If you’re looking for a quick and easy way to get a loan in Kenya, Mkopo Rahisi App is a great option. This loan app allows you to borrow money directly from your phone, without having to go through the lengthy application process of a traditional bank loan.
To get started with Mkopo Rahisi, you need to download the app from Google Playstore and register with the app. Once you’ve registered, you can apply for a loan by following the simple steps provided. The loan amount you’re eligible for will depend on your credit score, repayment history, and other factors.
Mkopo Rahisi offers loans starting from KES 500 up to KES 50,000, with a minimum repayment period of 91 days and an interest rate of 26% APR. The app uses social media data to determine your creditworthiness, which means that you don’t need to have a good credit score to be eligible for a loan.
The loan repayment process is also simple and straightforward. You’ll receive reminders via SMS or push notifications when your repayment is due. You can repay your loan using M-Pesa, Airtel Money, or any other payment method accepted by the app.
Repayment Process of Mkopo Rahisi App Loan
If you have taken a loan from Mkopo Rahisi app, you need to repay it on time to avoid late payment fees and penalties. The app provides various repayment options to make it easy for you to repay the loan.
Via the Mkopo Rahisi App
You can also repay your Mkopo Rahisi app loan directly from the app. Here are the steps you need to follow:
- Open the Mkopo Rahisi app on your phone.
- Go to the Repay Loan section.
- Enter the amount you want to repay.
- Choose the repayment option you prefer, either M-Pesa or bank transfer.
- Follow the instructions to complete the repayment process.
Once you have completed the repayment process, the loan amount will be deducted from your account, and your loan will be marked as repaid.
Eligibility Criteria for Mkopo Rahisi App Loan
To apply for a loan using the Mkopo Rahisi app, there are certain eligibility criteria that you must meet.
These requirements are put in place to ensure that the loan is only given to individuals who have the ability to repay it. Here are the eligibility criteria for the Mkopo Rahisi app loan:
- You must be a resident of Kenya.
- You must have a valid national ID or passport.
- You must be between the ages of 18 and 55 years old.
- You must have a valid Safaricom M-Pesa account.
- You must have a steady source of income. This can be from employment, business, or any other legitimate means.
Once you have met the above eligibility criteria, you can proceed to download the Mkopo Rahisi app and apply for a loan.
It is important to note that meeting the eligibility criteria does not guarantee that you will be approved for a loan. The final decision is made by the Mkopo Rahisi app based on your creditworthiness and ability to repay the loan.
In addition to the above eligibility criteria, there are also certain factors that may disqualify you from getting a loan from the Mkopo Rahisi app. These include:
- Having a history of defaulting on loans or other financial obligations.
- Having a negative credit score or credit history.
- Providing false or misleading information during the loan application process.
It is important to be honest and transparent when applying for a loan using the Mkopo Rahisi app. Providing false information can result in your loan application being rejected and may also affect your ability to access credit in the future.
Steps to Apply for Mkopo Rahisi App Loan
If you are looking to apply for a loan using the Mkopo Rahisi app, follow these simple steps:
- Download the Mkopo Rahisi app from the Google Playstore and install it on your mobile phone.
- Register with the app by providing your personal details such as your name, ID number, and phone number.
- Link your M-Pesa account to the app. This will enable you to receive the loan amount once your application is approved.
- Apply for the loan by filling in the required information on the app. This includes the amount you want to borrow and the repayment period.
- Wait for your loan application to be approved. This usually takes a few minutes.
- Once your loan is approved, the funds will be disbursed to your M-Pesa account within a minute. You can then use the funds for your intended purpose.
It is important to note that Mkopo Rahisi loan app charges an interest rate of 26% APR. Ensure that you read and understand the terms and conditions of the loan before applying.
Additionally, ensure that you repay the loan on time to avoid any penalties or negative effects on your credit score.
Consequences of Not Repaying Mkopo Rahisi App Loan
If you fail to repay your Mkopo Rahisi app loan on time, you will face some consequences. Here are some of the consequences of not repaying your Mkopo Rahisi app loan:
Late Payment Fees
If you miss your repayment deadline, Mkopo Rahisi app will charge you a late payment fee. This fee is usually a percentage of your outstanding loan balance. The longer you delay in repaying your loan, the more you will be charged in late payment fees.
Negative Credit Score
Failure to repay your Mkopo Rahisi app loan on time can negatively affect your credit score. A poor credit score can make it difficult for you to access credit in the future. It can also result in higher interest rates on future loans.
Legal Action
If you fail to repay your Mkopo Rahisi app loan, the lender may take legal action against you. This can result in a court judgment against you, which can negatively affect your credit score. It can also result in wage garnishment, where the lender takes a portion of your salary to repay the loan.
Difficulty Accessing Credit
If you have a history of not repaying loans, you may find it difficult to access credit in the future. This can limit your ability to take out loans for emergencies or other important expenses.
In conclusion, it’s crucial to repay your Mkopo Rahisi app loan on time to avoid the consequences of late payment.
Tips to Manage Mkopo Rahisi App Loan Repayment
Repaying a loan can be a daunting task, but with proper planning and management, it can be done without any hassle. Here are some tips to help you manage your Mkopo Rahisi app loan repayment:
1. Set Up a Budget
The first step to managing your loan repayment is to set up a budget. This will help you understand your income and expenses and how much you can allocate towards loan repayment.
Make a list of all your monthly expenses, including rent, utilities, groceries, transportation, and other bills. Subtract your total expenses from your income to determine how much you can afford to repay each month.
2. Prioritize Your Loan Repayment
Make loan repayment a priority in your budget. Allocate a specific amount towards your loan repayment each month and make sure to pay it on time. Late payments can result in additional fees and negatively impact your credit score. If you have multiple loans, prioritize the one with the highest interest rate to save money in the long run.
3. Use Automatic Payments
Consider setting up automatic payments for your loan repayment. This will ensure that your payments are made on time and you don’t have to worry about forgetting to make a payment. You can set up automatic payments through the Mkopo Rahisi app or through your bank.
4. Communicate with the Lender
If you are having trouble making your loan payments, don’t hesitate to communicate with the lender. They may be able to offer you a repayment plan or other options to help you manage your loan repayment. Ignoring the problem will only make it worse, so it’s important to address it as soon as possible.
5. Avoid Borrowing More Than You Can Repay
Finally, it’s important to avoid borrowing more than you can repay. Only borrow what you need and what you can afford to repay.
Mkopo Rahisi offers loans starting from KES 500 up to KES 50,000 with a minimum repayment period of 91 days and an interest rate of 26% APR.
Make sure to read and understand the terms and conditions before applying for a loan.
Frequently Asked Questions
How long does it take to receive a Mkopo Rahisi loan after application?
Once you have submitted your loan application on the Mkopo Rahisi app, you can expect to receive the loan amount in your M-Pesa account within a minute.
The application process is fast and straightforward, and you can receive the funds you need almost instantly.
What are the requirements for obtaining a Mkopo Rahisi loan?
To qualify for a Mkopo Rahisi loan, you need to be a Kenyan citizen with a valid identification card, be over 18 years old, and have an active M-Pesa account. You will also need to download the Mkopo Rahisi app from Google Play Store, register with the app, and apply for the loan.
How do I repay my Mkopo Rahisi loan?
Repaying your Mkopo Rahisi loan is easy. Once you receive the loan amount in your M-Pesa account, you will need to make repayments through the same account. You can choose to pay the loan in full or in installments, depending on your repayment plan.
What happens if I am unable to repay my Mkopo Rahisi loan on time?
If you are unable to repay your loan on time, you will incur a penalty fee of 1% per day on the outstanding loan amount. Failure to repay your loan may also affect your credit score, making it difficult for you to access credit in the future.
How much interest is charged on Mkopo Rahisi loans?
Mkopo Rahisi loans are charged at an interest rate of 26% APR. The interest rate is fixed, and you will know the exact amount of interest charged on your loan before you apply. It’s important to note that the interest charged on your loan will depend on the loan amount and the repayment period.
Can I extend the repayment period for my Mkopo Rahisi loan?
Yes, you can extend the repayment period for your Mkopo Rahisi loan. However, this will attract additional fees and charges. It’s important to communicate with the Mkopo Rahisi customer care team if you are unable to make your loan repayments on time to avoid penalties and other charges.
