CloudLoan App is a leading financial technology (fintech) platform that provides safe, convenient, and secure cash or online cash loans to users in Kenya.
With a user-friendly interface and a commitment to customer satisfaction, CloudLoan App aims to simplify the borrowing process and offer flexible loan options to individuals who meet the necessary requirements.
In this article, we will explore the features, benefits, and application process of CloudLoan App, providing a comprehensive overview of its services.
Contents
Requirements to Borrow from CloudLoan App
To be eligible for a loan through CloudLoan App, individuals must meet the following requirements:
- Kenyan Citizenship: The service is exclusively available to Kenyan citizens, ensuring that loans are offered within the country’s regulatory framework.
- M-Pesa Account: Borrowers must have an active M-Pesa account, as loans are disbursed directly to this mobile money platform. M-Pesa is a widely used mobile payment system in Kenya, allowing for seamless and efficient transactions.
- Download the Application and Fill Out Your Application: Users need to download the CloudLoan App from the official app store and complete the application process. This involves providing necessary personal and financial information for verification purposes.
- Age Above 18 Years: Only individuals who are 18 years or older can borrow from CloudLoan App. This age requirement ensures legal compliance and responsible lending practices.
Steps to Get CloudLoan App Loan
The loan application process through CloudLoan App consists of the following steps:
Step 1: Registration: After downloading the CloudLoan App, users need to register an account by providing the required personal information. This information may include full name, identification details, contact information, and employment details.
Step 2: Select Loan Amount and Apply: Once registered, borrowers can select the desired loan amount within the range of Ksh3,000 to Ksh80,000. After choosing the loan amount, applicants can submit their loan request through the app.
Step 3: Approval: CloudLoan App employs an automated system that quickly reviews loan applications. Based on the information provided, the system assesses the borrower’s creditworthiness and determines loan eligibility. If approved, applicants receive a notification confirming their loan approval.
Step 4: Payment to Your M-Pesa Account: Upon loan approval, the requested funds are disbursed directly to the borrower’s M-Pesa account. This enables instant access to the loan amount, allowing individuals to meet their financial needs promptly.
It is important for borrowers to make timely loan repayments or complete limit increase tasks to build their credit line and lower interest rates over time.
Advantages of CloudLoan App
CloudLoan App offers numerous advantages to borrowers, making it a preferred choice for obtaining quick cash loans. Here are some key benefits:
- High Loan Amount: CloudLoan App allows borrowers to access loan amounts ranging from Ksh3,000 to Ksh80,000. This wide range provides flexibility for individuals with varying financial requirements.
- Long Loan Tenure: The app offers loan tenures ranging from 91 days to 365 days. This extended repayment period enables borrowers to manage their loan obligations more comfortably, ensuring affordability and reducing financial strain.
- 100% Online Process and 24×7 Access: CloudLoan App operates entirely online, allowing users to apply for loans at any time and from anywhere in Kenya. The app provides 24×7 accessibility, ensuring convenience and availability whenever borrowers require financial assistance.
- Computer-Automated Review: The loan application review process is automated and performed by computer algorithms. This streamlines the approval process, ensuring fast and efficient loan processing for borrowers.
- No Fees for Unsuccessful Applications: In the event of an unsuccessful loan application, CloudLoan App does not charge any fees. This policy promotes transparency and ensures that borrowers do not incur unnecessary costs if their application does not meet the necessary criteria.
- Customer Information Security: CloudLoan App prioritizes the security and confidentiality of its users’ information. Stringent measures are in place to protect personal and financial data from unauthorized access or misuse, providing peace of mind to borrowers.
- No Credit History Required: Unlike traditional lending institutions, CloudLoan App does not require a credit history for loan approval. This makes it an accessible option for individuals who may have limited or no credit history, facilitating financial inclusion for a wider range of borrowers.
CloudLoan App Interest Rates, Service Fee, and Repayments
CloudLoan App applies the following terms and conditions to its loans:
- Loan Amount: Borrowers can request loans ranging from KES 2,000 to KES 70,000.
- Loan Term: Loan tenures vary from 91 days to 365 days, providing flexibility in repayment options.
- Service Fee: A service fee of 6% is charged on the loan amount.
- Interest Rate: The interest rate ranges between 12% and 50%, depending on the loan amount and tenure.
To illustrate the calculation of loan costs, consider the following example: If a borrower requests a loan of Ksh 20,000 with an annual percentage rate (APR) of 10% and a tenure of 180 days, the service fee would be 6%. The calculation would be as follows:
- Interest = Ksh 20,000 * 10% / 365 * 180 = Ksh 986
- Service Fee = 20,000 * 6% = Ksh 1,200
The borrower would receive Ksh 20,000 and be required to repay a total of Ksh 22,186 (20,000 + 986 + 1,200). The monthly payment would amount to Ksh 3,698 (22,186 / 6).
Contact CloudLoan App
For any inquiries or assistance, borrowers can reach out to CloudLoan App’s customer service:
- Customer Service Email: service@cloudloantech.com
- Address: Waira Building, P.O. Box 1001, Ruiru, Kenya, 00232
Feel free to contact the customer service team for any questions or concerns regarding the loan application process, repayment, or general inquiries.
Conclusion
CloudLoan App offers a reliable and convenient solution for individuals seeking cash loans in Kenya. By leveraging technology and adhering to strict security measures, the app ensures a seamless borrowing experience.
With high loan amounts, flexible repayment options, and a commitment to customer satisfaction, CloudLoan App empowers borrowers to meet their financial needs promptly and responsibly.
Whether for emergencies, investments, or personal expenses, CloudLoan App provides a reliable financial partner for Kenyan citizens looking for safe and accessible loan services.
Remember, responsible borrowing is essential. Before applying for any loan, carefully consider your financial situation, repayment capability, and the terms and conditions provided by the lender.