5 Things You Need to Know About Unsecured Mobile Loans in Kenya
Unsecured mobile loans in Kenya has made it easy for one to request a loan on the comfort of one’s palm using your mobile phone. It has been made possible by use of applications. This application can easily be downloaded on play store, therefore, guaranteeing Kenyans instant loans without security.
The paperless banking was conceptualized by Safaricom and it started its operation in 2012. The applications have revolutionized our financial sector to an extent where most lenders have partnered with big giants of telecommunication so as they can be able to have their own application.
5 Remarkable Advantages of Unsecured Mobile Loans in Kenya
No more Guarantors
The biggest achievement you can say about the applications offering unsecured loan is that it has struck off the headache one experienced when looking for guarantors. This enables one to apply for a loan when in need and get the loan within a short time.
Easy Loan Application
Unsecured mobile loan in Kenya has made life so much easy to the common Mwananchi. It has enabled a person to be able to apply for a loan without physically going to the bank to apply for it. This enables a person to continue doing his business as usual without much interruption.
Say goodbye to tedious Paperwork
Since the application for a loan is done via phone, it has therefore reduced the amount of paperwork that was being used by the lenders. The paperwork was used to scrutinize your application so as they can be able to see if you are qualified for a loan or not.
Instant Profiling of Loan Applied
Traditional credit model, a panel had to sit and determine if you are qualified for a loan. With an unsecured mobile loan application, the reply is instant. Within seconds after registration, you are able to know if you qualify for a loan or not and also the loan amount you qualify. The determining factor can be your history with them.They check to see if you have been using their application for a period of 6 months while others institutions is just a matter of registering as a new user and immediately applying for a loan. Other applications check how active you are in social media.
Unbelievable Low-Interest Rates
Due to competitions, financial lenders have greatly reduced their interest rates on their loans. The interest rate starts as low as 1%.
Our Final thoughts
Every financial institution has put some standard operating procedures that have to be followed when one requests for a loan. The more you save or borrow and pay on time the more your loan limit grows Start downloading the applications today and enjoy the unsecured mobile loans in Kenya. All you need is your phone and you are a click away to securing an unsecured loan instantly.