Skypesa loan requirements shows that Requiring borrowers to have a source of monthly income ensures that they have a steady financial background to handle loan repayments.
Introduction
SkyPesa is a loan app in Kenya that helps people quickly get personal loans. It’s designed to be simple and safe for Kenyans. With SkyPesa, you can apply for a loan by giving some basic personal information through the app.
You can borrow between 1,000 KSh and 20,000 KSh using SkyPesa. The app offers loans for different lengths of time. You can choose a loan term between 91 days and 180 days, depending on what you need.
they have different interest rates. The annual percentage rate (APR) is between 10% and 16.25%, and the daily interest rate is from 0.027% to 0.044%.
This means the cost of the loan will depend on how much you borrow and how long you keep the loan. For example, if you borrow 2,000 KSh with a 10% APR for 91 days, you will end up paying back 2,049.86 KSh. This includes the interest added over the loan period.
they works by connecting you with lenders through digital wallets and banks. The app makes sure that all loan applications are approved, and you will know if your loan is approved during the application process. This way, you won’t have to wait long to find out if you can get the loan.
One of the benefits of using them is that there are no extra fees for processing your loan. You only pay the interest based on the rate you agreed to.
they aims to make getting and managing personal loans easy and straightforward, providing a fast and efficient service for people in Kenya.
History and overview
SkyPesa is a loan app based in Kenya, started to help people quickly get personal loans. The company is led by John Ndirangu, who is the CEO.
it is known for offering good financial products like Fixed Deposit Receipts (FDR), Daily Payment Savings (DPS), and various loan plans to its users.
To use them, you first need to install the app on your phone. After installing it, you register for an account by providing some basic details and your income information.
You also need to upload documents for identification, known as KYC (Know Your Customer) documents. These steps are necessary to make sure that the app can verify who you are.
Once your account is set up and your documents are verified, you can apply for a loan. they provides loans either through a cash transfer to your bank account or directly to your e-wallet, depending on what you need.
SkyPesa is designed to make getting a loan easy and fast, with a simple process for applying and receiving funds. It operates only in Kenya, so it serves customers within the country.
Under John Ndirangu’s leadership, they have become a trusted name for financial services, offering reliable and straightforward solutions for personal loans.
Requirements
Available to Kenyans only
Requiring borrowers to be Kenyan citizens ensures that the app serves only individuals who have legal status in Kenya. This requirement helps the app manage risk and comply with local regulations.
It also ensures that borrowers are familiar with the country’s financial system and have a stable legal status, which is important for managing loan repayments and addressing any legal issues that may arise.
Must have a source of income
Requiring borrowers to have a source of monthly income ensures that they have a steady financial background to handle loan repayments.
This requirement helps the app assess the borrower’s ability to repay the loan. Regular income indicates that the borrower is financially stable enough to manage monthly payments and reduces the risk of default.
It helps the app ensure that the borrower can meet their financial obligations and continue making payments throughout the loan term.
Age limit
Setting the age limit at 20 years instead of 18 means that the app requires borrowers to be slightly older and, ideally, more established in their personal and financial lives.
This age limit helps ensure that applicants are legally adults and may have more life experience and financial stability. It also helps reduce the risk of lending to individuals who might still be in school or less financially stable, which can improve the likelihood of successful loan repayment.