Kopesha is a loan app that provides instant loans to people in Kenya who need money for various purposes such as growing their businesses, shopping or financing emergencies.
The platform offers loans ranging from Ksh 500 to Ksh 50,000, with a loan period of 91 days to 365 days. The maximum loan limit is Ksh 80,000 and the maximum Annual Percentage Rate (APR) is 25% per year.
Kopesha’s service fee ranges from Ksh 95 to Ksh 99, and the loan request is open to people who are at least 18 years old or above.
As an example, if the loan amount is Ksh. 2,500, the total interest should be Ksh. 2,500 x 26% = Ksh. 650.
Kopesha deducts the processing fee from the loan provided, and if the borrower paid Ksh. 96 for the application, the total repayment amount would be Ksh. (2,500 + 650 – 96) = Ksh. 3,054.00.
Why Apply for a Loan from Kopesha?
Kopesha offers several advantages for people who need quick loans without the hassle of paperwork and collateral requirements.
No Credit Report Required
One of the significant benefits of Kopesha is that they do not require a credit report from the borrower. Unlike traditional banks, Kopesha focuses on the borrower’s ability to repay the loan based on their source of income.
Available Across Kenya
Kopesha’s loan services are available throughout Kenya. The platform is accessible to anyone who has a smartphone and an internet connection, making it easier for people in rural areas to access financial services.
Gradual Increase in Loan Limit
As the borrower’s credit score grows, the loan limit gradually increases. This feature enables borrowers to access more significant loan amounts as they continue to use the platform and pay back their loans on time.
Convenient Repayment Methods
Kopesha offers various convenient repayment methods that make it easier for borrowers to repay their loans. Borrowers can choose to repay their loans through mobile money transfer services such as M-PESA or through bank transfers.
Loan Extension
If a borrower does not have enough money to repay their loan, they can apply for a loan extension. Kopesha’s loan extension feature allows borrowers to extend their loan period and pay back the loan in small instalments.
Paperless and Digital Process
Kopesha’s loan application process is entirely digital and paperless. Borrowers can apply for a loan through the mobile app, and once approved, the loan disbursement process is fast and convenient.
No Collateral Requirements
Kopesha does not require collateral for loan approval, making it easier for people who do not have assets to access credit.
24/7 Access to Loans
Kopesha offers 24/7 access to loans, enabling borrowers to access credit at any time and from anywhere.
Fast Loan Disbursement
Once the loan is approved, Kopesha disburses the loan to the borrower’s M-PESA account within one minute.
Who Can Apply for a Loan from Kopesha?
Kopesha’s loan services are available to Kenyan residents who are between 18 and 60 years old and have a source of income. The platform is open to people from all walks of life, including small business owners, farmers, and salaried employees.
Conclusion
Kopesha is an excellent loan app that offers fast and convenient loans to people in Kenya.
The platform’s focus on the borrower’s ability to repay the loan based on their source of income, rather than on their credit report, makes it easier for people with no credit history or a poor credit score to access credit.
The gradual increase in loan limit, variety of convenient repayment methods, and loan extension feature further make Kopesha a great choice for borrowers in Kenya.
Kopesha’s paperless and digital process, coupled with its 24/7 access to loans and fast loan disbursement, make it an ideal option for people who need quick access to credit.
The fact that there are no collateral requirements also makes it more accessible to people who may not have assets to offer as security.