What we know about the Lioncash loan app.
[Update : 29.03.2022]
LionCash is one of the most flexible mobile loan platforms in the market. Their product caters to all Kenyans, and its quick and easy registration and approval give it an above-average rating. They offer timely and affordable loans to cover financial needs. Lioncash is owned by Grola Tech limited and has been in operation since 2015.
The kind of loans offered by Lioncash range from weekly repayments for lower loan limits, and more repayment options for higher amounts. (from Ksh 3000). These are mobile cash loans deposited directly to your Mpesa.
Digital loan services were innovated to solve the problem of emergencies that require quick cash on the fly with no paperwork. That is one area this company got right—quick money access. Lioncash finances healthcare, school fees, home improvements, Small business and even weddings!
How much is the exact cost of a loan from Lioncash & representative example?
Let us look at how borrowing from Lioncash would like and the cost of taking a loan with them.
Example: If the loan amount you borrowed is Ksh 2000 and the loan term is 180 days, the total interest to be paid would be Ksh 2000 *0.00067*180 = KES 240. This, with an interest rate of 16%APR.
Where can you download the Lioncash loan app?
Lioncash is very much available on the Google play store. However, if you are having trouble with the Google play store, you can always download the Lioncash loan app directly from their website.
You would think Lioncash is available for iPhones. Unfortunately not. This lending platform cannot be found in Apple stores.
*234*5*1*3# is the USSD code to access Lioncash loan services if you are still in the ‘kabambe age ‘ or paranoid about data security.
Eligibility and requirements to get a loan from Lioncash
Requirements for accessing the Lioncash loan are pretty standard as with all apps.
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- You must be the ages of between 20-60,
- Must be a Kenyan citizen,
- Your registration Names should be as they appear on your ID,
- A Valid Safaricom line and the ID used to register that line.
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How can you get a loan from Lioncash Loan App?
The process of getting a loan from Lioncash goes like this.
- Download the LionCash app.
- Register for an account using your M-Pesa number.
- Secure your identity in 3 simple steps through the app.
- Verify your identity code through our secure system in minutes.
- Get money sent directly to your M-Pesa in an instant.
Took your first loan, and the amount did not suffice? With Lioncash this is a non-issue. You can have up to 2 loans running concurrently as long as they don’t exceed the credit limit awarded.
Disbursement and Repayments at Lioncash.
One of the great reviews on the Lioncash loan app is the disbursement speeds. When you qualify and apply for a loan with them, the money will reflect in your Mpesa account in under 5 minutes.
Interest applied will be determined by the period taken. Also, you receive the entire amount borrowed.
To pay for your Lioncash loan, you can use the in-app ‘repay button’ that will prompt an STK push and prompt your Mpesa to ‘input pin’ and then pay. After that, you will get a message from Grola Tech and Mpesa confirming your payment.
For offline payment:
- Go to Mpesa menu and choose pay bill,
- Enter the business number 309517,
- Enter account number, ( phone number that registered and borrowed)
- Enter pin and pay.
Customer reviews mention their concern in regard to the repayment period awarded to them when they borrow from Lioncash. For this we say, keep calm. Lion cash allows you to make partial payments.
What are the penalties for late repayment of a loan at Lioncash?
Generally, to avoid penalties, repay your loans on or before your due date to save money.
Should you defer from paying your Lioncash loan, you will incur a late fee of 2% per day and also reduce future loan limits.
Offers, Promotions and Rewards from Lioncash.
Unlike most mobile lenders, Lioncash offers frequent promotions for its users. When you refer friends and family, you can get referrals and rewards.
You can also get waivers and penalty exemptions during special days like Eid and mothers day.
Thirdly, Lioncash offers repayment rewards like airtime when you pay on time without defaulting. Their airtime bonus is something to look up to. Airtime credit worth Ksh. 1000 is no small shilling.
Kashy recommends the use of lending company apps that are transparent and reachable through the major communication channels. Transparency and guarantee of security are what we see as some of the priorities to consider when choosing a preferred lender.
Is my information with Lioncash safe & secure?
Your data with Lioncash is 100% secure. They use state of the art encryption.
Lioncash will never sell your data to third parties unless reporting to the authorised Credit Reference Bureaus. Read their terms and conditions for further information.
Some of the access you give Lioncash when you download and use their app is but is not limited to, data from your phone, Mpesa transaction history and information from CRB’s SMS history and contact list.
Contacts for Lioncash.
The customer support line for Lioncash is available through Whatsapp: +254793302922.
For email communication and support, you can use [email protected] or [email protected]
Lioncash has very interactive and engaging social media platforms. Click the link to access their handles and get assisted.
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