LendPlus Loan App is owned by Aventus Group, a leading digital loan provider serving clients across Europe, Asia, and Africa since 2009.
Headquartered in Vilnius, Lithuania, Aventus Group operates in various countries, including Spain, the Czech Republic, Poland, Kenya, Romania, the Philippines, Ukraine, India, Kazakhstan, Sri Lanka, Moldova, Belarus, and Vietnam. The company has a strong track record of providing innovative digital lending solutions that are both convenient and accessible.
As the parent company of the LendPlus Loan App, Aventus Group has leveraged its extensive experience in the digital lending space to develop a loan app that provides quick and convenient online loan access.
With low interest rates and flexible repayment plans, the LendPlus Loan App offers a convenient way for borrowers to access the money they need when they need it.
Also Read:14 Best Mobile Loan Apps in Kenya in 2023
Who is the LendPlus Loan App Best for?
The LendPlus Loan App is designed to meet the needs of individuals looking for quick and convenient access to online loans. The app is ideal for those needing money to cover short-term needs, such as medical or emergency expenses, travel, and more.
Who is LendPlus isn’t right for?
The app is not intended for those needing a large loan, such as one, to cover the cost of a home or significant purchase. The app may also be unsuitable for some borrowers with lower credit scores, as they may not qualify for an online loan through LendPlus Loan App.
To qualify for an online loan through the LendPlus Loan App, borrowers must meet the following criteria:
- Age 18 or older.
- Good CRB Rating
- National Identity Card
- Own a registered mobile number with an active Mpesa account
- Be employed/Self-employed with a steady income.
Interests Rates, Calculations, and Fees
The app claims to offer online loans ranging from Ksh 500 to Ksh 70,000, with flexible repayment terms that can extend up to 365 days.
Also, the minimum loan repayment period is 61 days.
The minimum annual percentage rate (APR), including fees, is 3.65%, while the maximum APR, excluding the stock, can reach 730%.
For instance: For a Ksh 10,000 loan of 61 days , under 1.4 % per day, the consumer will pay 18,540 as the total cost of the loan (minimum interest rate)
For a Ksh 10,000 loan applied for 61 days under 3.0%, the total cost of the loan will stand at Ksh 28,300
The loan amount and terms depend on the borrower’s eligibility criteria, such as income status and creditworthiness.
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The app also charges a convenience fee, which varies based on the loan amount and repayment terms.
However, the app ensures that its interest rates and fees are competitive and transparent, with no hidden charges or penalties.
Borrowers can estimate their loan costs accurately during the loan application process. Moreover, the app offers loan top-ups and extensions if the borrower requires additional funds or more time to repay the loan.
How to Repay the LendPlus Loan?
You have options on where you can pay your loan at LendPlus. You can either choose to pay through your verified bank account, use a debit card. Another option is via Paybill number: 4073865 as shown below:
Open Mpesa Menu
Select Lipa na Mpesa
Enter the Business Number (4073865)
Select Account Number (Your Safaricom Mpesa Number)
Enter an amount to repay
Enter Mpesa Pin, then send
The LendPlus loan app has a 4.1-star rating on Google Play Store with over 500k downloads indicating that the app is well-received by its users.
Most reviewers praised the loan app for its fast approval time, reasonable interest rates, flexible repayment terms, and user-friendly interface.
However, some users have complained about numerous calls from customer care when their loan is due, and others have reported that their loan requests were denied with no reason given.
Methodology Used to Review the Loan App
To evaluate the LendPlus Loan App, we conducted an in-depth review of the LendPlus Loan App to determine its efficacy in providing quick and convenient access to online loans.
We considered its features: eligibility criteria, maximum loan amount and terms, interest rates, and fees.
We also looked at customer reviews from the Google Play Store to gain insights into the user experience.
Finally, we checked the security measures to ensure customer data was kept safe and secure. After our review, we are confident that this app provides a reliable and secure way to access online loans quickly and conveniently.
Let us hear about your LendPlus loan experience in the comments section below.