Kashway Loan App, a product of Wakanda Credit, is one of the most popular loan apps on the Kenyan market. It has a simple and easy-to-use interface that makes applying for a loan quick and easy.
Kashway Loan App provides a quick and easy way to apply for a quick loan in Kenya. Download the loan app, fill out the application form, and you’ll have your cash in your Mpesa account in no time.
This article will discuss the Kashway Loan App, how to download it, and their loan interest rates and fees, among other things.
Let’s get started.
What you Need to Know about KashWay Loan App
KashWay App is popular because it offers competitive interest rates and fees. Unlike any other loan app out there. The Kashway app has a user-friendly design to simplify the loan application procedure.
Interest rates on KashWay loans start at 30% APR, with a maximum of 72% APR. Of course, there are additional charges and late payment penalties of the loan amount. This is one of the main reasons Kashway’s mobile loan application is more costly than others.
In addition to the annual percentage rate, there is also a service charge of 22% and other late payment penalties.
For example, If you take a loan of Ksh. 4920 with a repayment period of 180 days, your total repayments will be Ksh. 4920 + 4920*22% = Ksh 6002.4 excluding the interest rate.
Wait a minute, What is APR? The Annual Percentage Rate (APR) is the rate at which your loan accrues interest. It’s essentially the “cost” of borrowing money. KashWay Loan App charges an annual rate of 30% to 72% depending on the amount taken.
Here are a few more things you should know about KashWay.
- Instant loan approval: The KashWay Loan App offers instant loan approval. All you need to do is download the app, fill out the application form, and you’ll have your cash in your Mpesa account in no time.
- No collateral needed: Unlike the traditional bank loans that require collateral, KashWay Loans are unsecured. This means that you don’t need to put up your car or house as collateral for the loan.
- Loan repayment period: The repayment period for KashWay loans is between 30 days and 180 days.
- Loan amount: You can apply for a minimum of Ksh. 500 and a maximum of Ksh. 50,000.
You may also like Online Loans in Kenya Via Mpesa.
How Can I Apply for KashWay Loan?
Applying for a KashWay Loan is simple and easy.
Go to Google Play Store or Apple App Store, search for “KashWay,” and install the app on your phone to download the Loan App.
Once you have installed the app, please open it and register for an account by providing your personal information such as your name, ID number, phone number, email address, etc.
After you have registered and logged in, the app will automatically scan your phone for additional information such as your M-Pesa transaction history, Call history logs, Phone book records, etc.
This information is used to verify your identity, set your loan limit, and CRB status. Enter the amount of money you need and the repayment period to apply for a loan. The app will then calculate your interest and fees and display them on the screen.
If you are happy with the terms, click on the “Apply Now” button, and they will deposit the money into your M-Pesa account within minutes.
It’s that simple!
So, there you have it. That is all you need to know about KashWay. We hope this article was helpful.