In a fast-paced world where financial emergencies can arise at any moment, having access to quick and affordable loans can make a significant difference. Afrecash, Kenya’s unique mobile money lending app, aims to provide low-cost loans with flexible repayment schedules.
With the convenience of receiving funds directly to your mobile wallet or M-Pesa account, Afrecash offers a seamless borrowing experience. This article delves into the features and benefits of the Afrecash loan app, including the loan application process, loan limits, repayment options, and loan terms.
Getting a Loan with Afrecash:
To access the benefits of Afrecash, borrowers need to follow a simple process:
Download the App: Start by downloading the Afrecash application from the Google Play Store. This ensures that borrowers can easily access the app on their mobile devices.
Register with Afrecash: Complete the registration process within the app, providing the necessary information and documentation as required. This step helps Afrecash verify the borrower’s identity and eligibility for the loan.
Loan Approval: Once the registration is complete, Afrecash’s secure system verifies the borrower’s identity and evaluates their eligibility for a loan. Upon successful verification, borrowers receive loan approval almost instantly.
Loan Disbursement: After loan approval, the requested loan amount is directly deposited into the borrower’s M-Pesa account or mobile wallet, providing quick access to the funds.
Loan Limit:
Upon registration with Afrecash, borrowers are assigned a loan limit based on an appraisal of their account. This loan limit specifies the maximum amount that borrowers can borrow instantly, up to or less than the assigned limit. As borrowers repay their loans on time, Afrecash rewards them with a loan limit increase, offering more flexibility and borrowing power.
Repaying Your Loan with Afrecash:
Afrecash offers a user-friendly and convenient loan repayment process. To repay your loan, follow these steps:
Open Afrecash App: Launch the Afrecash app on your mobile device and navigate to the “Pay Now” section.
Payment Procedure: The Afrecash app provides a self-explanatory payment procedure that guides borrowers through the repayment process.
Alternatively, borrowers can follow the following steps to make Afrecash loan repayments through M-Pesa:
- Safaricom Menu: Access your Safaricom menu and select M-Pesa.
- Lipa na M-Pesa: From the M-Pesa menu, choose the “Lipa na M-Pesa” option.
- Pay Bill: Select the “Pay Bill” option.
- Enter Details: Enter the business number “4018311” and use your registered phone number as the account number.
- Payment Amount: Enter the payment amount for your loan repayment.
- M-Pesa PIN: Provide your M-Pesa PIN to authorize the payment.
- Confirm and Proceed: Verify that all the details are correct and press “OK” to complete the repayment process.
Loan Terms with Afrecash:
Afrecash offers customers the flexibility to choose their preferred loan terms, with options ranging up to 90 days. Each loan term has a corresponding one-time fee of 10-19%. By making loan repayments on time, borrowers have the opportunity to grow with Afrecash and increase their loan limit up to KSh 50,000.
For instance, if a borrower opts for a 90-day loan with a principal amount of KSh 1,000, the service fee would be KSh 190, resulting in a total amount due of KSh 1,190. This transparent fee structure allows borrowers to have a clear understanding of the costs
Conclusion
Afrecash stands as a unique mobile money lending app in Kenya, offering low-cost loans with flexible repayment schedules. By leveraging the convenience of mobile wallets and M-Pesa, borrowers can access funds quickly and easily. With a user-friendly interface, transparent fee structure, and the opportunity to increase loan limits, Afrecash aims to provide a seamless borrowing experience. Whether it’s for urgent financial needs or planned expenses, Afrecash offers a reliable solution for individuals seeking affordable and convenient loans.
Learn more about other loans apps in Kenya here.
