Quick Mobile Loans In Kenya – How To Get It & Where

Quick Mobile Loans In Kenya

Getting loans in Kenya has never been as easy and quick as it is today as a result of the recent innovation in the mobile industry which now allows them to give you loans. You can actually get quick mobile loans in Kenya in a matter of minutes and at any time and anywhere you are in the country. Whether you need money for a luxury or emergency, mobile loans have you covered. What is actually good about these mobile loans is that they are actually open to virtually everyone in the country. They have very little requirements that I believe you are probably qualified to apply for one.

Quick Mobile Loans In Kenya – How To Get It & Where

But before we talk about getting this quick mobile loans in Kenya, let’s give you some few tips on using mobile loans :

  1. While it generally feels safe to take loans, you are encouraged to pay your loans before or on the day of maturity to avoid getting bad credit ratings which may disqualify you from future loans.
  2. Mobile loans are not designed to be used for luxury. If you must get a mobile loan then it probably should be for an emergency or to be used to stimulate your business. Never get a mobile loan to pay for luxury items like your TV etc.
  3. Never use a debt to pay off debt. Mobile loans should not be used to pay off your debts. This is because often they carry higher interests than ordinary personal loans.
  4. Don’t collect mobile loans for your friends. Your friend may ask you to get a loan for them for which they will pay you the equivalent but don’t. This is because you will be required to repay the loan with interest while your friend may end up paying only the face value.

Advantages of Instant/Fast Mobile Phone Loans In Kenya

  1. Makes Money available the instant you need it: Mobile loans helps to make money available when you need it most. Whether for emergencies or for travel you can easily get your money easily within minutes of application.
  2. No collateral is required for loans: Mobile loans, unlike bank loans, do not need any collateral for you to apply for it. You do not need to submit any asset or stock documents. All you’ll probably need is your mobile phone number, your Facebook account, and your Mpesa account and you are ready to apply for loans. Very easy and convenient.
  3. Simplified Application process: Most of these loans providers unlike the banks have to strip the loan application process to the bare bone so that you can easily get your loans without following any undue or stressful process like those from the banks.

Disadvantages Of Quick Money Loans In Kenya

  1. You can only borrow little amounts of money: since mobile loans are an unsecured form of loans with no collateral for backup, you won’t be able to get very large amounts of money. This is because there’s no way of guaranteeing that you can pay off your loans except by observing your Mpesa account’s transaction history. To be able to get large amounts of money as a loan you will need tangible collateral. This is to serve as security for the loan. The collateral can be exchanged for the value of your loan when you default to repay your loan.
  2. Whether you noticed it or not, the interest rate on these loans is actually high. And they keep compounding if you cannot repay them when they mature.
  3. The Loan payment time for online loans is short and If you don’t pay back the loan within that short time period, you will get into credit reference bureau-CRB list.
  4. Another disadvantage of online loans is that it encourages wasteful spending: since getting these loans is very easy, it encourages people to easily spend their income without saving. People often view these soft loans as easy money which it is not. While it may be a good idea to get this loans for emergencies, it is not advisable to get them simply to satisfy one’s passing wants.

List of Loan Providers Where To Get Quick Mobile Loans In Kenya

Note we have not compiled this list as a rank to determine the best online loan providers in Kenya. These loan providers are arranged in no particular order. You can go through them one after the other and determine the ones that best suit your needs.

  1. Tala
  2. Branch
  3. Kopa Chapaa
  4. Kcb Mpesa
  5. Zidisha loans
  6. Saida loans
  7. Zawadi loan
  8. Eazzy loan
  9. Pesa Pata
  10. Mshwari loans

Requirements For Getting Quick Mobile Loans In Kenya

Getting quick mobile loans is very easy with minimal requirements. Unlike secured loans from banks which requires a lot of documentation and collateral, Mobile loans require very little or no documentation and above all, you do not need to have a collateral to have access to these loans. So let’s take a look at the few things you will need to have access to mobile loans.

  1. The mobile provider’s loan application. To get a mobile loan from Platforms like Branch and Tala, you will need to install their free application from the Play store.
  2. Facebook account. Virtually everyone has a Facebook account or if you don’t have you can easily sign up for one for free and then use it to sign in to the mobile loan provider’s application which you install from the play store.
  3. Mpesa account. All mobile loan providers require that you have an M-PESA account. This will be used to determine the amount you can borrow and also to help them determine how easy it will be for you to pay back. You must be an active user of Mpesa with a good transaction history.
  4. You must be 18years and above to have access to mobile loans in Kenya.

Those are the major requirements for obtaining mobile loans. Feel free to ask your questions and as well as let us know your thoughts about this post through the comments section.


Tags: Quick Mobile Loans In Kenya 2017, Quick Money Loans, Mobile Phone Loans

One Reply to “Quick Mobile Loans In Kenya – How To Get It & Where”

Leave a Reply

Your email address will not be published. Required fields are marked *