LendPlus First Interest-free Personal Loan: Product Details & How to Apply

Rates available from as of 1st April 2021
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LendPlus

LendPlus Interest-Free First Loan
Easy Apply
Amount
Ksh500 - 15k
Duration
5 Days
Interest Rate
Total Cost Including Institution's Other Fees
0% First Loan only (Has to be repaid in 5 Days)
Typically approved within 24 hours
visit website
Easy Apply

Loan Type

Unsecured Loans

Loan Fees

  • Interest Minimum: 0%
  • Interest Maximum: 0%
  • Processing fee: 0
  • Late payment fee: 2% daily

Disbursement Details

  • Application Method: App
  • Disbursement Method: Mpesa

Repayment Details

  • Repayment Frequency: Bullet
  • Early Repayment: Allowed, no discount.
  • Repayment Method: Bullet

Eligibility Requirement

  • Smartphone: Required
  • CRB: Experience taking and paying back other loans, currently in good standing.
  • Income: No Minimum
  • Employment: Formal employment is not required.
  • Network: M-pesa Customer

Documents

  • National ID.

Representative Example of Loan Costs:

  • Example Loan Amount: ksh10,000
  • Example Tenure: 5 days
  • Representative Loan Cost: 0%
  • Total Loan Repayment Amount: ksh10,000

Money254 Review

    Pros

    • New Client Offer: Interest-free first loan if you choose a duration of 5 days. The loan must be repaid on time or interest will be added.
    • High limit: The first Loan Limit is Up-to 15K

    Cons

    • If not repaid within 5 days, 2% daily interest is applied for the entire duration.

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