Frequently Asked Questions
Gain valuable insights and clarity in our FAQ section where we address the most common queries about loans and our service, equipping you with the knowledge to make informed decisions. Have additional queries? Connect with us via the user-friendly feedback form on our contact page for personalized assistance.
What is an online loan?
An online loan is a type of loan that you can apply for and receive over the internet without needing to visit a bank or financial institution in person.
What are the benefits of online loans?
Benefits include convenience, faster approval times, competitive interest rates, and the ability to easily compare different loan offers from various lenders.
What types of loans can be obtained online in Kenya?
In Kenya, you can obtain various types of loans online, such as personal loans, business loans, mobile loans, education loans, and emergency loans.
How can I apply for an online loan?
To apply for an online loan, you need to fill out an application form on the lender’s website or mobile app, provide the necessary documents, and wait for the approval process.
What documents are required to apply for an online loan?
Typically required documents include a valid ID, proof of income, bank statements, and sometimes your credit history.
Are online loans in Kenya safe?
Yes, online loans are generally safe if you choose reputable lenders and use secure websites or apps. It's important to check reviews and verify the lender's credibility before applying.
How long does it take to process an online loan application?
Processing times can vary, but online loans often have quicker approval times compared to traditional loans. Some applications can be approved within minutes, while others might take a few hours or days.
What is the interest rate on online loans?
Interest rates vary depending on the lender, the loan amount, the loan tenure, and your creditworthiness. It’s important to compare rates from different lenders to find the best deal.
Is it possible to repay an online loan early?
Yes, it is usually possible to repay an online loan early, but this depends on the specific terms and conditions of the loan. Some lenders may charge a prepayment penalty.
What should I do if my online loan application is rejected?
If your application is rejected, you should ask the lender for the reasons behind the rejection, check your credit report for any issues, improve your creditworthiness, and consider reapplying after addressing the problems identified.
