List Of Fake Loan Apps In Kenya

List Of Fake Loan Apps In Kenya

In this article Keweb.co tries to answer the question by publishing the full list of Fake Loan Apps in Kenya

How to Identify Fake Loan Apps?

Today there are so many mobile loan apps with most of them offering to give quick loans but end up defrauding the customers. These apps pose as genuine but the fact is, they are just scammers and all they want is your money. Anyone who has ever been scammed will tell you that it doesn’t feel good.

These apps have specific characteristics that will help you tell they are fake. Some of these characteristics include;

  1. They request a registration fee for the service
  2. They are never concerned with how the borrower will repay the loan. They never bother about credit scores or collateral while claiming to give out loans.
  3. Before giving out the loan, they will tell you to pay some borrowing fee and tell you the money will be refunded once the loan has been processed. Legitimate lenders usually deduct the borrowing fee from the loan.
  4. Have fake or non-existent telephone numbers, websites and addresses.
  5. They don’t have registered physical addresses and contacts.
  6. Do not have customer care helplines or mechanisms
  7. Too many ads on the apps.

Do not disclose personal details such as PIN, bank account details, usernames, or passwords to protect yourself from such scams. You should also avoid installing apps from the internet if you are unsure of the source.

You can report these apps on the Google Playstore by flagging them as inappropriate, and Google will act accordingly. Follow the following steps to report the apps on the Google Playstore.

  1. Open Google Playstore App on your mobile phone.
  2. Search the intended fake app and click it
  3. Go to the menu top right corner and click ” Flag as inappropriate.”
  4. Select the reason and submit.

You can also report these fake loan apps to the Digital Lenders Association of Kenya (DLAK). However, DLAK will only act on the member apps. Follow the steps below to get started.

  1. Go to the DLAK website
  2. Select Customer Complaint from the menu
  3. Fill in the details required
  4. Describe your complaint
  5. Select the intended lender
  6. Click “Report”

How to find fake loan app In Kenya

Which is the quickest loan app in Kenya?

Best Mobile Loan Apps in Kenya

  • KCB Mpesa Loan.
  • Mshwari Loan.
  • Timiza Loan App.
  • Mco-opCash Loan.
  • Branch Loan App.
  • Tala Loan App.
  • Zenka Loan App.
  • Eazzy Loan.

Which app can lend me money in Kenya?

Mobile lending apps provided by banks

  • MCo-op Cash app from the Co-operative Bank of Kenya.
  • Timiza app from Absa Bank Kenya Plc.
  • KCB app from the KCB Bank Kenya Limited.
  • Eazzy app from the Equity Bank Kenya Limited.

Where can I get a loan urgently in Kenya?

places you can get quick loans in Kenya

  • mKey.
  • KCB M-PESA.
  • M-Shwari.
  • MCo-op Cash loans.
  • Eazzy Loan.
  • OKash.
  • Haraka.

How can I get a instant loan in 5 minutes in Kenya?

M-Shwari

This is a partnership between Safaricom’s M-PESA and the Commercial Bank of Africa (NCBA) that has existed since 2012 November. Users are allowed to borrow between Ksh100 and Ksh 50,000 at 7.5% interest rates. The loan repayment is 30 days and the loan is processed within 5 minutes.

How to get mobile loans in Kenya?

Mobile Loans

  1. Borrow from Kes 1,000 to Kes 500,000.
  2. Loan repayment is between 1-3 months.
  3. Receive your salary through Co-op Bank account.
  4. Apply through Mco-op Cash App or dial *667#

How many mobile loan apps are in Kenya?

In Kenya, only 10 of the 288 loan apps that applied for licenses from the country’s Central Bank have been permitted.