Kashway Loan APK is one of the mobile money lending applications available for people in Kenya to access money quickly. It simplifies the process of borrowing money and is quick about its transfer as well. The App has a simple process that you can fill in from your phone. You can apply for a loan in a few steps; if your application gets approved, you receive your money right there. The process is fast, so when in a spot, this application helps and is a good option when you need cash. Of course, the major advantage of the app is the low interest rates; that means you pay very little extra to lend money from the app.
What Kashway Loans offer
The loan is from Ksh 3,000 to Ksh 50,000. You can choose a loan tenure between 100 and 270 days. This means that you can select a loan suited to your amount needs as well as to the repayment time frame for you.
Loan Amount Range
Minimum loan: Ksh 3,000
● Maximum loan: Ksh 50,000
Loan Duration Options
● Lowest Duration: 100 days
● Longest term: 270 days
With the options provided, you can determine how much you should borrow and how long you should take to pay back. This liberty enables you to pick the right plan for your budget.
Understanding Kashway Loan Interest and Fees
This app will charge interest on each loan. The interest is payable based on a combination of your own loan sum, loan term and others. Look at this chart to find out more about it:
Interest Rates
This interest rate range varies from 5% to 16% APR. One will use APR with interest and fees attached as the basis since this is the total borrowing cost.
● Minimum APR 5%
● Top APR 16%
These rates make Kashway a flexible option as, for some loans, one gets low interest.
Processing Fees
The loan application fee is a fee once charged as a processing fee; this affects the amount borrowed and varies between Ksh 100 and Ksh 2,000.
● Minimum processing fee: Ksh 100
● Highest transaction fee: Ksh 2,000
Examples of a Kashway Loan
If you choose a loan of Ksh 1,000 for 92 days at an APR of 36%, the following charges apply:
1: Loans Amount: Ksh 1,000
2: Application fee: Ksh 100
3: Total interest: Ksh 91 (based on APR)
Total amount to pay: Ksh 1,191
This example shows how much you will owe if you borrow Ksh 1,000. Your final repayment would depend on the APR and any fees applied to your specific loan.
Benefits of Kashway Loans
Some of the benefits that it proffers to users include main benefits of this app, which are:
Quick and Simple Process
This is what makes loaning so fast and hassle-free. You just have to go through three steps to start the loan. In general, this just helps you save time while acquiring funds pretty quickly.
Opportunity to Raise Loan Amount
If you pay out your loans on time Kashway can increase your credit amount. Timeful payment indicates reliability. And that opens all doors to take in bigger future offers of loans when you need more funds available in the future.
Fast Approvals and Releases
Compared to many standard lenders, this app provides an expedited approval process. Once your loan is approved, the money is then transferred directly into your mobile account. This instantly gives you access to finances when needed.
Convenient mobile access
The app works pretty well via mobile. That means it becomes easy for anyone who wants to access app services, manage, and repay their loan all from their phone directly.
Clear and Transparent Charges
This app is very transparent and clear in providing interest rates and fees while showing the total cost of your loan before applying, so you won’t be surprised afterward.
Eligibility for Kashway Loans
To qualify for a loan through this application, there are several must-be-met requirements:
- Minimum Age: You must be at least 18 years old.
Stable income: Proof of income or employment may be required.
Kenyan Citizen: These application loans are only developed for the citizens of Kenya.
If you meet these requirements, you have a good prospect of going through with the loan with it.
How Kashway Loans Work
Step 1: Registration
Open this app. You will require an active M-Pesa number to do that. M-Pesa is the channel through which you will receive the loan and pay it back.
Step 2: Apply for the loan
Upon registration, select how much you want to be loaned to you. Between Ksh 500 to Ksh 50,000 do fit. The interest and fees will then be shown to you before applying.
Step 3 Approval and Distribution
Then, the money is delivered to your M-Pesa. Approval takes place in a matter of minutes before disbursing.
Step 4: Repayment
Timely repayments: These allow the customers to increase their loan limit with time and thus can access higher amounts whenever they are needed. The repayments also happen through M-Pesa, which is an easier way of doing things.
Alternative loan Apps in Kenya
You may also check out other loan applications. They include:
- Quick Loan
- Zash Loan
- Circulatory Capital
Each application differs in some features, so you may have one that suits your needs the most.
Things to Keep in Mind with Kashway
- Repayment Before Due Date: Avoid multiple calls by making your repayments on time. Unpaid transactions on time may result in frequent reminders.
- Service Fee and Rate Interest: Whatever loan you’re taking, always check what fees and rate interest are. It helps you break down the total cost of the loan.
- Timely Repayment Benefits: Provided you make timely repayments, you increase your credit limit through the loan. Thus, they shall provide you with enough amounts at specific times.
Conclusion
This means that Kashway loans are convenient to process the amount with transparent fees, and the process is very straightforward. You can know the terms and conditions of the loan so that you responsibly repay on time to have a good loan history with this app.