In today’s fast-paced world, where financial needs can arise at any moment, having access to quick and reliable lending solutions is a must.
LoanPesa, a Kenyan lending app, offers a range of flexible loan products that cater to the needs of individuals who require quick and easy access to credit.
In this article, we will take a closer look at LoanPesa, its products and services, and how it differs from other lending apps.
Contents
Loan Terms and Fees
LoanPesa offers loans ranging from KSH 3,000 to KSH 50,000, with loan terms ranging from 91 to 365 days. The app charges an interest rate of 5% to 36% APR and a one-time origination fee ranging from KSH 100 to KSH 3882.
The maximum Annual Percentage Rate (APR) inclusive of interest and processing fee is 365%, while the minimum APR is 5%.
To illustrate, suppose you apply for a loan amount of KSH 4,500 with a total loan term of 91 days (45 days for the first installment and 46 days for the second installment) on March 20, 2021.
In that case, you will receive the loan amount on the same day. The first installment due date is May 3, 2021, with a repayment amount of KSH 2,656, inclusive of KSH 2,250 for the loan amount, KSH 122 for interest, and KSH 284 for origination fees.
The second installment due date is June 18, 2021, with a repayment amount of KSH 2,458, inclusive of KSH 2,250 for the loan amount, KSH 63 for interest, and KSH 145 for origination fees. Thus, the total repayment amount for this loan would be KSH 5,114.
LoanPesa’s Unique Features
LoanPesa stands out from other lending apps by offering its customers flexible loan products that cater to their needs. The app also has a straightforward application process that consists of four simple steps.
First, users need to register on the app by providing their personal details and creating a profile. After that, they can choose the loan amount they require and apply for it through the app. Once the application is approved, the loan amount is disbursed to their M-pesa account.
In addition, LoanPesa encourages its users to repay their loans on time or complete Increase Limit tasks to build their credit limit and reduce their interest rates. This feature is beneficial to users as it helps them manage their finances and improve their credit scores.
Contacting LoanPesa
If you have any questions or concerns about LoanPesa’s products or services, you can contact their customer support team via email at support@loanpesa.com.
The company’s physical address is Woodvale Grove, Nairobi City, Kenya.
Eligibility Criteria
It is essential to note that LoanPesa is only available to individuals who are 18 years old or above. Additionally, users must have an M-pesa account and a valid Kenyan ID card.
Conclusion
LoanPesa is a reliable lending app that provides its users with flexible loan products and a straightforward application process.
The app’s unique features, such as building credit limits and reducing interest rates, make it an attractive option for individuals seeking quick and easy access to credit.
If you are a Kenyan resident looking for a reliable lending solution, LoanPesa is an excellent option to consider.