AfrikaLoan Kenya: As the mobile loans market in Kenya grows, new mobile lenders have been setting camp to offer loans.
The latest among these mobile lenders is the AfrikaLoan Kenya App. You will be able to grow your loan limit by paying back your loans in good time.
To apply the loan, you will only need to install the app on your mobile phone. You can do this by downloading the app from your phone’s Google Play Store.
AfrikaLoan currently offers loans from Sh. 500 to Sh. 50,000. Interestingly, the new app is offering loan repayment terms of up to 52 weeks. This also means that you borrow money on this mobile lending app, you can make your repayments earlier than the repayment due date.
The annual interest rates for borrowing money on this app range from 10 per cent – 182.5 per cent with an equivalent monthly interest of 0.8 per cent – 15.2 per cent, depending on your loan option.
There are no extra fees or commissions and no collateral necessary. Interest rates are determined by a number of factors, including your repayment history and the cost of lending for AfrikaLoan. Standard SMS, payment system (M-Pesa), commission and data charges by your mobile carrier may apply.
How to get a loan on AfrikaLoan App.
1. Download AfrikaLoan App
Visit Google Play Store on your mobile and download the AfrikaLoan App here
2. Fill in short application form
After downloading our app, fill in short application form and choose how much money you need.
3. Receive money on your MPESA account
Your application will be evaluated and once approved, you will receive money on your MPESA account within 5 minutes.
4. Timely repayment builds a positive credit history and also allows you to apply for higher amounts in the future. The allowed loan repayment period is from 7 days upto 1 year, depending on your loan amount.
5. A second loan can be offered with just a couple of clicks!
Get access to bigger loans, lower interest rates, and flexible repayment terms. Increase your loan limit up to Ksh 50,000!
6. Get special offers and get money for inviting friends.
How to repay a loan from AfrikaLoan App
- Go to MPESA.
- Select Lipa na MPESA.
- Select Paybill.
- Enter business number 697566.
- The account number is your phone number (starting with 07..)
- Enter amount of loan you wish to repay
- Enter your MPESA Pin.
- Confirm and submit.
