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Do you need an urgent cash boost for any emergency or probably to finance a new idea? Well, an Equity Bank loan in Kenya will get you out of such fixing situations.
One of the popular choices for most of them will be the Equity M-Pesa Soft Loan dealing in dishing out loans quickly and conveniently through your mobile phone.
What makes Equity Bank stand out from the rest is that it prides itself on being very transparent and has customer-friendly terms that go a long way in facilitating one’s financial planning. On your part, before application, it’s quite important to understand the Equity M-Pesa Soft Loan interest rate.
These rates are designed such that they have to be reasonably affordable for one to manage his or her repayments without putting undue stress into his life.
This article is a step-by-step guide on how to apply for an Equity M-Pesa soft loan, the requirements involved, and an explanation of the applicable interest rates.
By the end of this article, you will understand how to use this service effectively and responsibly to obtain financial solutions. So let’s dive in!
Equity M-Pesa Soft Loans are short-term loans not collateral secured, offered by Equity Bank in Kenya through the M-Pesa mobile money platform. They are provided for quick financial support to individuals and small businesses.
It is easy to apply and is done on a mobile phone, allowing any person, even from the remotest areas, to access the platform. Loan amounts and interest rates are customized depending on one’s credit history with M-Pesa and Equity Bank.
Mostly, these loans are used in case of an emergency, to fund some small business, or to meet personal needs. Repayment terms are flexible, with borrowers allowed to repay small installations at will.
That is the probable reason why many Kenyans would always go for Equity M-Pesa Soft Loans whenever in need of quick financial solutions, due to the ease of access and fast disbursement.
Read Also –Top 10 Loan Apps for Urgent Loans in Kenya
There are specific criteria to be met and certain documents required in applying for an Equity M-Pesa soft loan. Here are the general requirements:
The specific requirements vary slightly depending on the amount of the loan and other factors. One may contact Equity Bank directly or go to their website for accurate and detailed information.
An application for an Equity M-Pesa Soft Loan is quite simple and can be done using your mobile phone. Here is the step-by-step process to guide you through applying for a loan:
Before applying for an Eazzy Loan, first check whether you are eligible. Eligibility usually applies in case of fulfilling one of the following requirements:
If you are eligible, you can use the following process to register yourself for an Eazzy Loan:
After successfully registering for an Eazzy Loan, you can apply for a loan at any time by following the procedure outlined below:
By the steps outlined above, you will comfortably apply and manage the Equity loan-to-cash soft loan in meeting any financial Needs.
Also Read – Latest Update on How to Apply for Emergency KCB Mpesa Loans in 2024
The Equity M-Pesa soft loans interest rate may differ, but it will largely remain pegged to a few variables like the amount of the loan and the time taken for its repayment.
In general, however, it will stay between 1% and 10% per month for all loans on M-Pesa available through Equity Bank.
Note that interest rates, terms of repayment, and any late fees charged shall be changed; the lender has to be contacted for the most recent information.
The general approval time for an Equity M-Pesa soft loan is usually very fast, for a digital process. In actuality, the approval process following the application only takes a few minutes. The steps involved are:
Put simply, the whole process, from application to disbursement, takes only some minutes at best, thus making the option pretty convenient for any person in need of quick funds.
Read Also – How to tap into FULIZA loans 2024
The Equity M-Pesa Soft Loan is advanced on borrowing, and you can conveniently repay your Equity M-Pesa Soft Loan through M-Pesa, Equitel Line, or Equity Bank branch.
Here’s how:
Note: Good credit standing increases your chances of getting a higher limit in the future!
Below are some of the advantages that best suit Equity M-Pesa Soft Loan for any person in need of quick and convenient financing:
These benefits make the Equity M-Pesa Soft Loan a very valuable financial tool toward which people would gravitate in search of quick, convenient, and cheap credit.
Also Read – Kwato Loan in Kenya: How to Access it
Here are some tips that can enhance your potential for approval of a loan from Equity Bank:
The point here is that meeting these criteria does not give one a guarantee for the loaning, but it gives them a better chance of getting approved. The bank carefully looks into your creditworthiness and your loan application through Equity Bank.
A loan from Equity Bank in Kenya, especially through their convenient Equity M-PESA soft loan service, makes obtaining financial needs very easy.
The processes for application are quite competitive in interest rates and, hence, very accessible to help people in need of quick financial help.
In case of emergencies or other financial plans, Equity Bank has your back. For more insightful tips and helpful finance tips, drop your comments below.
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The amount depends on one’s credit history and banking profile, ranging from KES 1,000 to KES 500,000.
Yes, Equity Bank offers loans to non-salary earners, like business owners and farmers.
No, you do not need collateral for most loans from Equity Bank.
You can check the status of your loan by dialing *247#, through the Equity Bank mobile app, or via their website.
If you do not repay your loan, it may affect your credit score and you may incur some penalties if you default. Thus, repayment on time is also important.