- No registration fee
- Easy registration process
- Short repayment duration
- Interest deducted prior to disbursement
- Long approval wait time
- High interest rate
KenNow loan app is a product offered by KenNow that provides short term emergency loans to Kenyans. The KenNow app has 10K+ downloads with 30+ reviews and 3.6/5 star reviews.
KenNow Loan App Download And Registration
Download, install and launch the KenNow loan app [ Playstore ]
Accept the various permission requests such as;
1. Contact lists – to recognize references that facilitate data auto-filling throughout the loan application process in addition to determining loan eligibility and risk assessment.
2. Financial SMS – to run credit risk assessment that evaluates one’s risk profile that provides the necessary credit analysis.
3. Phone – to uniquely identify devices to prevent unauthorized access to prevent fraud as well as determine credit eligibility to improve credit profiles.
4. Camera – to enable easy scan/ capture of KYC documents.
5. Storage – to enable easy upload of necessary KYC documents.
Installed apps – to access credit worthiness and provide pre-approved customized loan offers.
6. Calendar – to enable reminders on loan due dates.
7. 3rd party accounts – to validate personal information and provide pre-approved personalized loan offers.
8. Files, photos & media – to easily upload photos/documents during the loan application process.
Once in the app’s dashboard, click on ‘Borrow Money Now’ button
Enter your M-Pesa mobile number so as to receive OTP via SMS
Enter the OTP and click ‘Submit’
Click on the ‘Borrow Money’ tab once again to be directed to the ‘My Information’ page whereby you are required to fill in your basic information and upload KYC documents. The details of each section include;
a) Basic information
Personal info: first/middle/last name, national ID card, gender, birthday, education, marital status, city of residence, residential address & email
Contact info: provide 2 contact persons detailing their full names, your relationship with them & phone number
Work info: work status & monthly income
b) KYC documents
In this section, take a photo of the front & back of your national ID card.
How To Apply For KenNow Loan
Upon successful upload of the above images, you will be directed to the loan application page.
On this page, you will be able to see your loan limit, loan period, amount to be received upon loan approval, repayment amount, interest fee as well as service fee.
Proceed to click on the ‘submit’ tab for the systems to evaluate your credit risk score. The credit risk score is calculated using risk algorithms and a credit risk assessment based on the information provided above.
Upon completion, click ‘Continue’ for your loan application to be reviewed.
KenNow Loan Amount, Interest Rate And Repayment Duration.
KenNow provides loans of between Ksh2,000 to a maximum of Ksh50,000 repayable within 7 days at an interest rate of 30%
However, the interest rate is deducted prior to disbursement meaning that the funds received are less than the initial applied amount.
How To Contact KenNow Customer Support
Phone: 0709 221 902
Whatsapp: 0716 663 669
Categories: Loan Apps - Kenya