Emergency Loans in Kenya via Mpesa

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There are many emergencies that can arise in life. You might need to borrow money for an emergency, or you may lose your job and struggle to make ends meet. Regardless of what the emergency is, there are ways to get the funds you need without having to wait for a bank loan–one option is getting an Emergency Loans in Kenya via Mpesa!

Emergency loans in Kenya via Mpesa

Mpesa is an online banking platform where you can create accounts for different purposes like savings, checking, or even making electronic payments.

Mpesa also offers a service where you can borrow money in an emergency, and this is known as the Mpesa loan.

The Mpesa loan is a short-term loan that gives you access to cash when you need it most. You can borrow it anywhere from Ksh. 100 to Ksh. 100,000 for up to 30 days.

Mpesa loans are available via the Mpesa app, which you can download onto your mobile phone and use to access funds 24/7.

What are the benefits of emergency loans in Kenya via Mpesa?

There are several benefits of emergency loans in Kenya via Mpesa. Some of these benefits include:

  • You can borrow money quickly and easily without having to go through a long application process.
  • The loan is available 24/7, so you can access funds anytime, anywhere.
  • You can borrow any amount from Ksh. 100 to Ksh. 100,000 for up to 30 days–this means you can borrow as much or as little money as you need during your emergency.
  • The interest rates are very low, so it won’t cost a lot of money to get the funds that you need quickly.
  • You can repay the loan in installments if you do not have all the money at once.
  • There are no fees for using Mpesa–you only pay interest on what you borrow, so your loan does not get more expensive if you don’t repay it right away.

How can I apply for an emergency loan in Kenya via Mpesa?

To apply for an emergency loan in Kenya via Mpesa, you need to have an active account with the service. You can create your own account online or through the mobile app mentioned above.

There are no formal requirements that applicants must meet–you just need a verified source of income and be at least 18 years old. This makes emergency loans in Kenya via Mpesa very accessible for everyone.

Once you have an active account, you can apply directly through the app or website to see if your application has been approved. You will receive confirmation within 24 hours of submitting your request so that you know whether or not you were able to get a loan!

Why should I get an emergency loan in Kenya via Mpesa?

There are many reasons why you should get an emergency loan in Kenya via Mpesa. Some of these reasons include:

  • You may have lost your job and need money to cover your expenses until you can find another one.
  • Your car may have broken down and you need money to fix it.
  • You may have just had a baby and need cash to pay for diapers, formula, or other necessities.
  • You might be having expensive medical bills that you are not covered for–the hospital will only let you make payments until your insurance kicks in!

How much will it cost to borrow money from a lender using their mobile phone app?

The cost of borrowing money from a lender using their mobile phone app will generally depend on the credit score of the borrower, with those having lower credit scores paying more in interest and fees. Generally, though, borrowers can expect to pay an origination fee (which is a one-time charge for setting up the loan) as well as an annual percentage rate (APR) on the amount borrowed. APRs can range from anywhere around 36% to 400%, so it is important for borrowers to carefully read all of the terms and conditions before signing up for a loan.

Do lenders use credit checks when approving people for an emergency loan?

Some lenders may use credit checks when approving people for an emergency loan, but not all of them do. It is important for borrowers to understand what kind of credit check the lender will be using and how that will affect their ability to get the loan. Generally, those with higher credit scores will have an easier time getting approved for a loan, while those with lower scores may have a more difficult time.

If you need an emergency loan in Kenya via Mpesa, it is best to check your credit score and make sure that it looks good before applying for the loan so that you can increase your chances of being approved!

Mobile applications that offer instant loans in Kenya

This is a list of mobile applications that offer instant loans in Kenya:

  • Mshwari – This is a mobile app offered by the Commercial Bank of Africa (CBA) that provides people with quick and easy access to credit. Users can take out both short-term and long-term loans, as well as save money securely through their phones. The annual percentage rate (APR) on loans ranges from 21% to 79%, depending on the loan term.
  • Zidisha – This is an online platform that allows borrowers in developing countries to access microfinance services through peer-to-peer lending. It connects lenders and entrepreneurs, giving people with limited options a way to improve their lives. It also provides borrowers with the ability to borrow money interest-free when they are able to repay within three months.
  • PesaPal – This is a mobile app that allows users in Kenya, Uganda and Tanzania to access microloans through their phones. Users can apply for loans online or via text message (SMS) after which an agent will call them to verify their application. The loans are then deposited directly into the user’s bank account or Mpesa wallet. Loan terms range from one week to six months, and borrowers can choose to pay back their loans in weekly, fortnightly, or monthly installments.
  • Okoa Stima – This is a mobile app offered by Safaricom that allows users in Kenya to borrow money for emergency expenses. The loans are available in amounts of KES 500, 1000, 2000, 3000, and 5000, and can be repaid over a period of one to six months. There is an application fee of KES 100 for each loan amount requested, and the APR on the loans ranges between 30% and 35%.
  • Tala – This is a mobile app offered by Branch International that provides users with access to small loans. Users can apply for one-time emergency funding, installment payments (for things like school fees or medical bills), and savings accounts through their phones. The APR on the loan ranges from 20% to 70%, depending on the loan amount and loan term.
  • Branch – This is a mobile app offered by Branch International that provides users with access to small loans. Users can apply for one-time emergency funding, installment payments (for things like school fees or medical bills), and savings accounts through their phones. The APR on the loan ranges from 20% to 70%, depending on the loan amount and loan term.
  • NIC Bank Loan App – This is a mobile app offered by the National Industrial and Commercial Bank (NIC) that allows users to apply for personal loans, small business loans, and vehicle loans. The loan amounts range from KES 50,000 to KES 100,000 and can be repaid over one to three years. The annual percentage rate (APR) on the loan is between 16% and 20%.
  • Eazzy Loan – This is a mobile app offered by Eazzy Loan that allows users in Kenya to borrow money for emergency expenses. The loans are available in amounts of KES 500, 1000, 2000, 3000, and 5000, and can be repaid over a period of one to six months. There is an application fee of KES 100 for each loan amount requested, and the APR on the loans ranges between 30% and 35%.

The best way to quickly get money in emergencies in Kenya

Mobile applications that offer instant loans in Kenya are becoming more popular, as they allow people to access small amounts of credit without having to go through a lot of paperwork or formalities. These apps also provide borrowers with the ability to pay back their loans directly from their phones and at convenient times, making it easier for them to manage their money.

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