With Kenya being a fast-rising economy, we have seen several startups doing great in the market, especially in the finance sector. One such startup is Afrikaloan Kenya. You may pronounce it African loan if you want. Afrikaloan offers mobile online loans for as low as Ksh 500 up to Ksh50000 depending with your borrowing trends as well as your credit score.
Is Afrikaloan Legit or scam?
A simple answer is Yes. Well, we already reviewed a couple of loan apps in Kenya and some were even scams like this one over here. What we can say is about Afrikaloan is that it is legit so we will go ahead and talk more about it.
Afrikaloan Kenya requirements
Here are simple requirements you should fulfill in order to get a loan from Afrikaloan Kenya without hassle.
- Have an Mpesa account. This is where your loan will be disbursed
- Must have a positive credit score
- A Kenyan national ID
- Smartphone where you will download the app
How to get a loan From Afrikaloan
With this company, you can get a loan in seconds and even apply for a new loan in a matter of minutes from the moment you borrow your first loan. Here are the steps of applying for Afrikaloan.
- Enable mobile data or wifi on your device
- Download Afrikaloan App from Google play store.
- Search for” Afrikaloan” using the search tab
- Click “install” button to download the app
- Now click” Open” to launch the app
- Fill in your personal details like name and ID number
- Apply for a loan
- Finally, wait for your loan disbursement via Mpesa
Just like other mobile lenders, this finance company has some rates for their clients.The loan repayment terms of Afrikash are up to 52 weeks, and their customers can always repay their loans off in advance. Yearly interest rates for routine clients range from as low as 10% to 182.5%, depending on your loan’s terms with the company.
Interest rates are also calculated depending on several factors, such as your payment history and the value of lending for Afrikaloan app. There are no additional fees or charges with this app, and there is no security necessary to obtain a loan. Regular SMS charges, payment system (ie, M-Pesa) costs, and your mobile carrier’s data bundle charges may apply on the user end.
Here’s how interest rates are calculated:
For instance, if we issue you a mobile loan in the amount of KS 2,000 for seven days at an interest rate of 2.4% per day, including the day of loan issue. The total interest that you pay for this loan will be KS 384.
Advantages of Afrikaloan
It’s completely online-based: There’s no obligation to go to an office to get a loan, just install the app and fill in a quick application form, whenever and anywhere you are.
Fast loan processing: You can receive an instant loan on your Mpesa account, as soon as you need financial assistance.
Great terms of service: Low-interest rates and manageable loan repayment terms. No concealed fees or costs.
Safe and reliable: The company encrypts all private data to protect your privacy, and they never share any data with other third parties.
Great Customer support: Their dedicated customer support staff is always ready to resolve any issues you may have on Facebook page and through email.
How to Repay Afrikaloan
- Go to Mpesa Menu
- Select the Lipa Na Mpesa option
- Select Paybill option
- Enter paybill number 697566
- Account number is your phone number (eg, 0700000000)
- Enter the amount of loan to repay
- Enter your Mpesa Pin
- Confirm and click “OK.”
Here are the contact details of the company in case you have any questions or issues regarding their services.
I must say that the company needs to better its support by providing a phone number as well as a responsive website. We will give them a 4 stars rating today.
Have you ever received financial assistance from this company? Let us hear from you in the comments section.