29.5 C
Kenya
Thursday, February 27, 2020

Amount various loan apps will charge you for a Sh. 50,000 loan

Must Read

More flights from China to land in Kenya, says Chinese Embassy

Preventing Corona Virus in Kenya: The flight from China that landed yesterday at the Jomo Kenyatta International Airport was...

Kenya opens doors for wheat imports from US

Wheat Farming: Kenya has lifted the prohibition on US wheat following a deal between President President Uhuru Kenyatta and...

Kenya’s 6 billionaires who all come from one village

Muranga Billionaires: Most of the central Kenya billionaires come from the same Rwathia village of Kangema, in Murang’a, succeeding...

There is no doubt on the meteoric popularity of loan apps in Kenya. In deed, many Kenyans are now turning to loan apps to shore up their financial needs, thanks to their instant availability.

However, while their popularity rises, their costs have largely been left unknown. And in this feature, we take a look at a the approximate amounts various loan apps will charge you if you take a Sh. 50,000 loan on them.

Stawi Loan App: Download, Register, Get Sh. 250,000 loan!

1. A loan from Mshwari of Sh. 50,000 payable in one month will cost you Sh. 3,750/-

2. The same amount from KCB Mpesa will cost you Sh. 1,955.

3. Tala will cost you Sh. 7,500 + Sh. 220 (Mpesa Pay bill charge)

4. The new Barclays Timiza will charge Sh. 585 and interest of 5 per cent.

5. Equitel will cost Sh. 1,130 + Sh. 500 processing and Sh. 50 duty

6. Cooperative MCoop Cash will cost you Sh. 580.

This means that MCoop Cash may be the most discounted mobile loan app in Kenya.

It is noted though that while getting a mobile loan is easy because loan apps don’t demand for the traditional guarantors or security, defaulting on them will have the sane consequences as defaulted bank loans.

These will include getting blacklisted on taking any future loans without a clearance from a credit rating bureau, as well as the possibility of getting auctioned.

- Advertisement -

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

140,509FansLike
10,942FollowersFollow
7,640FollowersFollow
214SubscribersSubscribe

Latest News

More flights from China to land in Kenya, says Chinese Embassy

Preventing Corona Virus in Kenya: The flight from China that landed yesterday at the Jomo Kenyatta International Airport was...

Kenya opens doors for wheat imports from US

Wheat Farming: Kenya has lifted the prohibition on US wheat following a deal between President President Uhuru Kenyatta and Donald Trump. Yesterday, U.S. Secretary...

Kenya’s 6 billionaires who all come from one village

Muranga Billionaires: Most of the central Kenya billionaires come from the same Rwathia village of Kangema, in Murang’a, succeeding in taking their businesses beyond...

The 6 crops that will make you a millionaire quickly

Most profitable crops to grow in Kenya: Everyone likes making smart quick money, Right?  Now if you’ve passion for farming but with limited capital...

Kenya Power full year profit plunges from Sh.3.2 billion to Sh. 262 million

Kenya Power Full Year Profit: Kenya Power has posted a ninety two per cent fall in full year profit. The power provider announced that...

More Articles Like This

- Advertisement -
%d bloggers like this: