AsapKash loan is a mobile lending platform that provides quick and secure loans to its users. The loans are disbursed directly to the borrower’s M-Pesa account, making it easy and convenient for borrowers to access funds from anywhere in Kenya.
AsapKash loan app is owned by AsapKash Fintech Kenya Limited, which is regulated by the Central Bank of Kenya.
To apply for an AsapKash loan, a borrower needs to download the AsapKash loan app from the Google Play Store, create an account, and provide personal and financial information.
The borrower’s creditworthiness is then assessed using an algorithm that takes into account various factors such as credit history, income, and expenses.
The loan amount offered by AsapKash ranges from Ksh 500 to Ksh 50,000, with a repayment period of between 7 and 30 days. The interest rates charged on AsapKash loans vary depending on the loan amount and repayment period, with rates ranging from 10% to 20%.
AsapKash loans can be repaid within the app using M-Pesa or through Paybill using the AsapKash Paybill number 4047993. To repay using M-Pesa, a borrower needs to follow these steps:
- Open the M-Pesa menu
- Select Lipa na M-Pesa
- Select Paybill
- Enter the AsapKash Paybill number 4047993
- Enter the borrower’s M-Pesa number as the account number
- Enter the amount to repay
- Enter the M-Pesa PIN
- Confirm and send
Once the repayment is made, the borrower’s loan balance is updated automatically within the AsapKash loan app.
Eligibility Criteria for AsapKash Loan
AsapKash Loan is a popular mobile-based lending platform in Kenya that offers quick and secure loans to Android smartphone users. To be eligible for a loan, applicants must meet certain criteria. Here are the key eligibility requirements for AsapKash Loan:
Age Limit
AsapKash Loan requires applicants to be at least 18 years old. Therefore, anyone below the age of 18 is not eligible to apply for a loan.
Nationality
AsapKash Loan is available to Kenyan citizens who have a valid national identification card.
Mobile Phone and M-Pesa Account
To apply for an AsapKash Loan, the applicant must have an Android smartphone and an active M-Pesa account. The loan amount is sent directly to the M-Pesa account once the loan is approved.
Credit Score
AsapKash Loan does not require a credit score or collateral to approve a loan. However, the platform uses a proprietary algorithm to assess the applicant’s creditworthiness based on their M-Pesa transaction history and other factors.
Loan Repayment History
AsapKash Loan considers the applicant’s loan repayment history when assessing their creditworthiness. If the applicant has a history of defaulting on loans, they may not be eligible for an AsapKash Loan.
Loan Amount
AsapKash Loan offers loans ranging from KES 500 to KES 50,000. The loan amount approved depends on the applicant’s creditworthiness and repayment history.
How to Apply for AsapKash Loan
Applying for a loan through AsapKash is a simple process that can be completed using their mobile app. The following sub-sections will guide you through the steps required to successfully apply for a loan.
Download AsapKash App
To apply for a loan with AsapKash, you must first download their mobile app from the Google Play Store. The app is only available on Android smartphones. Once you have downloaded and installed the app, you can proceed to register and verify your account.
Register and Verify Account
After downloading the app, you will need to register and verify your account. To do this, you will need to provide your personal details, including your name, phone number, and email address. You will also need to set a password for your account.
Once you have registered, you will need to verify your account by providing a copy of your national ID card and a selfie. After submitting these documents, your account will be verified within a few minutes.
Fill Loan Application Form
Once your account is verified, you can proceed to apply for a loan. To do this, you will need to log in to your account and fill out the loan application form. The form will require you to provide details about the loan amount, repayment period, and purpose of the loan.
Loan Approval and Disbursement
After submitting your loan application, it will be reviewed by AsapKash’s underwriting team. If your application is approved, the loan amount will be disbursed to your M-Pesa account within a few minutes.
Repayment Process of AsapKash Loan
AsapKash loan is a quick and secure loan that can be easily repaid through various methods. Repaying the loan on time helps you build your credit score and also increases your chances of getting approved for future loans. Here are the details of the repayment process of AsapKash loan.
Repayment Schedule
The repayment schedule for AsapKash loan is flexible and can be customized according to the borrower’s convenience. The loan amount and the repayment period are decided based on the borrower’s credit score and repayment history.
The borrower can choose to repay the loan in weekly, bi-weekly, or monthly installments.
Methods of Repayment
AsapKash loan can be repaid through various methods, including:
- Loan App: Borrowers can repay the loan within the app itself. They can easily navigate to the ‘Repay Loan’ section and make the payment using their preferred payment method.
- Paybill: Borrowers can also use Paybill to repay the loan. They need to follow a few simple steps, including selecting ‘Lipa na Mpesa,’ entering the Paybill number for AsapKash loan app (4047993), entering their Mpesa number as the account number, entering the repayment amount, and confirming the payment.
- Bank Transfer: Borrowers can also make a bank transfer to repay the loan. They need to transfer the repayment amount to AsapKash Fintech Kenya Limited’s bank account and provide the transaction details to the AsapKash customer support team.
Early Repayment Benefits
AsapKash loan offers various benefits to borrowers who repay the loan early. These benefits include:
- Reduced Interest Rate: Borrowers who repay the loan early can enjoy a reduced interest rate on their loan amount.
- Improved Credit Score: Early repayment of the loan can help improve the borrower’s credit score, which can increase their chances of getting approved for future loans.
Consequences of Non-Payment
Non-payment of AsapKash loan can have serious consequences for the borrower. Here are some of the consequences that may occur:
- Negative Credit Score: AsapKash reports non-payment to the Credit Reference Bureau (CRB), which negatively affects the borrower’s credit score. A bad credit score can make it difficult to obtain credit in the future, such as loans, credit cards, and mortgages.
- Penalties and Late Fees: AsapKash charges penalties and late fees for non-payment. The longer the borrower delays payment, the higher the penalties and late fees become. These charges can add up quickly and make it even more difficult to repay the loan.
- Legal Action: AsapKash may take legal action against the borrower for non-payment. This could include a lawsuit, wage garnishment, or even repossession of the borrower’s assets. Legal action can be costly and time-consuming, and it is best to avoid it if possible.
- Debt Collection: AsapKash may also turn over the loan to a debt collection agency if the borrower does not pay. Debt collectors can be aggressive and persistent in their attempts to collect the debt. They may call the borrower’s home and workplace, send letters, and even visit in person. This can be a stressful and unpleasant experience for the borrower.
Customer Support for AsapKash Loan
AsapKash understands the importance of having reliable customer support to assist with loan-related questions or concerns. Here are some ways to get in touch with their customer care team:
Phone Support
Customers can call the AsapKash customer care team directly for assistance with loan-related issues. The phone number is available on their website and loan app.
Email Support
Customers can also reach out to AsapKash customer support via email. They can send an email to the provided email address with their loan-related queries, and the team will respond promptly.
Live Chat Support
AsapKash has a live chat feature available on their website and loan app. Customers can use this feature to chat with a customer support representative in real-time and get their questions answered quickly.
Social Media Support
AsapKash has an active presence on social media platforms such as Twitter and Facebook. Customers can reach out to them via these platforms for assistance with their loan-related queries.
AsapKash customer support is available to assist customers with loan-related queries and concerns. Customers can reach out to them via phone, email, live chat, or social media, and the team will respond promptly.
Frequently Asked Questions
What are the payment options for ASAPKash loans?
ASAPKash loans can be repaid within the app or through Paybill. To repay through Paybill, follow these steps:
- Open MPESA menu
- Select Lipa na MPESA
- Select PAYBILL
- Enter Business Number (Enter 4047993 Paybill for Asap Kash app)
- For Account number (Enter your MPESA number)
- Enter amount to repay
- Enter your MPESA pin
- Confirm and send.
How can I make a payment on my ASAPKash loan?
To make a payment on your ASAPKash loan, follow these steps:
- Open the ASAPKash app
- Go to the payment section
- Choose the payment method that suits you
- Enter the payment details
- Submit the payment
Is there a penalty for late payments on ASAPKash loans?
Yes, late payments will attract a penalty fee. To avoid this, ensure that you make your payments on time.
Can I pay off my ASAPKash loan early?
Yes, you can pay off your ASAPKash loan early. There are no penalties for early repayment.
Are there any fees associated with making a payment on my ASAPKash loan?
No, there are no fees associated with making a payment on your ASAPKash loan.
Will making payments on time improve my credit score?
Yes, making payments on time will improve your credit score. It shows that you are a responsible borrower and can be trusted with credit.
