FAQs
FairKash+: online cash loan
Free
In Kenya V 4.0.2
5.0 (1 million +)
Security Status
for Android
Personal quick loan
Up to KES60,000
As low as 4%
When it comes to online loans, borrowers often have various questions and concerns. Here are some answers to common questions that may help you better understand the online loan process and important considerations.
1. What is an online loan?
An online loan is a type of loan application, approval, and disbursement process conducted through internet platforms. Borrowers can fill out loan applications on online lending platforms, undergo digital evaluations, and receive approved loan amounts deposited directly into their designated bank accounts.
2. What is the range of loan amounts?
The range of loan amounts generally depends on the lending platform and the borrower’s creditworthiness. Different platforms may offer varying loan limits, from small to larger amounts.
3. How do I apply for an online loan?
Typically, borrowers need to create an account on the lending platform, provide necessary personal information and loan requirements, and then submit their loan applications. Lending platforms use advanced data analysis techniques to process applications and often provide approval decisions within a short period.
4. What documents are required?
Most online lending platforms require basic personal information, such as name, contact details, identification, and bank account information. Specific requirements may vary depending on the platform.
5. What is the loan interest rate?
Loan interest rates depend on the lending platform, loan amount, loan term, and the borrower’s credit rating. Prior to applying for a loan, you can review the platform’s provided interest rate information.
6. Is collateral needed?
Many online lending platforms offer unsecured personal loans, while some may require collateral or guarantees. This varies depending on the platform.
7. How long does loan approval take?
Loan approval times differ by platform. Some platforms provide rapid approval, often within a few hours, while others might take longer.
8. How do I repay the loan?
Repayment methods usually include options like bank transfers, automatic deductions, etc. Borrowers need to adhere to the agreed-upon repayment schedule.
9. What are the consequences of loan default?
Loan defaults can lead to additional late fees, interest charges, and may impact the borrower’s credit rating.
10. How do I choose the right lending platform?
When selecting a lending platform, consider factors such as reputation, interest rates, fee structures, privacy policies, user reviews, etc., to ensure you choose a suitable platform.
In conclusion, online loans offer a convenient and fast way to borrow money. However, before applying for a loan, it’s advisable for borrowers to fully understand the terms and conditions of the lending platform, as well as potential issues that may arise during the borrowing process.
