Have you ever found yourself wondering how to access instant mobile loans to sort out your financial situation?
The “Kashbean -Review and Application Guide ” will provide insights into the sign-up, application, approval, and repayment processes, as well as guidance on how to raise genuine concerns.
The mobile app offers quick access to funds and flexible payment terms.
The app is available for download using your smartphone from the Google Play Store.
Kashbean Loan App Features
| FEATURE DESCRIPTION | DETAILS |
| Loan Type | Unsecured Personal loan |
| Kashbean USSD code | None |
| Loan Disbursement Time | It takes less than 5 minutes to get the loan |
| Loan term | 7-91 days repayment period |
| Interest Rate | Monthly Interest Rate of 3%-6% |
| Processing Fee | 25% |
| Loan Limit | KSh 500 – KSh 80,000 |
| Kashbean loan Contacts | Telephone: +254 709536200 / +254709462700 WhatsApp: 0796196039 Email: help@kashbean.co.ke |
| Max Effective APR | 36% – 72% |
| Pay the bill for Loan repayment | 733555 or 196184 |
| Late loan repayments | Attracts 2.5% per day |
How the Kashbean Loan App Works
Kashbean Loan App is an application that enables users to apply for and get unsecured personal loans.
Borrowers can receive a loan, make repayments, and manage their accounts using the app.
The app works by checking the user’s credit score and disbursing the loan amount directly to the account.
The Kashbean loan app does not need any collateral and progressively monitors repayment patterns.
It utilizes machine learning technology to train its models on user data retention and analyze borrowers’ data collected during the registration process. Data is obtained from a personal mobile phone, as well as handset details. Additionally, it captures financial transaction messages and the justification for the loan request.
The Kashbean loan app evaluates a borrower’s repayment history to build a customized credit score and determine a loan offer suitable for the borrower.
Requirements for Applying for Kashbean Loan
Borrowers applying for the first time must confirm the prequalification details and confirm if they are correct.
When applying for the loans, the following should be taken into account:
One must have a smartphone that is Android-enabled, as the Kashbean loan app is not currently available to iOS users.
One must have a Valid National ID and a registered phone number with an activated M-Pesa account.
You also need to provide information relating to your place of Work. It is to evidence your source of income to determine your loan repayment ability.
How to Apply for a Kashbean Loan through Mpesa
To borrow money from Kashbean, you need to have an Android phone with an M-Pesa registered line.
The app is available for download and installation on the Google Play Store. To activate, follow the seamless registration process below.
- Open the Kashbean App.
- Sign in to register with the Kashbean app.
- Enter valid national ID details.
- Sign up to complete the sign-up process. Enter the details, and a one-time PIN will be shared with you, which can be changed to your secret PIN.
- Proceed to the application process by responding to a few questions that pop up.
- Select a repayment date that is convenient.
- Receive your money straight to your M-Pesa.
Resetting Your Account PIN
While on the homepage, select Forget password and key in the mobile number you registered with.
Input the verification text shared, and you will receive the OTP number via SMS.
Proceed to input the code and choose a unique password, then click Submit.
How to cancel the Kashbean Loan Application
Kashbean loan cancellation means stopping the loan application process due to personal reasons.
In some cases, a client does not need to cancel a loan application under the following scenarios:
- If the borrower submits incomplete information.
- If the client has already applied but has not yet cashed out
- When the user agrees to the Kashbean offer but has not yet cashed out the loan amount applied.
Pro Tip: To cancel a Kashbean loan application, simply do nothing, and the loan cancellation will be handled automatically.
How can I delete a Kashbean loan account?
They are via email at cs@Kashbean.com. It is applicable when you have cleared all outstanding debts and other dues.
Book an appointment with the team to complete the formalities for closing your loan account.
Kashbean Loan Limit and Interest Rate
The main challenge of unsecured personal loans is the interest rates charged which are higher with short-term repayment dates.
The interest rate ranges bwtween 3% to 6% monthly including a 20% excise tax on the negotiation fee.
The interest rate imposed is determined by the loan nature, that is the repayment period and the amount borrowed.
Kashbean App Loan Eligibility Criteria
Eligibility criteria refer to a set of agreed-upon standards or requirements that must be met for a loan to be considered.
The guidelines and app technology are used to evaluate who is qualified or suitable for loan approval.
With Kashbean loan, the eligibility criteria widely depend on the context and can include factors not limited to age, income, and credit rating history.
To qualify for Kashbean loans, clients must share personal information, including their family name, phone number, place of work, and residence. It’s worth knowing that the criteria may not resonate well with everyone, but they must be adhered to.
How to Repay Kashbean Loan
Loan repayment is the process of repaying money borrowed from a lender in accordance with the terms and conditions outlined in the loan contract.
It involves making regular payments, often monthly, which should cover both the principal amount and interest.
Below are ways of making the Kashbean loan repayments:
1. How to pay via M-Pesa Paybill number
- Go to your Safaricom menu and choose M-Pesa.
- Select Lipa na M-Pesa and go to the Pay Bill option.
- Enter the business number 733555, then key in the Kashbean registered phone number as the account number
- Enter your payment amount, then your M-Pesa PIN
- Confirm that all details are in order and click ’ OK’
2. How to Make Repayments Using the Loan App
- Log in to your Kashbean app installed on your phone.
- Click “My Loan” and choose the loan options from the list.
- Click the Repay In Advance section
- Confirm that the captured details are correct and then press “Repay now.”
- Proceed to choose your repayment method by choosing “Repay now.”
- Complete your Repayment process.
- After successful completion, you will be notified, and your updated balance will be reflected in your Kashbean app.
How to Increase Kashbean Loan Limit
The loan limit can be adjusted to reflect an increase or decrease in the maximum loan amount that a lender is willing to lend to a borrower.
To increase the Kashbean loan limit , the following steps should be taken:
- Ensure to keep a positive credit score
- Regular borrowing from the Kashbean App
- Timely and prompt loan repayments
- Always ensure your account is active
- Refer friends to the Kashbean loan app
- Requesting a higher loan limit
- Increase Mpesa transactions and retain messages as proof
- Avoid changing or upgrading your mobile phone
- Maintain a stable and regular income
Defaulting Risks
Loan default occurs when a borrower fails to meet the legal obligations relating to the terms of the loan agreement outlined in.
It means that the borrower has not settled payments on time or has stopped making payments.
Defaulters are likely to experience the following;
1. Collections agents may reach out to you to repay your loan
In extreme cases of prolonged non-payment, you risk being blocked from Kashbean and also reported to the relevant credit reference bureaus.
This decision is made after the collection agent has reached out, but has no results to show.
2. It attracts late payment interest, lower loan limits, and the inability to request loans from Kashbean and other lenders.
The interest charged for late repayments.
Borrowers who make late repayments are charged a late repayment Fee of 2.5% per day.
Frequently Asked Questions
The loan period ranges from 91 to 365 days, allowing borrowers to borrow and repay flexibly.
No credit record is required, and residents aged 18 to 60 with a stable source of income can apply online at any time and from anywhere.
Kashbean provides a safe, convenient, and fast online loan experience to customers in Kenya.
It offers instant cash to help people in need grow their businesses or fund other needs.
It can be done in writing via email: help@kashbean.co.keor by contacting our customer care infoline: +254 709462700
Digital loan defaulters usually get a 30-day notice before their details are forwarded to credit reference bureaus (CRBs).
The regulations are provided by the Central Bank of Kenya (CBK), which determines the interest rates and the abuse of consumer privacy.
Yes, users can instantly request another loan on the Kashbean App after they finish paying an outstanding loan.
To check the Kashbean loan balance, log in to the application and refresh the page using the ‘Repay’ button.
The details will be displayed periodically to track your balance.
Final Thoughts
Final Thoughts
I believe the guide was of great help and informative, to guide you in making informed decisions about mobile loans.
There are numerous mobile lending apps available in the market that disburse mobile loans, among other products.
Research and evaluate options to address your specific borrowing needs.
Content Strategist with copywriting skills cultivated over five years. I have accomplished multiple projects that have yielded valuable results. I am enthralled by business, fintech, and global eco-politics practices that ensure sustainability.
