LendPlus Loan App

The LendPlus Loan App caters to individuals seeking swift and convenient access to online loans, particularly for short-term requirements like medical emergencies, travel expenses, and similar needs. However, it’s important to note that the app isn’t designed for individuals seeking larger loans, such as those for purchasing a home or making significant investments. Additionally, borrowers with lower credit scores may find it challenging to qualify for loans through the LendPlus Loan App, as it may not be suitable for all credit profiles.

LendPlus Requirements and Eligibility

To be eligible for an online loan through the LendPlus Loan App, applicants must fulfill the following requirements:

  1. Age requirement: Applicants must be 18 years of age or older.
  2. Good credit rating: A positive Credit Reference Bureau (CRB) rating is necessary.
  3. National Identity Card: Applicants must possess a valid national identity card.
  4. Registered mobile number: Applicants should own a registered mobile number with an active M-Pesa account.
  5. Employment status: Applicants must be employed or self-employed, demonstrating a steady income.

How To Download LendPlus Loan App

To download the LendPlus Loan App, follow these steps:

  1. Open the Google Play Store on your Android device or the App Store on your iOS device.
  2. In the search bar, type “LendPlus Loan” and press enter.
  3. Locate the LendPlus Loan App in the search results.
  4. Tap on the app to open its download page.
  5. Next, tap on the “Install” button (for Android) or “Get” button (for iOS) to begin downloading the app.
  6. Once the download is complete, open the app from your device’s home screen or the app drawer.
  7. Follow the on-screen instructions to register with your details and start using the LendPlus Loan App.

LendPlus Interest Rates

The LendPlus Loan App claims to provide online loans ranging from Ksh 500 to Ksh 70,000, featuring flexible repayment terms that can extend up to 365 days. The minimum loan repayment period is 61 days. The app offers a minimum annual percentage rate (APR), including fees, of 3.65%, while the maximum APR, excluding the stock, can reach 730%.

For instance, for a Ksh 10,000 loan over 61 days at 1.4% per day, the total cost would amount to Ksh 18,540 (minimum interest rate). However, for the same loan amount and term at 3.0%, the total cost would be Ksh 28,300.

Loan amounts and terms are subject to the borrower’s eligibility criteria, such as income status and creditworthiness. The app assures competitive and transparent interest rates and fees, with no hidden charges or penalties. Borrowers can accurately estimate their loan costs during the application process.

Additionally, the app offers loan top-ups and extensions if borrowers require additional funds or more time to repay the loan.

How to pay my LendPlus Loan

You have multiple options for repaying your loan with LendPlus. You can opt to pay through your verified bank account or use a debit card. Alternatively, you can use the Paybill number 4073865. Here’s how:

  1. Open your M-Pesa Menu.
  2. Select “Lipa na M-Pesa”.
  3. Choose “Paybill”.
  4. Enter the Business Number (4073865).
  5. Select “Account Number” (Your Safaricom M-Pesa Number).
  6. Enter the amount you wish to repay.
  7. Enter your M-Pesa Pin, then proceed to send the payment.

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