No! This is not a typo. You have actually read that correct!
CRB is an acronym for Credit Reference bureau which is basically a firm that collects information from financial institutions and provides consumer credit information on individual consumers for a variety of uses.
In Kenya, we currently have 3 licensed credit bureaus which play the function of blacklisting loan defaulters based on reports shared by the various credit lending facilities such as banks and microfinance institutions.
Blacklisting entails being barred from accessing any future loans until the outstanding balance is repaid in full inclusive of the penalties.
It also negatively impacts one’s credit score which is usually the gauge with which lenders use to determine the creditworthiness of a borrower in terms of repayment. i.e the higher the credit score, the lower the default risk and vice versa.
Despite the over-saturation of the mobile credit market, there always seems to be enough room for a new entrant and in this case, the newcomer happens to be a CRB itself.
Who would have guessed that the very same institutions mandated to punish loan defaulters would one day also be used as avenues for borrowing loans.
To begin the loan application process, you will be required to:
1. Download their Official app.
2. Once downloaded, install it and proceed with registration.
3. Upon completion of registration, login to the app and click on the ‘Borrow money’ tab.
4. This will direct you to the ‘Borrow Money’ page with various selections to choose from. i.e Borrow Now, Loan products, My Loans and My Applications.
5. The ‘Borrow Now’ tab allows for a quick loan application process requiring the borrower to input the loan amount and repayment duration.
Upon completion, the borrower will receive a pop up alert indicating that the loan request is successful and thus should wait for a lender to respond.
6. The ‘Loan products’ tab avails a variety of loan products to choose from including asset financing, mortgage, personal secured/unsecured, mobile loans, business secured/unsecured.
For this article, we shall focus on mobile loan, type the amount, duration of repayment then click on Search Lender.
Depending on the figures input on the previous page, a list of lenders matching the criteria will be displayed for the applicant to choose from.
Click on the preferred choice and further details of the loan shall be displayed including amount applied, repayable amount as well as the cost of credit. To complete the process, click on ‘Apply Loan Now’
A pop up will be displayed with information that the loan request is successful and thus should wait for a lender to respond.
7. To view the progress of the loan application, click on ‘My Application(s)’ tab.
There you have it! All that is left now is to await the lender’s response.