There are many banks offering unsecured mobile loans to the people in kenya. Learn more about 5 banks offering unsecured mobile loans in Kenya and the online application process.
The simple steps to complete unsecured mobile loan requirements will also be shown below.
How Unsecured Mobile Loan Work
When applying for an unsecured mobile loan, most apps check the applicant’s data and history to see if you have successfully paid off loans in the past.
What is an Unsecured Mobile Loan?
As stated above, unsecured mobile loan is a form of a loan that doesn’t need collateral deposit to receive and apply using a mobile phone. With unsecured loans, 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.
Pros and Cons to Unsecured Mobile Loan
- Easy to apply using smartphone
- Apps are easily accessed on the Google play store
- Loan application doesn’t require stress and takes no time
- Instant loan approval
- If the mobile app password is shared with a third party, issues may arise
- Some bank’s loan application reads all your phone data and information
Banks Offering Unsecured Mobile Loans in Kenya
- KCB Bank: KCB bank Kenya offers personal and SME loans to businesses. A repayment period of 12months with 9% interest rate.
- Equity Bank (Eazzy 24/7 loan): Equity bank has grown aggressively to become the largest bank in the region in terms of customer base. Equity’s goal is to empower and elevate grassroots communities throughout Africa.
- PesaPap app by Family Bank: It is an app built by Family bank. They use it for loan applications and accessing other products they offer. When you apply for a loan with the app, they directly pay it into your PesaPap wallet with an interest rate of 6.62%.
- Mshwari by Safaricom in partnership with Commercial Bank of Africa: Mshwari started in 2014 and offers its leading services through M-Pesa , in partnership with Commercial Bank of Africa (CBA). Customers can apply for loans of Ksh 100 to an unknown highest limit. It has a repayment duration of one month with an interest rate of 7.5%. Conclusively, Mshwari requires you become a Safaricom subscriber and have a registered M-Pesa line to qualify.
- NCBA Loop: Welcome to NCBA Loop app where you can create a digital version of your wallet on your mobile phone. It is a place where all your cards can be used effectively, and all your cash is online. They are the digital wallet that connects you to deals and give you the support you will need when you ran low on funds.
- Timiza Loan App by Absa Bank: 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.
- MCo-op cash by Cooperative Bank: With MCo-opCash, you can carry out a variety of banking transactions straight from your phone. They have MCo-opCash Salary loan and MCo-opCash business plus loan. Their payBill is 400200 and agency banking is Co-Op Kwa Jirani.
How to Apply for a Bank’s Unsecured Mobile Loan?
The method and approach to take out an unsecured mobile loan from banks in Kenya is by:
- Getting a smartphone
- Downloading the bank’s app
- Applying by following the procedure laid out and supplying personal information
- Submit or attach documents if required
- Wait for loan approval
- Receive your loan
Requirement For Bank’s Unsecured Mobile Loans
The requirements for bank’s unsecured loans include:
- Bank account or M-Pesa account
- Phone number
- Some apps require your National ID
Features & Benefits of Bank’s Unsecured Mobile Loans
- Easy to apply
- Requires no capital
- One can get up to a loan ranging from ksh. 500 to ksh. 500,000
- Maximum period of one month
- Majority of the app has an attractive interest rate on reducing balance
Through unsecured mobile loans, these flexible credit help solve emergency needs in Kenya. By taking care of immediate needs, people of very modest means are able to earn their way out of poverty. That’s the power of bank’s unsecured mobile loans.