Best Low Cost Mobile Loans
At one time or the other, it reaches a point when you are in need of some quick short term cash maybe to sort an agent need. This is where short term mobile loans comes in. They can particularly be helpful in situations like finding money to buy immediate medical drugs and services for the sick since the sickness does not wait for you to plan for it. It is just urgent when it knocks in.
There are many institutions that provide the services of short term mobile credit via M-Pesa but you definately want the one with the best lending terms and interest.
We recommend KCB Mpesa service for its low interest rate currently standing at 1.16% per month. If you are looking for one such short term credit then just check out for KCB Mpesa option in your phone. Unlike many other options available, there is no app required for you to access the KCB Mpesa menu, This means that that you can access it using even the old fashioned button phones. and the loan limit more currently up to Kshs 1 million you choose your repayment terms and you get the amount in your phone almost immediately once you apply for the loan as long as you qualify for the amount you have applied for.
To qualify for KCB Mpesa Loan, You must have been an Mpesa customer for a period of at least six months. To have your loan limit increased, do more of the transactions with your Mpesa account e.g, Use Mpesa to pay for goods and services in supermarkets and many other places that accept Mpesa. If you have an account with KCB bank, do more of mobile transactions with it e.g, instead of going to the bank to line up for those long ques, just deposit money to your account using MPesa or withdraw using M-pesa. KCB will asses your cash flow to determine your loan limit. The more your transactions are the more likely your limits will be increased.
To apply for KCB-MPesa loan. follow the instructions below
- Go to Mpesa Menu on your phone found in sim tool kit icon
- Then go to loans and Savings
- Then go to KCB Mpesa
- There you can either request the loan or Pay loan or withdraw your loan or savings
Make sure to repay your loan on time or even earlier. Defaulting will negatively affect your credit history which will in turn affect your credit worthiness leading to denial of such services in future. It is also important to note that you may be enlisted on credit reference bureau (CRB ) if you take but fail to repay your loan 90 days fro the day it became due. This will limit the services you can get in the country for example you may not be employed by the state or many other employers who demand CRB clearance and that you may never be given loans from any other institutions in future. So always borrow wisely and only when necessary but repay promptly.