The popularity of mobile loans apps in Kenya is growing very fast because of quick and convenient access to money through Mpesa. AfrikaLoan is one of the many mobile apps in Kenya which offer instant loans without security. Afrikaloan has been in operation since 2018 and currently, it offers loans from as low as Ksh 500 to Ksh 50,000. All you need to get started with Afrikaloan is an Android-enabled phone, Mpesa account and a registered SIM card.
How to register and Apply for a Loan from AfrikaLoan
To get started, download AfrikaLoan from Google Play Store. Download Link. Make sure your phone is an Android phone with version 4.1 and above. You will be required to fill in your personal information i.e Full names as registered on your national ID, email and your national ID number.
After that, you can now apply for a loan by specifying the amount you want to borrow. AfrikaLoan takes 5 minutes to process your application. Your phone’s data history such as messages will be used to determine if you qualify for a loan. This includes messages sent to you various mobile money providers and any financial services providers.
AfrikaLoan interests and Repayment Period
AfrikaLoan repayment terms are up to one year; 52 weeks. Annual interest ranges from 10 % – 182.5 % with an equivalent monthly interest of 0.8 % – 15.2%, depending on your loan option.The interest rates are determined by a number of factors, including your repayment history and the cost of lending for Afrikaloan.
How To Repay AfrikaLoan Via Mpesa
1. Go to your Mpesa Menu
2. Select Lipa na Mpesa
3. Select Paybill
4. Enter 697566 as the business number
5. Enter your phone number as the Account Number
6. Enter the amount you want to repay
7. Enter your Mpesa pin and press OK
8. You will receive a transaction confirmation message from Mpesa.
You risk being listed by CRB if you fail to pay for a loan in 90 consecutive days.
Phone : +254 20 5137800
They are located at Soin Arcade in Westlands, Nairobi.