At times, expectations may lead to disappointment and as such, they should be tamed.
For example, take an instance whereby you are faced with an emergency situation that urgently requires Ksh5,000 to sort out.
Hurriedly, you download a random loan app from the playstore and make an application. Due to your impeccable credit score, you are assigned the exact loan limit equal to the amount that you are in need of.
However, upon successful approval and a simultaneous SMS notification confirming funds transfer to your Mpesa account, you realize that the disbursed amount is Ksh3,500
Where did the rest of the money go? You may ask.
Well….. any ‘hardcore’ loan app users out there will simply tell you that this is a very common scenario especially for ‘newer’ loan apps which prefer deducting interest first before making disbursements.
The most frustrating part is that you have to pay the whole approved amount i.e if you applied for Ksh5,000 and received Ksh3,500, you will still have to repay Ksh5,000
Below are some of the loan apps that apply the same principle.
Categories: Loan Articles