In today’s fast-paced world, access to quick cash is essential, especially for those facing unexpected financial needs. AsapKash, an innovative mobile loan platform, provides an easy way for Kenyans to get unsecured personal loans directly to their bank accounts or M-Pesa wallets. If you’re looking to learn how to apply for a loan with AsapKash, what fees are involved, and how repayment works, you’ve come to the right place.
In this comprehensive guide, we’ll walk you through everything you need to know about the AsapKash loan app, from eligibility and registration to repayment options. We’ll also give you a breakdown of the fees, charges, and interest rates, ensuring you make an informed decision when using this platform.
What is the AsapKash Loan App and How Does It Work?
AsapKash is a mobile application that offers unsecured personal loans to Kenyans. Unlike traditional banks that require collateral, AsapKash provides loans based solely on your creditworthiness. It uses data collected from your phone, including financial transactions and your reason for borrowing, to evaluate your ability to repay the loan. The app then disburses the loan directly to your M-Pesa or bank account.
The app’s algorithm is powered by machine learning, which ensures that your credit history is analyzed in real-time to offer you the most suitable loan terms. This means that if you have a good repayment history, you might get access to larger loan amounts with lower fees.
Key Features of AsapKash:
- Loan Type: Unsecured personal loans
- Loan Amount: KSh 500 to KSh 50,000
- Loan Term: 91 to 365 days
- Interest Rate: 0.6% to 2.08% per day (monthly rate of 15% to 19%)
- Processing Fee: 25%
- Repayment Method: M-Pesa Pay Bill (4076331)
- Late Fee: 2.5% per day
- Max APR: 13.82% to 182.5% per year
How to Download the AsapKash Loan App
To start using AsapKash, you need to download the app on your Android smartphone. Unfortunately, the app is not available for iOS users at the moment.
Steps to Download:
- Open Google Play Store on your Android phone.
- In the search bar, type “AsapKash loan”.
- Tap Download and install the app on your device.
- Once installed, open the app and proceed with the registration process.
How to Apply for an AsapKash Loan via M-Pesa
To apply for an AsapKash loan, you must have an Android phone with an M-Pesa account. The process is straightforward, and you can have the loan disbursed within minutes after your application is approved.
Steps to Apply:
- Open the AsapKash App on your phone.
- Sign In: If you don’t have an account, register by entering your National ID details.
- Set Up PIN: Choose a one-time PIN and create your own secure password.
- Fill in Personal Details: Enter information such as your place of work, residence, and phone number.
- Submit Your Application: After completing the registration, apply for a loan by answering a few questions.
- Choose Repayment Date: Pick a date that suits you to repay the loan.
- Get Your Money: Once approved, the funds will be sent directly to your M-Pesa account.
AsapKash Loan Eligibility Criteria
Before applying for a loan on AsapKash, it’s essential to meet their eligibility criteria. AsapKash uses an algorithm that evaluates your creditworthiness and transaction history to determine the loan amount and terms.
Requirements:
- Android Phone: AsapKash app is only available for Android users.
- National ID: You must have a valid National ID.
- M-Pesa Account: A registered M-Pesa account is required to receive the loan.
- Valid Employment Information: You need to provide details of your place of work and contact information.
- Good Credit History: Having a history of responsible borrowing will increase your chances of qualifying for larger loan amounts.
First-time Loan:
For first-time borrowers, the loan limit may be lower, depending on your creditworthiness. You could receive a loan amount as low as KSh 500 to KSh 2,000.
AsapKash Loan Fees, Charges, and Interest Rates
One of the most important things to consider when taking out a loan is the cost involved. AsapKash is transparent about its fees and charges, so you can easily calculate how much you’ll owe.
Interest Rate:
- Daily Interest Rate: Between 0.6% and 2.08% per day
- Monthly Interest Rate: Between 15% and 19%
Other Fees:
- Processing Fee: A one-time fee of 25% is charged for all loans.
- Late Payment Fee: If you miss a payment, you will incur a late fee of 2.5% per day.
- Excise Tax: An additional 20% excise tax is charged on the interest.
Example:
If you borrow KSh 4,000 and repay after 60 days, you will owe the following:
- Interest: 18% of KSh 4,000 = KSh 720
- Excise Tax on Interest: 20% of KSh 720 = KSh 144
- Total Repayment: KSh 4,000 + KSh 720 + KSh 144 = KSh 4,864
How to Repay Your AsapKash Loan
Repaying your AsapKash loan is easy, as the platform offers convenient payment options.
M-Pesa Pay Bill:
- Go to M-Pesa Menu and select Lipa na M-Pesa.
- Choose Pay Bill and enter Business Number: 4076331.
- Enter your AsapKash Registered Phone Number as the account number.
- Enter the Amount you wish to repay.
- Confirm the details and enter your M-Pesa PIN.
How to Cancel or Delete Your AsapKash Loan Application
If you decide not to proceed with your loan application, AsapKash provides an automatic cancellation process.
To Cancel:
- If you haven’t completed or submitted your application, no action is needed—your application will automatically be canceled.
To Delete Your Account:
- Once you have repaid your loan, you can contact AsapKash via help@asapkash.co.ke to delete your account.
Why Choose AsapKash Loan App?
AsapKash stands out due to its fast and straightforward application process. It offers unsecured loans, meaning you don’t need to provide any collateral, which makes it an attractive option for many Kenyans. With loan amounts ranging from KSh 500 to KSh 50,000, it caters to a wide variety of financial needs.
Pros of AsapKash:
- Fast Loan Disbursement: Get your loan within minutes after approval.
- No Collateral Required: Loans are unsecured.
- Convenient Repayment: Repay via M-Pesa with ease.
Is AsapKash the Right Loan App for You?
Before committing to a loan, always consider your ability to repay and how the fees will impact your finances. AsapKash’s quick disbursement and easy repayment terms make it an attractive option, but it’s essential to ensure you meet the eligibility criteria and understand the interest and fees involved.
CTA: Ready to access quick cash? Download the AsapKash loan app today from the Google Play Store and apply for an unsecured personal loan that suits your needs.
