17 Apr, Wednesday
How To Apply For A Fast Instant Loan From AfrikaLoan

How To Apply For A Fast Instant Loan From AfrikaLoan

This article is about how to apply For A Fast Instant Loan From AfrikaLoan. The popularity of the applications of mobile loans in Kenya is growing very quickly due to the rapid and convenient access to money through MPESA. Afrikaloan is one of the many mobile applications in Kenya that offer instantaneous loans without safety. Afrikaloan has been operational since 2018 and currently offers loans from as low as Ksh 500 up to Ksh 50,000. All you need to get started with Afrikaloan is an Android phone, an Mpesa account and a registered SIM card.

How to register and request a loan from AfrikaLoan

To get started, download AfrikaLoan from the Google Play Store. Link to download.

Make sure your phone is an Android phone with version 4.1 and above.

You will be asked to enter your personal information, i.e. the full names registered on your national identity card, email and national identity card number.

You can then request a loan by specifying the amount you wish to borrow.

AfrikaLoan takes 5 minutes to process your request.

Your phone’s data history, such as messages, will be used to determine whether you qualify for a loan.

This includes messages sent by various mobile money service providers and any financial service providers.

AfrikaLoan interest and repayment period

  • AfrikaLoan repayment terms last up to one year; 52 weeks.
  • Annual interest ranges from 10% to 182.5% with an equivalent monthly interest of 0.8% to 15.2%, depending on the loan option.
  • Interest rates are determined by a number of factors, including your repayment history and the cost of borrowing for Afrikaloan.

How to pay AfrikaLoan via Mpesa

  1. Go to your Mpesa menu
  2. Select Lipa na Mpesa
  3. Select Paybill
  4. Enter 697566 as business number
  5. Enter your phone number as the account number.
  6. Enter the amount you wish to refund
  7. Enter your Mpesa PIN and press OK
  8. You will receive a transaction confirmation message from Mpesa.

AfrikaLoan sanctions

You risk being placed on the CRB if you don’t repay a loan within 90 consecutive days.

AfrikaLoan contacts

Telephone Number: +254 20 5137800

Office location

They are located at Soin Arcade in Westlands, Nairobi.