The Haraka loan app is not your typical mobile lender. Instead, it offers access to reputable lenders who can lend to you. It acts as a loan app finder, and it is available for download on Google Play.
In this article, we will discuss how the app works, its eligibility requirements, loan limits, interest rates, processing fees, and the steps to download, apply and repay loans.
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How Haraka Loan Works
Haraka is a product of South African giant online lender Getsbuck. The app does not lend money to you directly. Instead, it allows you to access several lenders, depending on your eligibility.
They have a screening formula for determining if you are eligible for a loan, which usually involves accessing your phone data and reading transaction messages.
Before Haraka can dig out mobile lenders for you, they must assess your eligibility using your phone SMS and contact information. However, other than that, they expect you to meet some basic requirements:
- Be 18 – 60 years
- Own an internet-powered android smartphone
- Possess a registered Safaricom number
- Have an active MPESA account (at least six months active)
- Have a Kenyan ID
How to Download Haraka Loan App
To download the Haraka application, head to Google Play and search for Haraka loans, or follow the link provided. Once you have successfully installed the app, you can sign up for an account using these steps:
- Launch the app on your phone and choose to create an account using your Facebook account
- Allow Haraka access to your SMS, contact list, photos, camera, location, phone I.D., and physical address
- Fill out the Haraka loan app application form with personal information such as names (as they appear on the I.D.), I.D. number, valid email address, and registered M PESA number (the wallet number)
- Select your date of birth
- After filling out the loan application form, you can apply for the loan amount you qualify for, depending on the lender that Haraka suggests.
How to Apply Haraka Loan
Here’s how to apply for a loan with the Haraka loan app:
- Open the Haraka loan app on your phone
- Wait for the app to display the amount you qualify for, depending on the available lender
- Press apply now
- Follow the proceeding steps, depending on the lender’s preference
- Wait for disbursement to your MPESA account, which takes a few minutes
Haraka Loan Limit, Interest, and Processing Fee
The loan limit for Haraka varies depending on the lender and your eligibility. However, from what they mention on the app, you can get Ksh 1,500 – Ksh 100,000, which is impressive by Kenyan mobile lenders’ standards.
Haraka does not mention the interests as they vary among lenders. Some customers suggest that the interest rate is about 23%.
They, however, mention the processing fee, which could amount to 5% of your principal amount, again depending on the lender.
How to Increase Your Haraka Loan Limit
Since the Haraka loan app offers access to lenders who can lend you Ksh 1,500 – Ksh 100,000, hacking your way into a higher limit is possible. Here’s what you can try:
- Transact frequently with MPESA – Since Haraka reads your phone SMSs, transacting regularly with MPESA gives you a positive track.
- Keep your MPESA messages – By not deleting your MPESA SMSs, you allow Haraka to access them when you want to get a loan, which boosts your chances of getting a higher credit limit. 3. Borrow regularly – Haraka rewards loyalty, and the more you borrow through the platform, the more they’ll want you to stick with them. One way to lure you is by offering you higher credit limits.
- Pay up on time – While borrowing regularly builds loyalty, the same goes for paying up on time. The more you keep the deadlines, the more you will likely enjoy access to higher loan limits.
- Maintain a good credit score – The last thing you would want as a borrower in Kenya is a spot on Kenya’s credit Sherriff, CRB. So, keep away from CRB, and that will preserve your credit image and even improve your chances of getting better loans from Haraka and other lenders.
How to Pay Haraka Loan
The Haraka loan app sends you a reminder stating your loan amount, the due date, and the pay bill number to use when paying back your loan. To repay your Haraka loan, follow these steps:
- Open the MPESA menu on your phone
- Choose Lipa na MPESA
- Go to ‘pay bill and enter the pay bill number you received via the payment reminder SMS
- Enter your Safaricom number/wallet number as the account number
- Input the amount due and then your PIN
- Confirm all details before pressing OK to complete the payment
After paying, you’ll receive a payment confirmation message. You can also check on your Haraka account for confirmation.
If the payment doesn’t reflect on your account, and you don’t receive the confirmation message, contact Haraka’s customer care immediately.
Is the Haraka Loan App the Best Loan App Finder?
While Haraka is not your typical mobile lender, its market approach of offering access to reputable mobile lenders makes them different.
Access to reputable mobile lenders, no registration fee, no paperwork required, speed and convenience, and fast disbursement are some of the advantages of using the loan app finder.
Besides, they offer access to lenders who can lend you Ksh 1,500 – Ksh 100,000, which is impressive by Kenyan mobile lenders’ standards.
There are concerns that frustrate most customers about the Haraka mobile loan app, including high charges, collection of personal information, and the fact that Haraka doesn’t lend you the money.
Haraka Loan App Contacts
You can reach the Haraka customer care support team by visiting their physical office at Jogoo Road (Donnie Building) or using the
P.O Box Number: 4576-00100.
Conclusion
The Haraka loan app is not a direct mobile lender, but it offers access to reputable lenders who can lend to you. It is essential to note that while Haraka charges a service fee of up to 5%, the exact interest rate is not disclosed.
The loan limit ranges from Ksh 1,500 – Ksh 100,000, depending on the lender and eligibility. To increase your loan limit, you need to maintain a good credit score, pay on time, and transact regularly with MPESA.
The loan app finder offers speed, convenience, and fast disbursement. However, the collection of personal information and the high charges are some of the concerns that customers have raised.