Digital Loans in Kenya have over the past decade gained popularity in Kenya due to their speed in processing unsecured credit as well as accepting applicants with less-than-perfect credit histories.
The FlashPesa digital loan is one of the many digital loans that are available in the Kenyan market.
Like any other digital loan, the FlashPesa loan comes in handy in emergency situations due to its speedy disbursement process that takes just minutes.
There are numerous use cases beyond personal and business emergencies. For instance, the loan may be used for income smoothing - helping you pay bills when your cash has run out before the predictable income checks in.
It can also help one take advantage of a money-making opportunity where you are sure to get your money back in the short term.
The FlashPesa Digital loan also stands out because of its predictable and transparent loan limit growth process. Importantly, as the loan limit increases, the service fee charged by FlashPesa reduces.
Every customer who qualifies for the FlashPesa Digital Loan gets a limit of Ksh1,000 on their first loan. This loan has a term of 15 days and a 25% service fee.
Once you clear the first loan, you will get a Ksh2,000 limit on your second loan; Ksh3,000 on the third loan; and Ksh4,500 on the fourth loan. All these loans will have a tenure of 15 days and 25% service fee.
On the fifth loan application, you will qualify for a Ksh6,000 loan limit and the tenure will be increased to 22 days. The service fee will be 18%.
The sum of it is that the more your loan limit is increased, the less the service fee. The increment continues until you hit a loan limit of Ksh50,000 which you can take at 12% for 22 days or 15% for 31 days.
Would you take the FlashPesa digital loan? You can read more about the FlashPesa digital loan here.
If you are interested in taking the FlashPesa loan, you can make your application here.