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Kashway Loan App: How to Apply
By Oluchukwu Ikemefuna
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Every other day, people lose their jobs or are faced with pay cuts. Many people have turned to mobile lending applications to help them survive these difficult economic times. The Kashway loan app is one of the accessible possibilities.
Anyone with a smartphone can utilize the Kashway loan app. It is owned by Wakanda Credit Limited. Given the stringent requirements that banking institutions must meet to receive funds, an increasing number of Kenyans are resorting to this simple and quick loan.
Kashway provides a quick and easy way to apply for a quick loan in Kenya. Download the loan app, fill out the application form, and you’ll have your cash in your Mpesa account quickly.
This article explores how Kashway’s loan app simplifies loan applications, how to apply for a Kashway loan, Kashway loan limit, and their loan interest rates and fees, among other things that help you determine if it aligns with your financial needs. Let’s dive in!
Overview of the Kashway Loan App
Wakanda Credit’s Kashway is a mobile loan app originating from Kenya that provides personal loans with a Kashway loan limit of up to 50,000 Ksh using an efficient digital methodology.
By utilizing smartphone data to evaluate creditworthiness and offering versatile repayment schedules (weekly, bi-weekly, or monthly), they offer rapid approvals as their standout feature.
With Kashway, applying for a loan is simple and convenient, as everything can be done online using your mobile phone, regardless of where you are situated. Whether at home or on the go, the Kashway application process is hassle-free to ensure maximum customer satisfaction.
Moreover, Kashway collaborates with numerous partners to secure affordable loan offers that suit your financial needs perfectly.
Kashway puts a great emphasis on data security and fee transparency; however, it is essential for borrowers to meticulously assess their ability to repay before applying.
It would be wise to consider other loan alternatives to obtain the most appropriate financial remedy.
Related – Branch Loan App: How to Download It
How Kashway Loan App Works
To utilize the Kashway lending app, first download it from the Google Play Store. The program allows users to apply for a loan by first registering their Mpesa number and then applying for the desired amount. Following this, the application is approved.
The client then receives the funds via MPesa within minutes. With such a straightforward application process, many may ask, ”Is the KashWay app safe? Yes.
The application uses the user’s phone data, including their details, to authenticate their identification and generate a credit score. They then encrypt the user’s shared data to preserve their privacy. This information is never disclosed to any other parties.
Kashway Loan App Download
Kashway is available for download from Google Play. All that is required to download it is an internet-connected Android smartphone. Unfortunately, Kashway is not available in the APP Store, nor does it provide a USSD code option, which limits Kabambe customers.
Kashway Account Registration
Once you’ve downloaded the loan app, follow the steps below to create a Kashway account:
- Install and launch Kashway on your Android phone.
- Enter and validate your Safaricom number before setting a four-digit PIN.
- Allow Kashway to access your SMS, phone, contacts, call logs, camera, photographs, mobile storage, calendar, phone ID, Wi-Fi connection, and device location.
- Fill out the Kashway loan application form, specifying your name (according to your ID), gender, date of birth, marital status, ID number, and valid email address.
- Then, provide two emergency contacts and state your relationship with them.
- Finally, agree to the Kashway terms and conditions to finish the signup.
Read Also – How to Download the Zenka Loan App
How to Apply for a Loan on Kashway
After registering successfully, you may proceed with applying for a Kashway loan by following the steps outlined below:
- After setting up your account, use your credentials to log in to the app.
- Access the loan segment of the application, typically situated on either the homepage or under the menu tab.
- Choose the loan category that meets your needs, including personal loans, business financing options, or payday lending.
- Complete the loan application form by providing details such as the sum of money required, intent behind borrowing, and duration for repayment, along with the required documents.
- Before submitting your application, carefully go through the loan’s terms and conditions.
- Use the app to apply for a loan.
- Awaiting approval usually doesn’t take long and possibly entails a brief credit assessment.
- When approved, the loan sum will be transferred to your M-pesa account.
Please be aware that it is not possible to request a loan for an amount greater than what you are eligible for. Nevertheless, you may apply a lesser sum based on your financial requirements.
Advantages and Disadvantages of the Kashway Loan App
As previously said, Kashway is a mobile lending app that provides users with quick and easy access to financing. As with any financial product, it has pros and cons.
So, why bother applying for a loan when there are so many other lenders available? Even banks, such as Absa’s Timiza and KCB’s MPESA, offer mobile loans.
That’s because Kashway offers the following benefits:
- No collateral is required to secure a loan.
- Fast loan disbursement to MPESA.
- You can gradually expand your borrowing limit.
- The app has high lending limits (up to Ksh 50,000).
- You can apply for the loan at the convenience of your own home.
Disadvantages of the Kashway Loan App
Though Kashway is a decent mobile lender, it faces a few discouraging factors, which include:
- Loans accumulate high interest rates (up to 72% APR)
- The app requires a lot of your personal information before lending you
- The customer support agents can be very annoying when they start calling and messaging your contact list when your payment is overdue
Also Read – Easy Loan: How to Easily Apply
What is the Kashway Loan Limit?
Kashway loans you between Ksh 500 and Ksh 50,000, based on your creditworthiness, history with the lender (if any), and overall MPESA transactions.
The more you use MPESA and engage in ‘heavy transactions,’ the more likely you are to receive a greater limit. Why is this so?
Kashway requires access to your phone’s SMS messages as part of the application requirements. They will not be able to see your transactions unless you erase the emails. Overall, if you’re new to Kashway, you should anticipate starting with a lower amount and gradually increasing your limit.
Kashway Loan Interest Rate
KashWay loans in Kenya come with high-interest rates, which vary depending on the loan amount and length. Below is an overview:
The interest rate ranges from at least 30% to a high of 72% Annual Percentage Rate (APR), resulting in substantial borrowing charges over 365 days.
KashWay offers payback options ranging from 91 days (roughly three months) to 180 days (6 months). Shorter terms may result in a higher interest rate within the specified range.
To ensure you’re making an informed decision before taking out a loan, don’t overlook the significant cost. This is because, despite the quoted low APR for short-term loans (6 months or less), it is possible to incur significantly higher real charges. As a result, it is critical to examine and compare all expenditures ahead of time.
KashWay adds a 22% carrier charge to the interest charge, increasing the overall cost of borrowing.
How to Repay Your Kashway Loan
Kashway anticipates timely loan repayments. Even better, you can pay in installments before the due date.
When repaying, follow the processes outlined below:
- From the MPESA menu, choose Lipa na MPESA.
- Select the pay bill option and select the business number.
- Enter the paybill number, 900068.
- Enter your Safaricom number (the one you sought and got the loan with) as the account number.
- Enter the amount you want to pay:
- Input your MPESA pin.
- Before selecting OK, make sure that all of the information is correct.
After you repay your Kashway loan, you will receive a loan payment notification. If you do not receive this notice and your payment is not shown in your account, please contact Kashway customer service for assistance.
Please keep in mind that Kashway does not extend loan repayment terms. Every loan has a repayment duration of 91 to 180 days. So, it’s always a good idea to repay the app on time to unlock larger borrowing limits and keep Kashway from reporting your information to the credit watchdog, the CRB.
Read Also – Kesmall Loan: How to Apply and other Important Details
Kashway Loan App Permission
Similar to other loan apps, Kashway’s app requests access to specific permissions for your phone, which can potentially contain sensitive information. Here is a complete listing of the usual permissions they seeks and the cause of their desire:
1. SMS Access
By granting Kashway access to your SMS records, you permit them to research valuable records that could provide a perception of your economic well-being.
These facts include details on profit tiers, spending patterns, and any other amazing loans, all of which might be important elements in figuring out loan approval and creditworthiness.
Although approval can quicken the system of loan applications, it’s critical to not forget if trading off private worries for convenience is worth it.
2. Phone Access
Kashway might also ask for permission to get the right of entry to your device’s essential records, which include its model and working system. These seemingly innocent records will be utilized to execute preventative fraud procedures.
With knowledge of the type of device you own, this loan app can establish a threat evaluation profile that could signal any doubtful moves if an unapproved unit is being used while having access to the loan.
Before granting access, it is advisable that you thoroughly look at the permissions asked for using an app. Although Kashway ensures customers that they encrypt and no longer disseminate the accumulated information to 0.33-celebration sources, being aware of your shared records is important for informed selection-making.
Kashway Rewards
Unlike many other online lenders, Kashway rewards its consumers. It pays you vouchers worth up to Ksh 800 every time you refer someone to get a loan. So, take advantage of this opportunity to refer a friend who needs a loan from Kashway.
However, these vouchers are only valid for 5 to 21 days. So keep an eye out and update your Kashway loan app regularly.
Kashway Loan App Contacts
Do you have problems with your Kashway loan app? You may want to ask a few questions concerning the loan application. You can reach them via the following:
- Email address: service@KashWay.cc
- Phone number: +254 0748 449 406
- Official website: www.kashway.top
- Physical location: Milestone Building, Kiambu Road
- Facebook: Fb.me/KashwayKenya
Final Thoughts
Getting a loan using the Kashway Loan App is simple and user-friendly. With this loan app, you can easily apply for a loan without fuss.
Furthermore, Kashway offers a flexible loan limit, responding to your financial needs. This loan app gets you covered for both unexpected and budgeted expenses.
Simply download the app, follow the simple instructions to utilize it, and you’ll have easy access to the dollars you need. Experience the benefits of Kashway and take control of your budget today!
Frequently Asked Questions
Is the Kashway Loan Legit?
The Kashway loan app is legitimate. If you have any questions concerning the loan app, you can visit their physical office at Milestone Building, Kiambu Road, Nairobi.
What is Kashway’s lending capacity?
The good news is that Kashway is one of the online mobile lenders that offers huge loan amounts. You can borrow from Ksh 500 to Ksh 50,000, depending on your creditworthiness, MPESA transactions, and borrowing history with the lender (if any).
Why did Kashway turn down my loan request?
Not everyone can acquire a quick loan through Kashway. It’s also worth noting that getting a loan may require numerous applications. However, if this is the case, it is best not to erase the loan app from your phone and reapply after the specified time.
How Do I Get a Loan Increase from Kashway?
Remember that Kashway checks your phone messages and contacts before lending to you. Try these hacks to acquire a higher limit:
Have a good credit score with the CRB
Pay your Kashway debts on time.
Borrow often.
Please do not erase your MPESA transactions.
Use MPESA services regularly
What Happens If I Don’t Pay My Loan?
If you fail to respect your agreement with Kashway, the lending app will charge you a 2% daily fee on the entire loan amount. If you fail to return your loan on time, Kashway will report you to the CRB. Please keep in mind that if this happens, you may be unable to obtain additional loans from other lenders.
Reference
- www.money254.co.ke – Kashway Personal Loan : Product Details & How to Apply
- www.tuko.co.ke – Kashway loan app review: download, application, repayment, is it safe?
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