first loan. You can pay via M-pesa following the steps below:

  1. Launch M-Pesa on your phone 
  2. Choose paybill number 
  3. Type in the paybill number as 138103
  4. Enter your phone number as your account number 
  5. Input your M-Pesa pin
  6. Wait for a confirmation SMS from M-Pesa

Usawa Loan Interest Rate

The interest rate for the Usawa loan is 12%. They charge this on each amount you apply for.

Usawa Loan Repayment Period

Usawa has a repayment duration of 91 days minimum and 36 months maximum 

Minimum and Maximum Loan Amount For Usawa Loan

The quick Usawa loan platform offers loans ranging from Ksh. 500 to Ksh. 1,000,000. As you progress, the loan limit increases.

Usawa USSD Code

You can dial *483*012# to register and apply for the loan. Those who cannot download the app on their phones or those who do not own a smartphone mainly use the USSD code. 

How to Download Usawa Loan App

The procedure below is the steps you can follow to download Usawa loan app:

  1. You can download the Usawa loan app by visiting the website or Google play store.  
  2. Click the application and then select install to download the app
  3. Proceed to create an account on the app
  4. After that, you can start applying for loans.

How to Repay Usawa Loans

Usawa loans are strict with their repayment policy. After receiving your loan, you must pay back on or before the due date as late repayment attracts extra charges.

You can pay back your Usawa loan through your M-Pesa Paybill with these simple steps:  

  1. Log into your M-Pesa through your Safaricom SIM Toolkit. 
  2. Select the ‘Lipa na M-Pesa’ option on the menu bar.
  3. Type your Usawa Paybill Number into the available column. The official Paybill Number for Usawa is 138103. 
  4. Input your M-Pesa phone number in place of your account number. 
  5. Next, fill the loan amount you want to repay. 
  6. Then, type your unique M-Pesa pin. 
  7. Cross-check your details before submitting your payment. 

How to Contact Usawa Loans

If you encounter any challenge while applying for your loan, you can contact their customer care agents through these channels:

i. You can call or send an SMS to +254790639990

ii. Or email admin@usawa.co.ke

iii. You can also check out their website.

Conclusion

Usawa serves as a source of financial aid for individuals who cannot meet the rigid terms and conditions of obtaining loans from banks.

It is easily accessible and repaying your Usawa loan on time increases your credibility to acquire more loans. You are also qualified and eligible to apply for larger loan amounts if you pay on time.

Filed Under: loan apps

How Can I get 20000 Loan in Kenya- What to Consider

February 16, 2023 by hakeem

There are times in your life when you might have to borrow money. When you might want to borrow as much as ksh. 20,000. How can I get 20000 loan in Kenya is a question this article will answer.

Large personal loans can be used to solve a lot of problems. It’s important to consider as many lenders as possible to find a larger loan that fits your needs.

What you should know before getting a 20000 loan in Kenya

There are certain things you need to know before looking to get Ksh. 20,000 loan. They are listed below:

  1. Where to get the loan
  2. How to qualify for the loan
  3. What to consider before applying for the loan

How to Get 20000 loan in Kenya

To get kshs. 20,000 loan in Kenya, follow the steps below:

  1. Visit the bank branch or fill the application form online. For SACCOs, you have to be a registered member. 
  2. Submit all personal and necessary information 
  3. Upload all required documents 
  4. Apply and submit your account number 
  5. Wait for loan approval 
  6. Once approved, get your loan.

Eligibility to qualify for 20000 loan in Kenya

To qualify for Kshs 20,000 loan in Kenya, check the list below:

  1. Be 18years and above
  2. Have a national ID
  3. Have a good credit score
  4. Lenders will check your debt-to-income ratio
  5. Evidence of steady income
  6. possess a bank account 
  7. Get a registered Sim card
  8. Banks request for bank statements and payslips covering 6 months
  9. KRA pin certificate 
  10. Some request for M-Pesa account 

What to consider before applying for 20000 loan in Kenya

Before applying for Kshs 20,000 loan in Kenya, consider the following:

  1. Know the repayment duration 
  2. Be fully aware of the interest rates 
  3. Know the fees, discounts and additional fees

Where to get 20000 loan

Below are different option when choosing where to get Kshs 20,000 loan:

  1. Online lenders
  2. Banks
  3. Credit unions and SACCOs

Online lenders

Getting online loans is convenient and simple. You can log in to the website and apply from there. Their site is open 24 hours daily.

List of online lenders that can give you Kshs 20,000 loan in Kenya are:

  1. Tala
  2. Branch
  3. KCB online loans
  4. M-shwari
  5. Shika
  6. Saida
  7. Zenka
  8. Izwe loans

Banks

Banks offer loans to new and existing customers once you are eligible for the loan.

Some banks allow you to apply for loans online, others require you to apply in person at a branch. List of some banks that can offer you Kshs. 20,000 loan in Kenya are:

  1. NIC bank
  2. KCB
  3. Bank of Africa Kenya Limited 
  4. National bank of Kenya
  5. Equity bank
  6. Co-operative bank Kenya
  7. Musoni microfinance bank e.t.c.

Credit unions/SACCOs

Credit unions can also be a good choice to get Kshs. 20,000 loans. They are non-profit organizations and provide lower rates to their members.

Many have flexible policies on membership. Some SACCOs admit members by allowing you to make small donations or contributions during their monthly “Table” meetings.

Examples include:

  1. Joywo loans (Kiva) e.t.c.

Conclusion 

If you are ready to check how you can get kshs. 20,000 loan, be sure to shop around. Consider as many lenders as possible to find the right loan for you. Loanspot makes this easy. This article explained:

  1. How to get Ksh. 20,000 loan in Kenya
  2. Where to get Ksh. 20,000 loan
  3. How to qualify for Ksh. 20,000 loan
  4. What to consider before applying for Ksh. 20,0000 and 
  5. What you should know about Ksh. 20,000 loans in Kenya. 

Always be sure about getting a loan during an emergency too. You can also compare your pre-qualified rates from multiple lenders in two minutes on this platform.

Filed Under: Personal Loans

Importance of loan and financial literacy- Explanations

February 13, 2023 by hakeem Leave a Comment

Need to know about the importance of loans and financial literacy? You have never been taking loans seriously? Don’t care when banks would call you up and try to sell you on a credit card, or personal loan?

You weren’t looking to buy a car or a house, so what is the point? Having knowledge about loans and finance matters. Don’t wait until you decide to open up a small business loan to start taking a serious look at money, loans, and finances.

Read along with me to find out the importance of loans and financial literacy.

Importance of loan and financial literacy

What are loan and financial literacy?

Loan and financial literacy are important for everyone. It encompasses a general awareness of money matters and financial decision-making that affects you, your family, and your community.

Everything you need to know about the importance of loans and financial literacy

Loan and financial literacy are the keys to financial empowerment. Yet many people are not financially literate. Financial literacy is important not just for individuals, but for our country as a whole.

We should make this a requirement instead of an elective subject in high school. People need to focus on financial literacy courses as much or even more than they focus on driver’s education courses when they are young.

Also, in an age where most people have to pay for their own education, debt is almost always a factor. Some students graduate with exorbitant amounts of debt or loans that they might not even be able to repay until after they are finished with college and have started working.

I guess equipping yourself with the knowledge of how the loan and finance system work, will be of great benefit.

Importance of loan and financial literacy

Good loan and financial literacy are vital to any person’s protection, security, and well-being. But with building positive loan repayment and financial habits, and understanding the numbers and not just the theory, matters a lot. The following are the importance:

  1. Loan and financial literacy will help you develop important money skills for life, understand your credit score, day-to-day cash flow, and how to save and invest money.
  2. When faced with financial problems or choosing the right debt products, you will be equipped with the savvy, knowledge, and self-confidence needed to deal with them effectively and positively.
  3. No matter your occupation, one thing is true, you need to manage your money at some point. Therefore, it helps in money management.
  4. Whether you are a college student looking to pay down student loans, knowledge of loans and finance is needed.
  5. Looking to save for a home or even further in the future, I guess once in a while, take loans, so you need to know how it works
  6. If you have a retirement account, having some level of loan and financial literacy under your belt is important. This is especially true now that you can literally conduct your life and finances with a cell phone.
  7. It is easy for people to make mistakes with their money, loans, and finances, where even simple actions like misreading an invoice can cost you thousands. So watch out and learn all it takes to avoid making mistakes a second time.
  8. With the knowledge of loans and finance, you will find out that inflation has not been as positive as it appears at first sight. Most times inflation and other factors might affect your finances and force you to take loans.

How to get be loan and financial literate

Where can you start from? With regards to understanding loans and personal finance, to start gaining the knowledge, start from:

  1. Knowing the basics of loans and finance.
  2. This can be followed by understanding the basics of credit scores, debts products, and investment strategies.
  3. This can also be followed by gaining insight into how to manage credit scores, knowing about debt consolidation, and managing loans and money.
  4. Get links from reliable sources online and offline, which can help you in getting started with understanding personal loans and finances.

What loan and financial literacy is not?

Loan and financial literacy does not just mean knowing how to sign a cheque or filling in the right paperwork for getting a loan. It is about knowing the basics of money.

How banks work, how financial markets function, and so on. Our ability to make sound economic decisions depends significantly on the level of our education and knowledge.

Tips on knowing that you are loan and financially literate

Loan and financial literacy can include but are not limited to:

  1. Understanding and knowing the importance of how to budget one’s finances to avoid taking loans.
  2. Having deep knowledge of savings and investments.
  3. Knowing the basics of the credit system, debt products, and debt repayment
  4. Understanding the basics of laws that govern finance
  5. Have a basic understanding of your income, expenses, and savings, ready for emergencies and retirement.
  6. Understanding what outstanding debts, assets, and other basic financial health indicators mean
  7. Knowing the basics of taxes and their elements
  8. The basic understanding of inflation, profit, loss, growth, de-growth, appreciation, and depreciation.

Conclusion

This article exposes everything you need to know about the importance of loans and financial literacy. Since money and its need is indispensable, it is recommended you reflect upon the importance of loan and financial literacy. 

Unfortunately, most of the formal education systems across the world skip this essential part of education. It is hence easy to say that you need to focus on working towards being loan and financially literate.

Filed Under: Personal Finance

How to be Certain About Getting a Loan During an Emergency

February 8, 2023 by hakeem Leave a Comment

How to be Certain About Getting a Loan During an Emergency? By identifying the easiest loan, legit lender, qualifying for the loans, and getting your documents ready.

Loans can feel like a last resort in an emergency. There are, however, many ways to make sure you are getting what you need to feel secure and keep your household afloat during hard times.

How to be Certain About Getting a Loan During an Emergency

What is an emergency loan?

An emergency loan is a short-term cash loan you can get quickly, usually 24 to 72 hours after you apply, in times of financial hardship. In emergencies, we all need money fast, and depending on your financial situation, an emergency loan may be a good fit. You can get 20000 worth loans sometimes

About how to be Certain About Getting a Loan During an Emergency

If you are planning to apply for a loan during an emergency, then there are things ‌you will need to prepare. These can include your financial records, bank statements, information about your property, and any other valuable assets that you have.

Besides these, you will also have to consider having some collateral for the loan should you cannot pay it back on time. If you have nothing of value at hand that is of use to a bank, then you can always consider getting your hands on some valuable items such as precious metals like gold or silver coin that can be converted into cash upon the need to pay off the loan.

What you need to know about being certain about getting a loan during Emergency

The worst time for an emergency is after you have used your emergency fund. A car accident or major home repair can wipe out crucial savings. 

How do you ensure that when you need money, even during times of emergency, you can get it? There are plenty of options to consider when it comes to loans in Kenya, but what you will want to find is the best one among the lot.

  1. Consider a short-term loan program
  2. Check out for Cash advance
  3. Loans from payday lenders e.t.c

How to be Certain About Getting a Loan During an Emergency?

If your credit score is suffering, it’s difficult to get a loan but the right lender can make all the difference. Here is what you need to know about the easiest loan to qualify for, securing a loan, managing a payment schedule, and ensuring timely payments.

When borrowing is chosen as the way forward, there are several options to note to be sure you will get a loan:

  1. Identification of a reliable direct lender
  2. Going for Payday Loans
  3. Requesting short-term loans from lenders
  4. Applying for a credit card loan
  5. Building your credit and applying for loans from the bank
  6. Loans from reliable family and friends

Apply for a short term Loan offering a Guaranteed Approval

Some loan lenders in Kenya provide guaranteed short-term or payday loan approvals for borrowers who qualify or who meet their basic eligibility criteria:

  1. Proof of income
  2. Be 18 years and above
  3. Proof of age
  4. Active bank account or M-Pesa account
  5. Valid phone number
  6. Residence address and utility bill
  7. National ID
  8. Passport photograph
  9. Some lenders would request your Facebook account

How Identification of a Reliable Direct Lender

During a time of emergency, watch not to apply for a loan with a dubious lender. Do thorough research even though you need the money urgently or you can read reviews online or ask your friends.

Determining the reliability of a lender is an important part of choosing a loan on its own. This is a quick and easy way to know that a lender is legit:

  1. Verify the online presence of the lender’s services on the web or via the app
  2. Then ‌read reviews about the lender online
  3. Try to avoid emergency loan brokers with the sweet mouth, as they can cause delays and issues
  4. Check out for other reviews and real feedback on the online lender’s services
  5. Look out for accreditations on the lender and their website security certificates
  6. Search for a contact number, address, and email ID of the lender that are present on the website and are valid enough
  7. Run from a lender that offers suspicious and constant bonanza and offers such as a “free one-month fee”, “50% off fees”, etc.

5 types of emergency loans

The type of emergency loans we go for should reflect our immediate needs. They are:

  1. Personal loans
  2. Cash advance
  3. Payday Loans
  4. Loans sharks or pawn shops’ loans
  5. Car title loans
  6. Payday alternative loans like short-term loans

What makes a loan ideal for emergencies?

There are many things you need to know that make a direct lender of a short-term loan or payday loan ideal for emergencies. They are:

  1. Some of these lenders guarantee approvals subject to loan eligibility and meeting requirements
  2. Lenders that can easily approve your loan and credit it quickly are ideal for emergencies
  3. A person with a very strong online presence because people prefer online loans as it is easy and quick
  4. A loan without more checks and delays can serve more people and save time, making emergency loans more workable
  5. Lan options with great flexible repayment options are more ideal than rigid ones.

Other searches- When is it Okay to take Small Personal Loans for Business

Conclusion

One way to ensure that you get a loan during an ‌emergency is to know your options. Asking from the government, friends, and from relatives are the best options.

But if you want to apply through a lender, then research different lenders so you can get the best offer. Also, be sure to mind your loan documentation process.

Filed Under: Personal Loans

Loanbee Loan- Review and Everything you should know

January 17, 2023 by hakeem

Loanbee loan is one of the best loan providers in Kenya. However, getting the best loans depends on the service provider more often. Before making that loan decision, it is important to know the lender and their conditions for lending.

Loanbee is a credit institution that offers the best loan services in Kenya with its professional service delivery. Finally, in this article, we will look at the Loanbee loan and what you should know about them.

About Loanbee loans

Loanbee loans help people reach their dreams and solve personal problems. Loanbee app has an app offered by Weza ventures and is available on Google play store.

They founded it in 2016 by a group of six (6) people to provide a standard and secured loan service platform. In addition, they enhance the fight against fraud with the use of an innovative tool in account processing during loan applications. Their office is in Nairobi, Kenya.

What you should know about Loanbee loan app

There are a couple of things you need to know about Loanbee app. They include:

  1.  It takes 24 hours for Loanbee app to process your account information. After application, wait and check back later
  2. You don’t need collateral for the loan. All you need is a good credit history
  3. Interest rates for each loan is shown on the app.
  4. They give notification for repaying when a customer nears the probability to default.

Pros and cons of Loanbee loans

Pros:

  1. The security check is strong, and they secure data
  2. It identifies your device once you install and sign up on the app
  3. It reads your contact for further security check
  4. Detects your location
  5. Read your SMS and call information for a solid security check

Cons:

  1. It draws over other apps
  2. It prevents the device from sleeping faster. By implication, it can consume battery
  3. Requires a full network access, not just a fluctuating network.

Minimum and maximum amount to borrow on Loanbee app

The minimum amount to borrow is ksh.100 to a maximum of ksh. 40,000.

Interest rates

It ranges between 16.7% and 18.8%. The interest you would be charged depends on the amount you requested for and the duration period.

Repayment duration

The repayment duration falls within the range of 21days to 30 days

Eligibility and requirements

To use Loanbee app, you need to be eligible and also meet the requirements. To be eligible to use the app:

  1. Be at least 18 years old

The requirements then include:

  1. Possess a valid ID card (National ID card precisely)
  2. Have an active email address
  3. Be willing to grant Loanbee app permission to access your phone data to further know your eligibility.

Loanbee App review

The features of the app range from:

  1. It is easy to operate
  2. Upon requesting for permission, it reads the phone information
  3. It has more than 100k downloads
  4. 4.1 star ratings with 4.3k reviews.

How to install and sign up on Loanbee app

Upon downloading the app, you install it and sign up by:

  1.  Click on the app to open it after installing
  2. Register your details on the app such as your full name, national ID, M-Pesa number and email address
  3. On the promotion code, input SW7E6M8TQL
  4. Type in your security pin and click in continue.

How fast are funds released?

After requesting a loan on Loanbee app, the app takes 24 hours to process your account information. Once the processing is over, you check back, apply, and have your loan disbursed to your M-Pesa account.

How to repay Loanbee Loans

To repay Loanbee loans, follow the procedure:

  1. Locate your safaricom menu and select M-Pesa
  2. Select Lipa na M-Pesa
  3. Chose the paybill option and enter the business number 923745
  4. Input your registered and phone number as account number
  5. Type in your M-Pesa pin and confirm details
  6. Press OK and send. Have your loan repaid.

Additional information

When you default in loan repayment, it results in having a low credit limit and denial of future access to loans.

Contacting Loanbee loans

You can contact them at 0719105363 or email them at support@loanbee.co . Reach them out on Facebook at https://www.Facebook.com/loanbee.co. you can also visit them on @ https://www.twitter.com/oanbee_co.

Conclusion

Loanbee loan app is the best platform that can help you with that loan you need. Your data is secured and they have a powerful algorithm that verifies each account. They also go further to access and validate all information on your device for a security check.

Once the account processing finishes, applying and disbursing loans is as easy as anything. Try out Loanbee loans today and feel satisfied, without fear..

Filed Under: loan apps

How to transfer money from M-Pesa to KCB account

January 11, 2023 by hakeem

KCB is known to be the preferred provider of financial solutions in Africa with a global reach. KCB strives to drive efficiency while growing market share.

In this post, we look at how to transfer money from M-Pesa to a KCB account. You can either do this using the M-PESA app or through an M-Benki account.

If you prefer to use an M-Benki account, you will need to open an M-Benki account first.

How To Transfer Money From M-PESA To a KCB Account

How to transfer from M-PESA to KCB account
  1. Go to your M-PESA menu,
  2. Choose Lipa na M-PESA,
  3. Enter the PayBill number 522522,
  4. Enter the KCB account number you are transferring money to and the amount
  5. To send money, enter your M-Pesa PIN and confirm.

Sending Money From M-Pesa To KCB Charges

For all deposits made via Mpesa to KCB, there is no charge from KCB. Sending money through Safaricom M-Pesa, however, will incur a fee. Moreover, the charges below are applicable:

  1. Dialing on to KCB Mobi Bank via USSD is charged by your mobile phone subscriber. Safaricom subscribers pay Kshs. 2.
  2. Balance enquiry is charged at Kshs. 33
  3. Mini statement is charged at Kshs. 33
  4. Forex rates are free.
  5. Airtime purchase for own phone and other phones is free
  6. M-Pesa transfer from KCB account to M-PESA is Kshs. 55
  7. Mobi Loan and Kopa Bill Loan are charged an interest of 6%
  8. Salary Advance is charged an interest rate of 8% per month.

Opening a KCB M-Benki Account 

You can open an M-Benki account by taking the following steps ;

  1. Navigate to the M-Pesa menu on your phone toolkit, if you are not a customer of KCB bank 
  2. Choose payment services, then pay the bill. Put KCB paybill number 522522 in when prompted with a business number. 
  3. Select the account, then enter “ID” accompanied by your ID number in the format ID23456789. 
  4. Indicate the amount of money that you intend to deposit.
  5.  Upon completion, enter your M-Pesa PIN to authorize the transaction 
  6. A short message with your user ID and your personal identification number will be sent to you with a second message containing your M-Benki account number. 

How To Open a KCB M-BENKI Account Through M-Pesa

  1. Go to the M-PESA menu
  2. Choose Lipa na M-PESA
  3. Select Paybill and enter Paybill number 522522
  4. Under Account, type ID(No Space) and your National ID Number e.g ID123456789
  5. Enter the amount to deposit, and your M-Pesa PIN.
  6. You will receive two SMSs, one with your KCB M-BENKI Account number and the other with your temporary PIN.

Note: You can deposit money to KCB through Mpesa without paying transaction charges. You will need to open a KCB M-Benki account to do this. 

Benefits Of M-Benki

M-Benki offers users several benefits. You can do the following with M-Benki:

  1. It is possible to transfer money to other KCB banks 
  2. There are banks other than KCB where you can move your funds 
  3. Money can be deposited into and withdrawn from M-Pesa
  4.  No matter what network you use, you can easily buy credit.

Note: Existing clients can register for M-Benki at their nearest KCB bank. 

How To Withdraw Cash With a KCB M-Benki Account 

If your ATM card has expired or you have forgotten it somewhere you don’t need to worry. You can withdraw cash at the nearest KCB ATM by using ‘555555’ as the agent number. 

How To withdraw Money From KCB To M-Pesa account 

Here is a comprehensive guideline on how to transfer your funds from KCB to M-Pesa. They are:

  1. To start a transaction, dial *522# in your phone and enter your M-Benki secret PIN
  2.  Select MyKash from the pop-up menu, then M-Pesa.
  3. M-Pesa grants multiple choices to send money, either to your phone or any other 
  4. As you proceed, enter any amount you wish to transfer, provided it does not exceed fifty Kenyan shillings or KSh. seventy thousand. 
  5. When you enter an amount, the system displays the cost of the transaction along with the amount you entered 
  6. Accept and complete the transaction if all is well
  7.  The amount deposited to your account will be notified to you via SMS. 

How To Purchase Airtime Via KCB App

  1. Open the KCB App icon
  2. Select Transact
  3. Choose Airtime
  4. You can purchase your phone or pick a recipient from the contact list

KCB M-Pesa Contacts Kenya Commercial 

In case you want to reach M-Benki client mind centers, apply the following contact information. 

  1. Short Message: 22522 
  2. Mobile: 0732 187000 or 0711 087000 
  3. Facebook: KCB Bank Group and 
  4. Twitter: KCBgroup 

Conclusion 

The mobile money transfer industry is a fast-growing service industry in Kenya. Given its mobility and adaptability, several banks, like KCB, have adopted the concept. It is now possible to transfer funds from M-Pesa to KCB

See also: Recovering loans and Credit note

Filed Under: Personal Finance

Can an 18 Year Old Get a Payday Loan – Kenya Requirements

January 3, 2023 by hakeem Leave a Comment

Are you 18 years old in Kenya and asking Can an 18 year old get a payday loan?

If you are 18 years old in Kenya, it is possible for you to get approved for a payday loan. Because if you can earn a regular paycheck and have an active bank account, and a Kenyan national ID, there is no need to rely on your parents when borrowing money. 

Payday loans are short-term cash loans (up to Ksh. 500) with a high-interest rate that can be used to cover unexpected expenses when you are low on cash and until your next payday. 

Can an 18 Year Old Get a Payday Loan

What are Payday Loans?

A payday loan is a type of short-term loan or borrowing where a Payday loan lender will give a borrower a high-interest fund based on their income. It’s typically based on a portion of your next paycheck.

Can 18 Year Old Get a Payday Loan in Kenya?

Yes, 18 year old borrowers may sign a credit contract and receive a payday loan. However, they will need to provide a bank account, national ID, paycheck/source of income, as well as pass a series of credit checks in order to qualify for the loan.

What you need to know about 18 year old getting a payday loan

Payday loans are short-term loans that can be obtained for any purpose. These loans are typically issued in small amounts with modest repayment terms.

In some states, the borrower must be at least 18 years old. The interest rates are often quite high and roll-over loans result in a greater amount of interest charged compared to cash advances or title loans.

Payday loans are regulated by state laws and are primarily intended to serve as a short-term solution for borrowers experiencing financial emergencies. In Kenya, to qualify for such credit, an applicant must be at least 18 years of age and have earned income.

Lenders typically reserve the right to verify the borrower’s income, employment, and identity using the information they will supply on their application.

Basic Payday Loan Requirements for 18 years old 

  1. Be at least 18 years old and above
  2. Be a citizen of Kenya
  3. Have an active bank account or M-Pesa account and phone number
  4. Provide some proof of income 
  5. Show a valid identification.
  6. Some lenders may require you have a Facebook account.

Documents Required to Apply for a Payday Loan by an 18 year Old

  1. Proof of identity such as Kenyan national ID or passport
  2. Proof of address in Kenya and utility bill
  3. Document to prove your age 
  4. Payslips, proof of income, or a letter from the employer
  5. Passport photograph

How to Apply for a Payday Loan by an 18 year Old in Kenya

  1. Visit the lender and collect the form
  2. Fill out the form and provide all necessary information
  3. Provide all required documents along with the completed application form
  4. Wait for the loan approval
  5. Once approved, get your loan

Related searches- Payday loan for people with disabilities

Conclusion

This page discusses can an 18 year old get a payday loan in Kenya? Payday loans are typically issued to borrowers who urgently require cash. 

Typical reasons people need cash include paying for car repairs, rent arrears, or bills. What age can someone borrow in Kenya? 18 years and above is the answer. 

In summary, an 18 year old can get a payday loan once he or she has all requirements needed by the lender.

Filed Under: Personal Loans

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