kashway loan app

The Kashway Loan App, developed by Wakanda Credit, stands out as a leading choice among loan apps in Kenya, thanks to its user-friendly interface and swift application process.

With the Kashway Loan App, securing a quick loan in Kenya is hassle-free. Simply download the app, complete the application form, and you’ll swiftly receive your funds in your M-Pesa account. Its streamlined process ensures rapid access to cash when you need it most.

How to download KashWay Loan app

To download the KashWay Loan app, follow these simple steps:

  1. Open App Store or Google Play Store: Depending on your device, locate the respective app store on your smartphone or tablet.
  2. Search for “KashWay Loan”: Use the search bar within the app store to search for the KashWay Loan app.
  3. Select the KashWay Loan App: Once you find the KashWay Loan app in the search results, tap on it to access its download page.
  4. Download the App: Tap on the “Download” or “Install” button to begin downloading the KashWay Loan app to your device.
  5. Wait for Installation: Allow the app to download and install on your device. The time this takes can vary depending on your internet connection speed.
  6. Open the App: Once the KashWay Loan app is successfully installed, you can open it directly from the app store or find its icon on your device’s home screen.
  7. Register or Log In: Follow the on-screen instructions to either register for a new account or log in if you already have an existing account.
  8. Complete the Application Process: After logging in, follow the prompts to complete any necessary application forms and provide any required information.
  9. Start Using the App: Once your account is set up and your application is submitted, you can start using the KashWay Loan app to access loans and manage your finances.

By following these steps, you can easily download and start using the KashWay Loan app on your device.

 KashWay Loan App Interest Rate

The KashWay Loan App is renowned for its competitive interest rates and fees, setting it apart from other loan apps in the market. Its user-friendly design further simplifies the loan application process, making it a popular choice among users.

Interest rates on KashWay loans typically range from 30% APR to a maximum of 72% APR. However, it’s important to note that the loan amount incurs additional charges and late payment penalties, contributing to the overall cost of borrowing with KashWay.

In addition to the annual percentage rate, KashWay imposes a service charge of 22% and applies other late payment penalties.

For instance, if you borrow Ksh. 4920 with a repayment period of 180 days, your total repayments would amount to Ksh. 4920 + (4920 * 22%) = Ksh. 6002.4, excluding the interest rate.

Now, what exactly is APR? The Annual Percentage Rate (APR) represents the rate at which your loan accumulates interest over the course of a year. Essentially, it quantifies the “cost” of borrowing money. KashWay Loan App applies an annual rate ranging from 30% to 72%, depending on the loan amount.

KashWay Advantages

With the KashWay Loan App, you can enjoy several benefits:

  1. Instant Loan Approval: KashWay offers instant loan approval. Simply download the app, fill out the application form, and your cash will be swiftly deposited into your M-Pesa account.
  2. No Collateral Needed: Unlike traditional bank loans that often require collateral, KashWay Loans are unsecured. This means you’re not required to put up your car or house as collateral for the loan.
  3. Flexible Repayment Period: You have the flexibility to choose a repayment period ranging from 30 days to 180 days, allowing you to tailor the repayment schedule to suit your financial situation.
  4. Flexible Loan Amount: KashWay allows you to apply for a loan amount ranging from a minimum of Ksh. 500 up to a maximum of Ksh. 50,000, giving you the freedom to borrow according to your needs and financial capacity.

These features make KashWay Loan App a convenient and accessible option for individuals seeking quick and hassle-free financial assistance.

How to Apply for KashWay Loan

Applying for a KashWay Loan is a straightforward process:

  1. Download the KashWay App: Visit the Google Play Store or Apple App Store, search for “KashWay,” and install the app on your smartphone.
  2. Register for an Account: Once the app is installed, open it and proceed to register for an account. Provide your personal information, including your name, ID number, phone number, email address, etc.
  3. Information Verification: After registration and login, the app will automatically scan your device for additional information such as M-Pesa transaction history, call logs, phone book records, etc. This information helps verify your identity and determines your loan limit and CRB status.
  4. Enter Loan Details: Enter the amount of money you need and select your preferred repayment period within the available options.
  5. Review Terms and Fees: The app will calculate the interest and fees based on your loan amount and repayment period and display them on the screen. Review the terms carefully.
  6. Submit Application: If you agree with the terms, click on the “Apply Now” button to submit your loan application.
  7. Receive Funds: Upon approval, KashWay will deposit the money into your M-Pesa account within minutes, providing you with quick access to the funds you need.

By following these steps, you can easily apply for a KashWay Loan using the mobile app.

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