Majority of us if not all of us have been in tough financial times and maybe when you look at the calendar, it is not even halfway to payday. The best resort to such times is to go for a loan but we all know how hard it is to qualify for a bank loan in Kenya. The grueling procedures take forever and if you had an urgent issue to attend to with that money, then you will be in for some rude shock.
Considering our ailing economy and the high rate of unemployment, many people have opted to get soft loans from mobile loan apps alike Tala, Branch, and Saida because they are not that demanding generally like bank loans, they have low-interest rates and they are absolutely convenient. Mobile loans come in handy when you need a financial push and many average Kenyans are slowly abandoning bank loans
Kenyans are heavy loan borrowers considering the fact that many; who are the youth are trying to start up a business but have not enough capital or want to buy a piece of land before it appreciates in price. Some of the top mobile loan borrowers in Kenya are not the bulk borrowers but the ones who need a small push in either business revival or upgrade, school fee, farming or even to pay another debt.
Here is a list of the people who borrow the most from mobile loan apps.
1.Campus Students
Campus students come top on this list. They actually borrow more than 55% of the total monies given out in form of loans given out by mobile money lenders. Campus students borrow majorly to either use the money to engage in pleasure and fun activities like drinking or to supplement the little pocket money some get from their parents.
2.Small And Micro Business Owners
Small and micro business owners are some of the top mobile loan borrowers because they badly need the loans especially if their business is going south and needs urgent revival. Since mobile loans don’t have lots of formalities and are available when you need them, they are the best option for this small business owners.
3. The Unemployed
Definitely, they have to be on this list. If you are unemployed or don’t have a ‘tangible job’ to secure you a loan or rather to guarantee a safe repayment of the loan, then banks cant lend you their money…so the only option left for this unemployed Kenyans who are majorly graduates is to borrow from mobile lenders