We have all been in a sticky situation where you really need an instant loan to get out of your bad financial struggle. In the past, the only way you would get a loan was through a friend, relative or a family member. However, things have changed over time. One can now access some loan thanks to mobile loan services.
It is fast, easy and reliable. Various mobile loan services are now in the market. Tala for instance, offers such service. All you need to do is download the Tala app and answer a few security questions to determine your eligibility then apply for the loan. It offers loans up to Sh50, 000. Once the applied loan is approved, you will get it instantly via Mpesa with interest rates ranging from 11 to 15 percent. Branch is another mobile loan service provider.
Once you download the app and get registered, you can request for a loan which is sent directly to your Mpesa account. It offers loans of Sh250 up to Sh50, 000 with an interest rate ranging from 6 to 16 percent. Timiza, is a mobile loan service provider from Barclays Bank. One does not necessarily have to download the app to access it.
Those who do not have access to smart phones only have to dial *848# on their Safaricom line and answer some security questions via text. Customers can get loans up to Sh.150, 000 with an interest rate of 6 percent incurred. South African Company Another mobile loan service that is beneficial to customers is Haraka.
It is from a South Africa company. It offers loans up to Sh5000 at an interest rate of 23 percent. One needs to download the app in order to access the service. Okash, is a mobile loan service owned by opera, the browsing company. One needs to download the app in order to apply for a loan.
Through the app, one can get a loan of up to Sh100, 000 at an interest rate of 14 percent. Safaricom also has its own mobile loan service called Mpesa. Most people use this service due to its easy accessibility in the Mpesa menu. If your Mpesa has been active for 6 months and you are above 18 years, then you can be able to access the loan. Mshwari gives out loans up to Sh20, 000 with an interest rate of 7.5 percent.
Customers of Co-operative Bank can also access mobile loans through the bank’s MCoop Cash service. However, one has to download the app. One can borrow a loan ranging from Sh3000 to Sh100, 000. Eazzy loan from Equity Bank also provides loans. One needs to open an account or get an Equitel line in order to access the loan.
Another mobile loan service that helps Mpesa customers is the KCB Mpesa. It is a product of KCB Bank in partnership with Safaricom. It provides loans of up to Sh1 million. The service is easily accessed on the Mpesa menu. The interest rate depends on the repayment method