4 Simple Yet Overlooked Details That Increase Your Chances Of Being Approved For A Bamba Loan
Financial emergencies are common occurrences and with the availability of digital loans, instant access to cash in order to mitigate such instances provide a much needed relief especially to majority of Kenyans.
However, approval for such loans may at times not be guaranteed due to a variety of factors that are put into consideration during loan applications.
As such, most borrowers tend to get surprised whenever they receive loan rejections not knowing that simple underlying factors that they tend to overlook ultimately determine the overall outcome of loan applications.
For instance, a section of borrowers who have tried the Bamba app claim to experience a long loan review process that ultimately leads to no loan offers and for those assigned loan limits, loan disbursements equally take longer. Check out Bamba loan review and disbursement duration
If you would like to try the Bamba app but are unable to access it via the Playstore, you can use this alternative link to manually download and install it to your android device.
As previously stated, there are several factors that determine the outcome of your Bamba loan application such as;
1. CRB Status
One of the major consequences of being listed by CRB is denial of loans by lenders and Bamba is not an exception. Being a product of Choice Microfinance bank, the lender relies on your credit report issued by Credit Reference Bureaus to make their lending decisions.
Therefore, if you are blacklisted by CRB, you have minimal chances of being approved for a Bamba loan unless you check your CRB status and clear using batch number.
2. Inaccurate Information
This refers to submitting false information in regards to your Bamba loan application. This can occur when entering your ID number, business details or personal information.
Knowingly giving inaccurate data may lead to automatic loan denials especially since this information is usually verified using external agencies.
3. Lack Of MPesa Transaction Messages
This is one of the areas that is completely overlooked especially when applying for loans through installed apps unlike USSD loans. By installing loan apps, you eventually grant them access to your SMS whereby your financial transaction history can be tracked via available MPesa messages.
Therefore, it is advisable not to delete MPesa messages if you want to increase your chances of being approved for a Bamba loan.
4. External Defaulted Loans
If you have defaulted on external loans, this information can be accessed not only through CRB but also via your SMS messages. Availability of numerous SMS sent by lenders for repayment can determine your loan approval especially with installed apps that have access to read SMS messages from your phone.
