List Of 7+ Most Expensive Loan Apps In Kenya [2022]
Generally, emergency mobile loans are meant to assist us get out of a short term financial crisis.
However, there are some predatory digital loan apps that further contribute to the crisis through their implementation of ridiculous interest rates and short repayment periods.
Below we look at some of the digital lenders with interest rates of 30% and above.
Cashsea
Cashsea loans start from Ksh2,000 with a duration period of 7 days at 30% interest rates.
Sample loan calculation
For a Ksh2,000 loan amount, the interest charged will be Ksh600. Furthermore, the interest will be deducted upon loan disbursement therefore the amount received will be Ksh1,400
CreditKes
CreditKes starting loan amount is Ksh2,000 to be repaid after 7 days with a 35% interest rate.
Sample loan calculation
For a Ksh2,000 loan amount, the interest charged will be Ksh700. Furthermore, the interest will be deducted upon loan disbursement therefore the amount received will be Ksh1,300
Kesloan
Kesloan offers loan amounts as from Ksh2,000 repayable within 7 days at 30% interest rate.
Sample loan calculation
For a Ksh2,000 loan amount, the interest charged will be Ksh600. Furthermore, the interest will be deducted upon loan disbursement therefore the amount received will be Ksh1,400
KesMall
Kesmall offers loan amounts as from Ksh2,000 repayable within 7 days at 30% interest rate.
Sample loan calculation
For a Ksh2,000 loan amount, the interest charged will be Ksh600. Furthermore, the interest will be deducted upon loan disbursement therefore the amount received will be Ksh1,400
Pocketcash
Pocketcash offers loan amounts as from Ksh2,000 repayable within 8 days at 28% interest rate
Sample loan calculation
For a Ksh2,000 loan amount, the interest charged will be Ksh560. Furthermore, the interest will be deducted upon loan disbursement therefore the amount received will be Ksh1,440
Skypesa
Kesmall offers loan amounts as from Ksh2,000 repayable within 8 days at 28% interest rate
Sample loan calculation
For a Ksh2,000 loan amount, the interest charged will be Ksh560. Furthermore, the interest will be deducted upon loan disbursement therefore the amount received will be Ksh1,440
