Top 8 Benefits of Having a Mobile Loan App in Kenya

Thanks to technological advancements and adaptability of the financial institutions, people can now use mobile banking and loan apps in Kenya to complete transactions, check balances, and explore product or service options.

According to a recent study, more than half of Kenyans using the conventional banking systems lack access to substantial loans, so it doesn’t come as a surprise that a high percentage of them are turning to alternative lenders for assistance. These providers are not only determined to deliver exceptional loan solutions, but they also want to make the financial products and services convenient and accessible to everyone, and it’s why they’re availing high-end loan apps in Kenya.

Loan applications are available online and are downloadable on mobile devices. It’s wise to install one on your phone because you never know when you’ll require an instant financial backup. If you’re still on the fence regarding the benefits of having a loan app in Kenya, this article gives you 8 reasons why you should install one today.

1. Always with you

A loan app in Kenya is like a bank inside your pocket. You get to go with it everywhere, making it easy for you borrow money, and even make deposits whenever you want to save. It also lets you keep tabs with your loan balances, latest news, and customer support. The loan apps act as your backup in times when you need financial assistance.

2. Convenience

With the busy lifestyles, everyone is relying on mobile apps to shop, find destinations and directions, measure health, order food, find love and even access top quality financial services. More online trading platforms are integrating mobile apps into their solutions to enhance accessibility, convenience and guarantee customer satisfaction, and lenders are no exception.

Mobile loan apps in Kenya give you 24-hour access to loan services on your Smartphone. So, whether you’re traveling, at home, or handling your daily duties, you can still apply for quick money with a touch of a button. A few years back, you’d have to drive down to the physical location, which meant sparing an hour or two of your busy schedule.

Besides, the high street loans restrict you to applying for credit within the opening hours, and working days. This can be frustrating if you need to access the solutions after-hours, during the weekend or over the holidays. Top loan apps in Kenya have automated services so you can apply for a loan whenever and wherever.

3. Privacy

There are days when you don’t want your family, friends or colleague see you apply for a loan. Conventional banking systems are often involving and can make it hard for you to access credit in privacy because one, you’ll have to walk into a physical office, and two, they may need to come and inspect your business or property. If you want to keep your financial matters private, then you’ll enjoy using a loan application on your Smartphone. It gives you the freedom to access finances even when those you don’t want to find out are sitting next to you. Your little secret is safe with a loan app in Kenya.

4. Extra security

Top rated lenders utilize the most advanced encryption technologies to ensure that your financial and personal information remains safe. Applying for a loan through a loan app is 100% safe, and you don’t face any potential risk of losing your money. However, you should keep your password secure to ensure no one has access to your banking app.

5. Speed

Applying for a loan in person might mean booking for an appointment, or waiting in a queue. You also might need to walk or drive to the offices. Mobile apps cut the travel and the wait times out of the process. They are as close to instant money as it could get.

6. Keep track of your transactions

Mobile loan apps deliver a flawless user experience regarding the ability to check and download comprehensive account statements of operations and analysis, which helps you plan and work within your budgets. The platforms are integrated in a way that allows even a less tech-savvy person to navigate from one page to the next effortlessly.

The apps also send automated notifications of payment to confirm reception of funds and reminders of due or overdue loans just in case it slipped your mind.

7. Accessible information

In conventional banking methods, you’ll need to speak with a professional to know the requirements and your eligibility for the loan. One advantage of loan apps in Kenya is the accessibility of information and support. Once you have their app, you’ll immediately know if you meet the minimum requirements or not. These platforms provide precise details on the loan requirements including age limit, employment history, payment terms, citizenship, banking history and more. Most loan providers prefer applicants with regular income as a risk mitigation measure.

8. Different options

The market presents wide-ranging selection for loan apps, and you can settle for one that meets your requirements. Unlike borrowing from the banks where you might be limited to one or two options, you have a variety of lenders and products to select from with mobile loan apps. Find the best by reading online reviews or asking around for loan apps that provide the best rates and packages. An understanding of the interest rates and prices, along with agreement features will help make an informed decision.

While loan apps present enormous benefits, picking the right one will ensure you reap maximum advantages and value for money. A few things you can check before installing any loan app on your Smartphone include:

  • The level of customer support — you want a provider that’s always available to address your needs in case you’re stuck or need professional advice.
  • The Size of the app — In addition to accessing loans, your Smartphone facilitates your communication and entertainment needs. For this reason, you want a loan app that’s light in size, so it doesn’t constantly cause your device to hang. Heavy apps will interfere with your day to day smooth operations.
  • Interactive — An excellent app provides for a smooth and straightforward usage. It offers easy-to-follow instructions for a seamless experience.

Olivia Kibaba is a Kenyan-based freelance writer and business blogger. She’s a mother of one boy (Jaden), loves traveling, watching movies and meeting new people. She also runs her personal blog oliviakibaba.com.