Kashbean loan app is a product of Mycredit Kenya Limited, a FinTech company that provides financial services to individuals and businesses.
Besides providing loans, Mycredit Kenya Limited specializes in leasing, Guarantees, and Insurance for individuals, businesses, and organizations.
The company is registered and fully licensed in Kenya by the Central Bank of Kenya. It also operates in strict compliance with the guidelines set by microfinance regulations.
Who is the kashbean loan app Best for?
Kashbean loan app is best for individuals and small businesses who need quick access to funds.
The loan application process is simple, fast, and can be completed in minutes through the app. The interest rates are also competitively low, with no hidden fees or charges.
Also Read:14 Best Mobile Loan Apps in Kenya in 2023.
Who is Kashbean isn’t right for?
Kashbean isn’t suitable for individuals or businesses with poor credit scores (CRB rating) or those who cannot repay their loans on time.
Kashbean also doesn’t offer long-term loans. Loan amounts range from KSh 1500 to KSh 80,000, and repayment terms range from 91 to 365 days.
To be eligible for a loan from Kashbean, you must meet the following criteria:
- Be a Kenyan resident.
- Between 18 and 60 years of age
- Have a source of income and the ability to repay
What are the Minimum & Maximum loans I can get from the Kashbean, and for how long?
The loan amounts range from Ksh 1500 to Ksh 80,000. Your credit score and repayment history determine the maximum amount of loan you can borrow.
The loans have repayment terms ranging between 91 and 365 days.
Kashbean offers flexible payment plans, allowing you to repay the loan in multiple installments over some time. This makes the repayment process more accessible and more manageable.
You can also pay off your loan early without penalty or additional charges.
Interests and Fees
Kashbean charges a competitive interest rate between 12% – 36% per year (1%-3% per month). The interest will depend on the product you choose and your credit score.
For example, for a loan of KSH 20,000 with a term of 91 days, the interest rate is 3% per month (36% per year), and the total monthly repayment amount will be ksh 7266.
The loan also has other fees, such as processing fees, late payment fees, and default penalties. These fees will be included in your loan agreement and should be reviewed before you take out the loan.
How Does the Kashbean Loan App Work?
The kashbean loan app is easy to use. After downloading the mobile application, you must register and complete a simple online form. Your information will be verified in minutes, and once approved, your loan will be disbursed instantly.
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The app has an inbuilt algorithm for data such as personal information, the type of phone, location, call history, and Mpesa messages. Once the data is received, the app compares the information gathered to the CRB database to determine your credit score and eligibility for the loan.
The kashbean loan app has a 4.3-star rating on the Google Play store, with over 1M+ downloads.
Customers appreciate the convenience and speed of the loan application process and have stated that the customer service is excellent.
Users also praise the low-interest rates and flexible repayment terms, making their loan experience stress-free.
Customers seem very satisfied with the loan app and continue recommending it to friends and family.
Methodology Used to Review The Loan App:
The review of the kashbean loan app was conducted by an experienced research team. The team used methodologies such as customer reviews, social media comments section, and market analysis to evaluate the app’s effectiveness.
They compared Kashbean to similar loan apps on the market, considered customer feedback from positive and negative reviews, and consulted industry experts to understand the app comprehensively.