Reviewing the Kashbean Loan App, a financial product developed by Mycredit Kenya Limited, a reputable FinTech company dedicated to providing exceptional financial services to individuals and businesses.
In addition to offering loans, Mycredit Kenya Limited specializes in leasing, guarantees, and insurance, catering to the diverse needs of individuals, businesses, and organizations.
Kashbean is a fully registered and licensed company in Kenya, operating under the strict guidelines and regulations set by the Central Bank of Kenya and microfinance authorities.
Quick and Convenient Access to Funds with Kashbean Loan App
The app is specifically designed to cater to the needs of individuals and small businesses requiring rapid access to funds. The app’s user-friendly interface ensures a seamless experience, allowing users to complete the loan application process within minutes.
Unlike other lenders, Kashbean Loan App guarantees competitively low-interest rates with no hidden fees or charges, making it an attractive option for borrowers.
Determining Eligibility and Suitability
While the app offers a convenient solution for many, it may not be suitable for everyone. Individuals or businesses with poor credit scores (commonly referred to as CRB ratings) or those facing challenges in timely loan repayments may find Kashbean Loan App unsuitable.
Additionally, it’s important to note that Kashbean specializes in short-term loans, with loan amounts ranging from KSh 1,500 to KSh 80,000 and repayment terms spanning from 91 to 365 days.
Ensuring Eligibility for Kashbean Loans
To qualify for a loan from Kashbean, specific criteria must be met:
- Be a resident of Kenya
- Aged between 18 and 60 years
- Have a reliable source of income and the ability to repay the loan
- Good credit.
Meeting these eligibility requirements opens the door to the financial support the App can provide.
Loan Amounts and Repayment Terms
Kashbean Loan App offers flexibility in both loan amounts and repayment terms. The loan amounts range from KSh 1,500 to KSh 80,000, and the maximum amount depends on your credit score and repayment history.
Repayment terms can be customized according to your needs, ranging from 91 to 365 days. Furthermore, Kashbean allows borrowers to repay the loan in multiple instalments, making the repayment process more accessible and manageable. Plus, you can pay off your loan early without any penalties or additional charges.
Competitive Interest Rates and Fees
Kashbean Loan App prides itself on its competitive interest rates, ranging from 12% to 36% per year (1% to 3% per month). The specific interest rate applicable to your loan depends on your credit score. For instance, if you borrow KSh 20,000 with a 91-day term, the interest rate would be 3% per month (36% per year), resulting in a total monthly repayment of KSh 7,266.67.
In addition to interest rates, Kashbean Loan App incorporates other fees such as processing fees, late payment fees, and default penalties. It is crucial to review these fees in your loan agreement before proceeding.
Simplicity and Efficiency of the Kashbean Loan App
The Kashbean Loan App is renowned for its user-friendly interface and hassle-free loan application process. After downloading the mobile application, you simply register and complete a straightforward online form. Within minutes, your information will be verified, and upon approval, your loan will be disbursed instantly.
How does it work? They employ a sophisticated algorithm that considers various data points, including personal information, phone type, location, call history, and Mpesa messages. By comparing this data against the CRB database, the app determines your credit score and eligibility for the loan, ensuring a smooth and efficient process.
Customer Satisfaction and Reviews
With over 1 million downloads and an excellent 4.3-star rating on the Google Play store, Kashbean Loan App has earned the trust and appreciation of its users. Customers praise the app’s convenience and speed during the loan application process. The exceptional customer service provided by Kashbean has also received accolades.
Customers find the low-interest rates and flexible repayment terms to be major advantages, significantly reducing the stress associated with loan repayment. Satisfied borrowers continually recommend Kashbean Loan App to their friends and family, demonstrating the level of trust and satisfaction they have experienced.
On the flip side, we have dissatisfied customers who have experienced poor services and, to some extent, being denied loans, but that could be due to several factors.
Related: What to Do If You’re Declined a Personal Loan
How we reviewed the Kashbean Loan App
To provide an accurate evaluation of the Kashbean Loan App, our experienced research team focused on various items. These included analyzing customer reviews, assessing social media comments, and conducting market analysis. By comparing Kashbean to similar loan apps available in the market, considering both positive and negative customer feedback, and consulting industry experts, we gained comprehensive insights into the app’s effectiveness and reliability.
Conclusion
Kashbean Loan App, powered by Mycredit Kenya Limited, emerges as a leading solution for individuals and small businesses needing quick access to funds. Its user-friendly interface, transparent terms, and competitive interest rates set it apart from its competitors, making it a preferred choice for borrowers across Kenya.
Please consider sharing your experience of the app In the comment section.