When will this loan mature?When will my loan be fully paid?How long will it take to clear my loan in full?Credit facilities differ as per the purpose or financier in question.Lenders giving out loans for business purposes [mkopo wa biashara] for example business startup capital financing do offer longer repayment periods than their counterparts offering credit services for minor emergencies. Financiers like commercial banks may give less loan repayment periods than saccos [mkopo wa chama] for the same amount of loan.
Sounds so obvious that it worthless posting but wait.As Loans Kenya,we have a bank of questions from our blog viewers triggering concern.
"Are long term loans profitable?
How to apply for shot term loans?Whats the loan repayment duration?How long will it take to repay the loan? "
REPAYMENT DURATION
All legitimate financiers in kenya are regulated by the Central Bank of Kenya.The minimum repayment duration is around one month and the maximum is close to six years[72 months].Only few extreme cases can go up to 20 years.The time attached to a loan facility depends some of the following;
AMOUNT -The higher the amount of money borrowed the longer is the repayment duration and the lower the amount borrowed the shorter is the repayment duration.
CREDIT REPORT -The better the credit report the longer the loan repayment period and the poor the credit report the shorter the loan repayment period.
LENDER -Though within the recommended range of time some lenders can decide to allocate longer repayment periods to a loan amount than other lenders.
Now you know.
SHORT TERM LOANS
They are quick to clear.They are characterised by small loan amounts.They attract smaller loan repayment installments.They have short repayment durations.
LONG TERM LOANS
They are characterised by high loan amounts.They attract longer loan repayment periods thereby making the repayment instalments small as the y are spread over longer duration.Business loans can give borrowers ample time to work hard on their businesses ploughing back profits to the business while paying little instalments to the financier.
CONCLUSION.
Its simple up to the borrower and the lender to settle for an agreed time period.Luckily nowadays there are online loan calculators on the respective lender websites.Make use of the same for quick results.Thanks
Mobile loans apps in Kenya
Wednesday, September 2, 2015
Mobile money is now an obvious thing in the finance industry in kenya since the introduction of Safaricom's M-Pesa,Bharti's Airtel money,Essar's Yu cash and Telkom's orange money some years back.Lenders therefore had no option but jumping on board through business partnerships with these giants in the telecommunication industry resulting into the development of loan app[softwares].
Learn how to apply for a mobile loan in kenya.
Putting aside banking apps for example KCB
and I&M banking apps'today we are going to highlight the best 'trust based ' loan apps in kenya which are up and running already benefiting clients during times of financial emergencies.These apps are available on GOOGLE PLAY STORE.Please read the descriptions of each app, understand before proceeding to download it and use it.
See emergency loan givers in kenya.
SAIDA
Thanks to co-founders Keneth Ngetha and Kyale Mwendwa for the big inovation.The loans are going to be offered by Saida Financial Services.The loans are available to safaricom and aitel subscribers only.Currently close to 50000 clients are using Saida loan app.
STEPS
-Download the app and instal it to your mobile phone.
-Fill in the required details; name ,phone number, email address etc
-Wait for the feedback and you are done!
If you are approved for a given amount ,you do so immediately and the money will be deposited into your m-pesa or airtel money account.Repayment depends on the amount borrowed and is payed through your m-pesa or airtel money.
MKOPO RAHISI[KENYA]
There are two apps,one intended for Kenyans and one for Tanzanians.Choose the one for kenya [mkopo rahisi kenya].Mkopo rahisi is available to safaricom subscribers only.Loans are offered by Inventure.Currently mkopo rahisi has close to 100000 users.
STEPS
-Download the app and instal it to your mobile phone.
-Sign in using your facebook or google account.
-Fill in a few details ars required; employment status,salary etc.
-Wait for the feedback and that is it!
If you get approved for acertain amount of money the same will be credited to your m-pesa account.Repayment depends onthe amount borrowed and its done through m-pesa.
UPDATE:Read now Mkopo Rahisi is now Tala kenya
MICROMOBILE
Micromobile loans are offered by MICRO MOBILE LIMITED.The loans are available to safaricom subscribers only.Micromobile have close to 5000 users.
STEPS
-Download the app and instal it to your phone.
Create your micromobile account.
-Request a mobiloan and that is it.
Update ;Currently, this app is not working. It will be okay in the near future.
BRANCH INTERNATIONAL
Financial access anytime, anywhere. Branch International is the latest fast way to get credit in Kenya. The loan is available to safaricom subscribers. Currently, more than 10000 people are using this app.
STEPS
Download the app.
Sign in using your Facebook account.
Now apply for a loan up to a maximum of ksh50000, which upon approval the money will be deposited in your M pesa account.
Loans Kenya readers are now updated on this.What did we leave out +Chris webber +Mercy Orangi +yusuf omar
Learn how to apply for a mobile loan in kenya.
Putting aside banking apps for example KCB
and I&M banking apps'today we are going to highlight the best 'trust based ' loan apps in kenya which are up and running already benefiting clients during times of financial emergencies.These apps are available on GOOGLE PLAY STORE.Please read the descriptions of each app, understand before proceeding to download it and use it.
See emergency loan givers in kenya.
SAIDA
Thanks to co-founders Keneth Ngetha and Kyale Mwendwa for the big inovation.The loans are going to be offered by Saida Financial Services.The loans are available to safaricom and aitel subscribers only.Currently close to 50000 clients are using Saida loan app.
STEPS
-Download the app and instal it to your mobile phone.
-Fill in the required details; name ,phone number, email address etc
-Wait for the feedback and you are done!
If you are approved for a given amount ,you do so immediately and the money will be deposited into your m-pesa or airtel money account.Repayment depends on the amount borrowed and is payed through your m-pesa or airtel money.
MKOPO RAHISI[KENYA]
There are two apps,one intended for Kenyans and one for Tanzanians.Choose the one for kenya [mkopo rahisi kenya].Mkopo rahisi is available to safaricom subscribers only.Loans are offered by Inventure.Currently mkopo rahisi has close to 100000 users.
STEPS
-Download the app and instal it to your mobile phone.
-Sign in using your facebook or google account.
-Fill in a few details ars required; employment status,salary etc.
-Wait for the feedback and that is it!
If you get approved for acertain amount of money the same will be credited to your m-pesa account.Repayment depends onthe amount borrowed and its done through m-pesa.
UPDATE:Read now Mkopo Rahisi is now Tala kenya
MICROMOBILE
Micromobile loans are offered by MICRO MOBILE LIMITED.The loans are available to safaricom subscribers only.Micromobile have close to 5000 users.
STEPS
-Download the app and instal it to your phone.
Create your micromobile account.
-Request a mobiloan and that is it.
Update ;Currently, this app is not working. It will be okay in the near future.
BRANCH INTERNATIONAL
Financial access anytime, anywhere. Branch International is the latest fast way to get credit in Kenya. The loan is available to safaricom subscribers. Currently, more than 10000 people are using this app.
STEPS
Download the app.
Sign in using your Facebook account.
Now apply for a loan up to a maximum of ksh50000, which upon approval the money will be deposited in your M pesa account.
Loans Kenya readers are now updated on this.What did we leave out +Chris webber +Mercy Orangi +yusuf omar
The Importance of Business Loan Repayment Insurance
Saturday, May 10, 2014
If you are an entrepreneur, you must have a thorough insight about
business loans and various loan repayment insurance services that are
present in the country. One must never underestimate or undermine the
importance of business loans. Financial risks can occur virtually any
time in a corporate environment. With the aid of these loans, you will
be able to cover the expenses incurred. All loans must be paid in an
appropriate manner, the failure of which might attract heavy penalties.
Loan repayment insurance services will ensure that all your business
loans are recompensed in a fitting conduct!
You will have to bear a
factor in mind - opt for business loan from the right financial
institution. Veracious agencies are in existence, and they do not
incorporate additional hidden clauses into the terms and conditions.
Insurance agencies exercise discretion when it comes to providing
repayment insurance. Usually loaning agencies and insurance companies
work in close association. It is wiser to spend some time to learn the
existing market scenario before opting for a business loan and a
suitable loan repayment insurance provider! Always uphold the integrity
of the company along with the employees while seeking business loans.
Never hold the notion that loaning agencies are eagerly awaiting your approach. They will assess the situation and can disregard your application for unknown reasons - if they see you and the company as a liability. It is quite natural to cause financial errors - it is only through these mistakes that a budding entrepreneur will be able to judge his capabilities. If the fate was brought about by your wrongdoings (insurance companies term it as deliberate acts), then they have the right to disdain your request. A plethora of these so-called "deliberate acts" will be usually listed on the official website of the insurance agency.
Business-loan repayment insurance companies will also
consider the age of the entrepreneur. In fact, the same varies greatly
among agencies. Never consider these insurance policies as an additional
financial overhead! The insurance companies formulate these policies
only to help you out in a rainy day! One of the best manners is to
consult a financial broker. These personnel will be highly experienced
in the niche and will guide you to take the right decisions. The fiscal
performance of your company must be consistent - the insurance agency
has the right to ask for personal guarantees if the functioning is
disproportionate.
 |
| Business Loan Repayment Insurance |
Never hold the notion that loaning agencies are eagerly awaiting your approach. They will assess the situation and can disregard your application for unknown reasons - if they see you and the company as a liability. It is quite natural to cause financial errors - it is only through these mistakes that a budding entrepreneur will be able to judge his capabilities. If the fate was brought about by your wrongdoings (insurance companies term it as deliberate acts), then they have the right to disdain your request. A plethora of these so-called "deliberate acts" will be usually listed on the official website of the insurance agency.
 |
| the insurance agency |
Personal Loan Insurance
Thursday, January 2, 2014
There are several factors which you can not control, that can
cause you to be unable to make payments on a loan that is your
responsibility.
You may get sick or be involved in an accident that takes you out of work for an extended period of time. It could be that your employer has had to cut down on the number of people he employs or the wages have had to be lowered; or if you are self-employed, there is a chance that your business has not earned you enough to keep up your payments.
It could be that your expenses have increased or interest rates have risen since you first received your loan and this has made it difficult for you to make your payments.
Worry about such things may be heavy on the mind of some people who are of retirement age or well beyond retirement age and also for the people who have small children.
These are some of the reasons why loan
insurance, an insurance policy that protects against the possibility of
one's inability to make repayments, is offered. You will usually be
offered loan insurance every time you take on credit, however, it must
be understood that you are not obliged to take loan insurance and you
cannot be denied credit for not taking it. When you do decide to use the
loan insurance, it is wise to shop around for the best rates, as they
will vary from provider to provider, and you should not go with the
first insurer you contact.
If you do decide to use the personal loan insurance, you can rest a little easier knowing that if certain events not in your control occur, your loan payments will be paid on your behalf.
You must be aware of the conditions and exclusions included in the policy agreements before you agree to any type of personal loan insurance. Too many people pay for loan insurance without much prospect of ever benefiting from it and sometimes without even knowing whether or not they have it. These are some of the reasons you should thoroughly research all offers you receive for personal loan insurance before agreeing to take it.
Some people actually agree to loan insurance coverage without knowing they are receiving it, because lenders are anxious to add it to your account as a way of increasing their own revenues.
No matter how impractical it seems, sometimes these personal insurance policies will state a requirement that you take the first job you are offered after losing your present one, with no regard to the level of pay being offered.
If you were to be given time to search for a better paying job, it is entirely possible that you would be able to find a new job that is a more suitable match for your work experience and pay level.
It is always best to have direct knowledge about the insurance you are paying for, and if it is not something you want, do not buy it. If you discover that insurance has been added to your account without your express knowledge or permission, notify your lender and have it canceled with no delay. No one wants to pay for something that they don't intend to use and especially if they did not request it be intiiated in the first place.
 |
| Personal Loan Insurance |
You may get sick or be involved in an accident that takes you out of work for an extended period of time. It could be that your employer has had to cut down on the number of people he employs or the wages have had to be lowered; or if you are self-employed, there is a chance that your business has not earned you enough to keep up your payments.
It could be that your expenses have increased or interest rates have risen since you first received your loan and this has made it difficult for you to make your payments.
Worry about such things may be heavy on the mind of some people who are of retirement age or well beyond retirement age and also for the people who have small children.
 |
| insurance policy |
If you do decide to use the personal loan insurance, you can rest a little easier knowing that if certain events not in your control occur, your loan payments will be paid on your behalf.
You must be aware of the conditions and exclusions included in the policy agreements before you agree to any type of personal loan insurance. Too many people pay for loan insurance without much prospect of ever benefiting from it and sometimes without even knowing whether or not they have it. These are some of the reasons you should thoroughly research all offers you receive for personal loan insurance before agreeing to take it.
Some people actually agree to loan insurance coverage without knowing they are receiving it, because lenders are anxious to add it to your account as a way of increasing their own revenues.
No matter how impractical it seems, sometimes these personal insurance policies will state a requirement that you take the first job you are offered after losing your present one, with no regard to the level of pay being offered.
If you were to be given time to search for a better paying job, it is entirely possible that you would be able to find a new job that is a more suitable match for your work experience and pay level.
It is always best to have direct knowledge about the insurance you are paying for, and if it is not something you want, do not buy it. If you discover that insurance has been added to your account without your express knowledge or permission, notify your lender and have it canceled with no delay. No one wants to pay for something that they don't intend to use and especially if they did not request it be intiiated in the first place.
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