Information and Reviews
Update:[09.05.2022]
From the look of things on Google reviews as well as social media reviews, this app is just like Okash but not better. Mainly because in case of default, Fairkash will call people in your contact list. But, before they do that, you get a text reminding you of this before putting your business out there. 3/10 for definitely crossing that privacy line.
How to Get a Loan With Fairkash
Other than that their loan services fit the basic criteria of borrowing a mobile loan from a lending app. Download, Register, check limit and apply.
The app offers 0 service fee on taking a loan however loan borrowed is not loan amount received.
Requirements to Get a Loan With Fairkash
- Be a Kenyan Citizen above the age of 20.
- Have a Safaricom registered line.
- Allow the app to access contacts, SMS e.t.c.
Representative cost of a loan with Fairkash
If you take Ksh.1000 for 6 months it incurs interest of 1.3%/month. Therefore interest is Ksh.79 per month.
That is, the total amount repaid is Ksh.1074 and the monthly instalment payment totals Ksh.179.
Therefore, the monthly payment is 79*6 months = Ksh179, plus the total repayment of the loan at Ksh.1074.
In general, all costs included, you will repay Ksh.1,253 for the Ksh1,000 borrowed.
*Calculation is representative, contact Fairkash for an estimate on your loan.
Amount, Interest and Repayment Periods
Fairkash loans are tailored for small businesses. The maximum loan accessible from their app is Ksh.50,000. There is yet evidence of anyone getting more than Ksh.10,000.
Official Interest rate ranges from 16%-21% and depends on the repayment period and loan terms.
As for the repayment periods, you get to choose 81, 120 and 180 days from the App.
Disbursements and Repayment of Fairkash Loan
First-time borrowers get their loans to Mpesa from Fairkash in 5 minutes. When it comes to repayment, customers need to pay using paybill 4074255. You can either make full or partial payments. ( Transaction costs apply.)
Where to Download the Fairkash Loan App
All apps regardless are motley available on Google PlayStore. Follow the link to access the Fairkash loan app. Unfortunately, it’s not available on Apple Stores.
There also isn’t any USSD option to access Fairkash loans.
Pros and Cons of the Fairkash Loan App.
Pros: Fairkash allows partial payments on your loan before the due date.
Cons: They send you a dozen reminders in CAPS when your loan is due. A text is however sent before, to inform you that they will be calling your referees as you defaulted and accepted collection processes during registration.
How to Contact Fairkash
Email at [email protected] or [email protected] to get assistance on any app hindrance.
Prefer to call? Their customer service number is 0793263022. Alternatively Whatsapp: 743736277.
There are no verified social media handles for Fairkash. Maybe use the Google reviews on Google Playstore to get a response.
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