New Loan apps in Kenya 2022
The digital money space is getting fuller by the day with mobile lenders cropping up every other day. Startups are great yes, but. In Africa, especially Kenya, the desired ground zero for all things new business. How do we pick the wheat from the chaff?
CBK has had to impose regulations on digital lenders by requiring them to have new licenses. These said licenses are meant to regulate interest rates and keep off predatory lenders.
Of the new loan apps in Kenya, which are the best apps for borrowing money?
First, How do you separate the wheat from the chaff?
At first, the need to get money fast clouded Kenyans’ judgement. The latter rushed to borrow without doing due diligence on mobile lending companies. Now that we have a lot of them creeping up, it’s easy to pick the good ones from the predatory ones.
- Check to see if the company has an ‘https’ website with an in-app chat.
- Do they have a customer care number that is easily accessible and do they pick calls?
- Physical office location. It doesn’t matter if these are modern times. The physical office verifies that the government is aware of this lenders trading license
- Social media presence. This is the tricky part. As a lot of handles shadow existing companies. Therefore it’s important to verify through the lenders’ website which official platform to use.
- Consistency and proper lenders do not call your contacts.