The easiest loans to qualify for in Kenya include, online emergency loans, payday loans, and no credit check loans, etc. They can provide you with the funds you need to pay for any emergency that may come your way.
Understanding easiest loans to qualify for in Kenya
Before you access a quick loan, be sure to explore all of your borrowing options. Taking this approach can help you pay the least amount of interest possible or get the best terms. Consider pre-qualifying for a personal loan if taking out an emergency loan is your only option to access cash fast.
You can compare loan rates, fees, and terms from multiple lenders. Consult your credit union or local bank to learn if you are eligible for a personal loan first before checking other means because it often comes with lower interest.
The Easiest loans to get and qualify for in Kenya
- Emergency loans
- Payday loans
- Advances or salary advance
- Bank and credit union loans
- No credit check loan.
How do I go about getting the easiest loan in Kenya
To get approved for a loan with a low rate and favorable terms, you need to consider:
- Boosting your credit score. You can do so if you pay your bills on time
- Lower your debt levels
- Limit how often you apply for new loans and advances, and
- Dispute any errors or inaccuracies on your credit reports.
Interest rate for the easiest loans in Kenya
The interest rate for the most of the easiest loans in Kenya often range from 6% to 15%.
Documents needed to apply for the easiest loans in Kenya
In most cases, you will have to provide some documents to apply for these loans. These may include:
- A government-issued ID like your National ID, driver’s license or passport that proves your identity as a Kenyan
- A passport photograph
- For business loans, they may require you to provide your tax forms that reveal your financial situation.
- 6 months Bank Statements
- 6 months payslips.
How long does it take to get the easiest loans in Kenya
Every lender is different. However, many online lenders offer fast funding. Direct deposit may be possible within a few business days, 24 hours, or even on the same day you apply.
The fact that these loans are easy to get doesn’t mean they are right for you. Some have extraordinarily high interest rates and fees that can drain your finances. Make sure to do your research well.