One thing that can never be in doubt is the huge popularity of mobile loan apps in the Kenyan scene. While it may or may not have been aided by the speed, ease and convenience of Safaricom’s very own M-Pesa, popular trend that is Mobile Loan Applications , is here to stay.
Today’s article is about one of those Mobile Loan Apps; ‘AfrikaLoan’ and how to apply for and repay an instant loan from the application.
AfrikaLoan is one of the various mobile applications in Kenya that offer very easy to get instant loans.
The AfrikaLoan mobile loan application has been in operation since 2018 and currently, offers users loans from as low as 500 Kenyan Shillings to 50,000 Kenyan Shillings (the maximum being the equivalent of $550).
Annual interest for AfrikaLoan ranges from 10% – 182.5% with an equivalent monthly interest of 0.8%-15.2%. Interest rates are determined by a number of factors, including your repayment history, loan option and the cost of lending for AfrikaLoan.
The upside with AfrikaLoan is that there are no extra fees or commisions and loan applicants, do not need to have any collateral.
How To Register And Apply for a Loan from AfrikaLoan
Before proceeding with your AfrikaLoan registration, please ensure that you have an Android compatible device, with a Safaricom registered SIM Card that has its M-Pesa account enabled.
To register and apply for a loan from AfrikaLoan, simply:
- download AfrikaLoan from Google Play Store. Visit this download link to get it directly – https://play.google.com/store/apps/details?id=com.afrikaloan&hl=en … Please make sure that your mobile Android device, has an Android Operating System version of 4.1 and above.
- After downloading and launching the AfrikaLoan application, you will be asked to fill in your personal information which is; your full names as registered on your national ID, email as well as your national ID number.
- Once done, you can then proceed to apply for your AfrikaLoan loan by indicating the amount that you would like to borrow.
AfrikaLoan will take 5 minutes to process your loan application. Remember that your mobile device’s data history such as M-Pesa transaction messages as well as messages from other mobile money lenders providers and financial services providers, will be used to determine whether or not you qualify for an AfrikaLoan.
Standard SMS charges, data charges as well as payment system (in this case; M-Pesa) commision charges by your mobile carrier may apply.
How To Repay Your AfrikaLoan Through M-Pesa
AfrikaLoan offers loan repayment terms of up to 52 weeks which is basically up to a one year period. It is however advisable that all AfrikaLoan users or beneficiaries endeavour to pay their loans earlier than the repayment due date.
To repay your AfrikaLoan with M-Pesa, simply:
- Go to your M-Pesa Menu and select the ‘Lipa na Mpesa’ option.
- Next, select ‘Paybill’.
- Once there, type in ‘697566’ in the field labelled as ‘Business Number’.
- Type in your phone number in the field labelled as ‘Account Number’
- Once done, enter the amount that you wish to repay.
- Next, type in your unique M-Pesa pin and select ‘OK’.
You will receive a message from M-Pesa, confirming your transaction.
Remember that failure to repay your loan would let to you being listed on the Credit Reference Bureau (CRB). Especially when it reaches a period of 90 consecutive days.
For anymore assistance, feel free to contact AfrikaLoan via their official phone number – +254 20 5137800 or visit their offices which are located at Soin Arcade in Westlands, Nairobi.
