In today’s fast-paced world, financial emergencies can arise unexpectedly, requiring immediate access to funds. InstarCash App is a reliable mobile application that offers a seamless borrowing experience for users in Kenya.
In this article, we will explore the features, loan process, repayment options, and benefits of using InstarCash App. With its user-friendly interface and efficient services, InstarCash App is designed to provide quick and convenient loans to address your financial needs.
How to Use InstarCash App?
Using InstarCash App is simple and straightforward. Follow these steps to apply for a loan:
Install InstarCash App: Start by downloading and installing the InstarCash App from the Google Play Store. The app is specifically designed for Android devices.
Account Setup: Once the app is installed, create an account by providing the necessary information. This typically includes personal details such as name, age, contact information, and identification documents.
Loan Application: Fill in the required information accurately and submit your loan application through the app. Ensure that you provide all the necessary details as requested.
Loan Agreement: After your loan application is approved, you will receive a loan agreement. Carefully review the terms and conditions outlined in the agreement and sign it electronically within the app.
Loan Disbursement: Upon signing the loan agreement, the approved loan amount will be disbursed to your designated bank account or mobile money wallet. In most cases, you can expect to receive the funds within 10 minutes, enabling you to address your financial needs promptly.
Loan Request Eligibility: To be eligible for a loan through InstarCash App, you need to be at least 18 years old or above. This age requirement ensures that borrowers are legally capable of entering into financial agreements.
Loan Features
InstarCash App offers a range of features designed to cater to different financial needs. These features include:
Loan Limit: InstarCash App provides loan amounts ranging from 1000 Ksh to 20000 Ksh. Borrowers have the flexibility to choose the loan amount that best suits their requirements.
Loan Tenure: The shortest loan tenure available is 91 days, with the possibility of extending it up to 12 months based on your creditworthiness and repayment history. The longer tenure options provide more flexibility for borrowers to manage their repayments.
Annual Interest Rate: InstarCash App offers an annual interest rate of 18%. This transparent interest rate ensures that borrowers have a clear understanding of the cost associated with their loans.
Loan Example
To illustrate the cost structure of loans offered by InstarCash App, let’s consider an example:
Suppose a borrower requests a loan amount of 1000 Ksh with a loan tenure of 12 months and an annual interest rate of 18%.
Total Interest Calculation: Total interest for 12 months = 1000 Ksh x 18% = 180 Ksh
Monthly Interest Expense Calculation: Monthly interest expense = 180 Ksh / 12 = 15 Ksh
Amount Received Calculation: Amount received = 1000 Ksh – 180 Ksh = 820 Ksh
Monthly Repayment Amount Calculation: Monthly repayment amount = 1000 Ksh / 12 = 84 Ksh
Total Repayment Calculation: Total repayment = 1000 Ksh
In this scenario, the borrower would receive 820 Ksh and be required to make monthly repayments of 84 Ksh for a total of 12 months, resulting in a total repayment of 1000 Ksh.
Customer Support and Contact Information
InstarCash App prides itself on providing excellent customer service and support. Should you have any questions or concerns during the loan application process or while using the app, you can reach out to their customer service team. The contact details are as follows:
Customer Service Email: [email protected]
Additionally, InstarCash App is located at Britam Tower, 3rd Floor, Longonot Rd, Nairobi, Kenya. They strive to provide 24/7 service, ensuring that you can access assistance whenever you need it.
Conclusion
InstarCash App stands as a reliable and convenient solution for obtaining quick loans in Kenya. With its user-friendly interface and straightforward loan application process, borrowers can access the funds they need within minutes.
The app’s features, such as flexible loan limits, extended repayment tenures, and competitive interest rates, provide borrowers with the necessary options to meet their financial requirements.
With their dedicated customer support team available to address any concerns, InstarCash App ensures that borrowers receive the assistance they need throughout their borrowing journey.
Learn more about other loans apps in Kenya here.
