We have all at one point in time been in a situation where we needed some cash to sort out something urgently. The quickest source of this cash is family and friends, however they are not always able to come to your aid. A bank loan takes eons to come through, so what do you do?
Enter the mobile loan services, not only are they fast, they will also loan you the money with minimal fuss unlike the conventional bank. Check out some of the places you can get quick loans in Kenya for that rainy day. 1. mKey
mKey is a digital banking service that was launched by Finserve Africa in September. Through the app, customers can chat with their pals, read news, shop, pay bills, save and even take loans.
The app is available for download on the Google Play Store .
You can borrow from Ksh. 300 to Ksh. 1 Million and the loan interest rate is 9%. 2. Branch
Branch describes itself as a for profit socially conscious company based in San Francisco and Nairobi. To be able to access their loans, one has to download their Android app, fill out a form in the app and submit for a quick review.
When you download the app , it asks for access to some of the social and transactional history already stored on your phone courtesy of Mpesa and Facebook among other apps. Though this, they are able to analyse details like how much you spend in a day, whether or not you have a loan with other lenders, how much money you have deposited in Mpesa and who your friends and business associates are. Through this they are able to determine your risk profile.
Those who might not be on Facebook and as such don’t have a “digital identity” can initially request to borrow a small amount of money, repay it on time after which they can borrow bigger amounts with time. The good thing about Branch is that as you build your credit history, the fees reduce and you are able to access larger loans and more flexible credit terms.
The features of the loan include; loan amounts of Kshs. 250 ($2.5) to Kshs.50,000 ($500), repayment periods of 2 weeks to 1 month and interest rates of 6% to 16%. 3. KCB M-PESA
This saving and loans account is the result of a partnership between Kenya Commercial Bank and […]