The Best Personal Loans in Kenya in just one more click
Compare the best options on the market and choose the one which best adapts to your day to day needs.
Further Below: Our Guide To Personal Loans in Kenya, Everything you need to know.
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Learn how to get the ideal personal loan offers in Kenya in a few hours. FUNDGECKO is here to provide all the necessary information about personal loans and all you need to know before signing up for one.
By December 2021, the bank lending rate charged on unsecured personal loans was 12.16%, which was a 0.01% increase from November’s 12.15%.
That’s a 0.16% increase compared to January 2021’s 12% bank lending rate. This is higher than the record low of 9% in January 1972 but lower than the record high of 32.84% in April 1994.
In the face of the post-pandemic harsh economic situations, the bank lending rate is at a reasonable level. Taking a personal loan would still be a safe deal.
We all want to have as many good options as possible before we buy items online. Just like a rule of thumb, that also applies to getting an online loan offer. So how do you distinguish between a good offer and an unfavorable one?
A keen study of the table below will help you compare between online loan offers considering all factors
Are you just stranded and not sure of where to start when it comes to getting yourself a personal loan? Worry less. FUNDGECKO has got you covered. We offer the best available information about a loan and seek to navigate you through the whole process.
How to get started:
While personal needs and priorities differ from one person to another, here are some of the reasons why people apply for personal loans:
Knowing why exactly you’re applying for a loan will help you to determine the best loan option.
You’ll follow typically the same process regardless of whether you’re applying for a loan in person or through an online platform. So what hurdles are you likely to jump before you get yourself the cash?
Before pouncing on a loan offer, it is prudent to, first of all, assess your current income and determine whether you’re able to repay the whole loan. If not, you’d rather look for a more favorable one, just for the sake of good credit history.
Application is not complete until you submit all the required documentation:
In Kenya, there have emerged several personal loan providers. They include:
A personal loan makes a one-time delivery of payment to the borrower, who in turn will repay the amount in regular installments. It’s a form of installment credit. A personal loan is what you need when you have limited funds to make significant purchases.
In Kenya, borrowers work hard to ensure their names don’t land on the Credit Reference Bureau (CRB). If your name is there, you’re unlikely to get any loans, especially with major finance corporations. Besides, you may have fewer income requirements to apply for a certain loan.
Nothing should hinder you from paying the whole loan balance, especially if you send your lender a prior notice.
The Kenyan government understands that borrowers can change their minds after signing up for a personal loan. Hence, it detailed rules governing how borrowers can go about canceling their loans even after they are approved.
Are there serious consequences if I fail to complete a personal loan payment?
Failure to complete your loan payment will earn you a poor credit score, meaning other lenders will deny you loans in the future; your name may end up on the CRB, which will force you to repay the loan and make other additional payments to get your name out of the bureau.
Before applying for a loan, you must first see its need and plan on how you’re going to pay it back. It pays off to know that the process of loan application might take a little longer. It may also involve trying out different offers from different banks.
Taking time to do personal research of the loan offers you’re interested in will help you settle for the best offer.
Be sure to have some form of income so that you don’t bar your application from being approved.
We all get emergencies that need immediate funding. That’s where a fast loan comes in. While fast loans deliver cash in a matter of minutes, they may subject you to too many debts because they’re mostly unplanned for. Hence, once you get a fast loan, be sure to pay it as soon as possible before another emergency arises.
Personal loans are one of the sure ways to do away with your financial instability. Always look for a loan option that best suits your needs so that you get an easy repayment time. As you settle for a loan option, ensure that it’s something you can easily pay without incurring additional debts.
Beware of scammers, especially with private lenders.
We seek to give you clear guidelines so you may end up with the best available options. We also use updated information to help you get very attractive deals according to the current market trends.
Source: We get information from reliable sources including government reference portals. We’ve used Kenyan Law to answer questions relating to the law.
About us: FUNDGECKO incorporates a team of professionals who specialize in personal finance and home economics products. It is an online comparator platform that helps you get the most favorable personal loans
Note: FUNDGECKO users get their services for free. We get our funding from elsewhere (advertising and our featured products).