10 Ways to Identify Fake Loan Apps in Kenya

The debate on whether loan apps in Kenya are helpful or enslaving continues. In fact, some people have termed loan apps as modern-day shylocks.

The arguments do not matter much to those facing financial constraints. Most people borrow to meet their basic needs that their income cannot meet.

Recent reports from different groups including the Financial Sector Deepening (FSD) Digital and Lenders Association of Kenya (DLAK) warn Kenyans of rogue apps.

Are you using a fake loan app? Read on…

Statistics

The Bill and Melinda Gates Foundation in association with the government and the FSD conducted a study on mobile lenders. The team produced the Digital Credit Audit report.

The study showed that by September 2018, the two main app stores, Google PlayStore and Apple’s App Store had 110 mobile loan apps.

According to the findings, 74 unique app developers had developed money lending apps.

By April 2019, 65 out of the 110 apps were no longer listed on the app stores.  Instead, 43 new developers joined the stores and introduced 43 new apps.

The changes within just a few months raise many red flags.

The team found out that most of the digital lenders are neither SACCOs nor banks. The lenders are not accredited to any financial institution.

This means that if you save with the lender, your savings are not secured in any way. In addition, such lenders are not insured.

If established banks go down, what do you think of unregulated digital lenders?

If more than half of loan apps are pulled down in just 7 months, why should you consider borrowing money from loans apps in Kenya?

Ways to identify fake loan apps

If your income can meet your bills and emergencies, you may not think of a loan. Again if you can access an unsecured loan from a local bank, an instant loan may never cross your mind.

Unfortunately, this is not the case for millions of Kenyans. Many depend on loans to survive.

Banks have also turned to online lending after the stringent rules that the Banking Amendment Act 2016 introduced.

Hence, if you don’t land in the hands of private digital lenders, you will end up in Mshwari, KCB-Mpesa loan, Stawi loan app, Kopa Chapaa by Faulu, Timiza from Barclays, Eazzy loan from Equity or Co-op Cash.

You may not qualify for a loan from these apps. Your alternative is private or international lenders like Tala, Zenka, Branch, or Saida.

New names have also in the Kenyan market such as Berry Loan App, KopaKash, Okash, Tumiwa, Uwezo Kash and Pezesha among others.

How can you tell if you are just about to borrow money from a rogue digital lender?

1. High registration fee

According to the Digital Credit Audit report, rogue lenders charge anywhere between Ksh.200 to 400 as registration fee.

Of course, the lenders know by now that borrowers are looking for free apps. With the high number of apps in the stores, coming clean with the registration fee is not an option.

Look out for claims that the fee is for checking your CRB record or score. You will never see the evidence that they actually checked your score.

Actually, you may not have access to the app after sending your registration fee. Some begin malfunctioning immediately and deny a fresh registration with the same details.

2. Data access

Beware of the permissions you grant to any app including loan apps when installing. For instance, an app may request to read your exact GPS location, which is expected with loan apps.

However, why should you grant permission to your phone gallery or messages/SMS app? Some will not install until you grant access to your call logs or your device identity.

A genuine lender does not need such information. You never know how the app owners use such information in this age of cybercrimes.

Also Read: Top 5 Instant Loan Apps in Kenya

3. Mimicked names

We know about brands like Tala, Branch, Fuliza, and Coop Cash. As you search the app store, you will come across loan apps in Kenya with twisted names.

For instance, you may see Tala Kash, Fuliza Sasa, Tala Pewa Loans or Mkopo Branch Rahisi.

Such lenders target borrowers who are unaware of the right brand names of loan apps. Stay away from such apps.

4. Rewards or prizes for referrals

If you need to refer other borrowers to an app to gain points, rewards, or qualify for a higher amount, you are in the wrong hands.

Some fake apps will not even grant the first loan before you enlist other borrowers and earn enough points.

Your creditworthiness should be sufficient to qualify you for a loan from a genuine lender.

5. Minimal details asked

How easy is it to qualify for your first loan? Is the app promising a high amount even with a low credit score?

Lending online does not eliminate the need to verify the identity and creditworthiness of the borrower.

If the lender needs few personal details to issue loans, chances are they have obtained the information illegally. Else, the app may go down at any time after earning a high interest from you.

See Also: Safaricom’s Fuliza Wins a Prestigious Award Months after Launch

6. Fake physical address and contacts

Most borrowers do not bother to check the contacts and address of digital lenders until they run into trouble. Check this information first no matter how pressing your financial need is at all times.

If you cannot get through the phone numbers given at any time of the day, discontinue the service. A loan app should be accessible and functional 24/7 with a quick support team.

7. Negative reviews

Do not believe every promise that an online lender makes. Check other borrowers’ reviews on the app store.

If all you read are complaints, do not ignore and assume that your experience will be different. Check the lender’s response to the complaints as well.

8. Exorbitant interest rates

Even the best loan apps in Kenya charge higher interest rates than banks do. However, rogue apps go beyond the normal rates for apps.

Compare the interest rates from established brands first to determine the prevailing interest rate.

9. Sudden changes in terms

Have you ever used app, qualified for a certain amount but your limit went down after payment? Loan apps promise to increase your limit when you pay in full and on time.

If the terms change suddenly, you are probably dealing with crooks who cannot sustain their business.

They come up with excuses for penalizing defaulters or changing loan limits even with evidence of previous communication.

10. Frequent breakdown 

Here is one more red flag for rogue loan apps. An app hangs when you are trying to request a loan or choose a longer repayment period.

The malfunction rarely comes before you repay for the first loan or send the mandatory registration fee.

If you can hardly complete a process without a dysfunction, you are most likely using a rogue app.

You will not miss the red flags if you do your homework. Do not take chances. Seek for information before you share your confidential data with unknown digital lenders

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Why You Need To Try Muva Mobile Apps Development Solutions In 2016

Are you looking for a company that can deliver unsurpassed mobile apps development solutions? Well, you don’t have to search anymore! Muva mobile apps will satisfy every desire and fantasy you have about such services. More specifically, you must opt for the company’s apps for these reasons:

  • The end user will have secure and seamless experience

Muva mobile apps are not only stylish and superbly designed, but they are also user friendly.  Through extensive research, the company understands user behavior and thus, creation of apps with user’s perspective in mind has become a reality.

  • You will get Customized mobile apps

Whether you own a company or business, your needs will be varied n when looking for mobile apps. Muva mobile apps are designed to meet such needs. Accordingly, it is easy for you to reach to your target audience.

  • You will stand out from the rest

Innovative and unique mobile apps help you to stand out in clutter. Muva mobile developers understand this aspect quite sharply and will come up with apps that will give you the unique identity you have been yearning for.

  • Saving on costs

Muva mobile apps are designed to cater for all budgets. This is particularly important for startups and small businesses that are constrained financially. Note that regardless of the price paid for the mobile apps, you will get user-friendly and innovative services.

  • Functionality across the platforms

Typically, everyone seeks to reach as many people as possible using mobile apps. Muva comes in handy in this case, creating apps that helps you accommodate maximum number of the target audience. Whether the users utilize tablet devices or Smartphone, the app designs will be functional and appealing. Still, regardless of the operating systems, Muva has the ability to create sleek and elegant mobile apps.

  • It’s much more than mobile apps

With the ease at which people can take an online course in the contemporary world, you will be amazed by the number of companies promising to offer incredible mobile apps. However, you are in safer hands if you opt for a company that has the experience and that desires to create a relationship with you. That company is Muva! The developers have tons of experience in the field and have been helping innumerable clients to enhance their product delivery processes.

Clearly, you will never regret after trying Muva mobile apps. You will enjoy value for your money as you work with qualified, innovative, passionate and experienced partners.

 

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Top Trendy Stories You Need To Know About Mobile App Developers in Nairobi

Numerous mobile app developers in Nairobi have come up with incredible creations in the last decade. While the apps concept is still new in the consumer market, stories about successful developers have been trending in the social circles in the country.  Here are some of them:

Meeting the demands of the Nairobi population

The consumer in Kenya is seeking for apps that are developed for and by Nairobi residents. Accordingly, mobile apps developers Nairobi have trended by coming up with apps that meet such demands. One of such a developer is creation is the Twendeloo app that helps Nairobi residents to locate public toilet facilities close to them.

Mobile app developers Nairobi make millions out of their venture

It is now a well-established fact that top apps developers have millions of downloads, enabling them to make a living out of the venture. Specifically, some of the apps developers have recorded over 5 million downloads after one year on the app store.

Some successful mobile app developers Nairobi are below 25 years of age

Gone are the days when success was associated with older and experienced people in the population. In Nairobi, a new generation of entrepreneurs is coming up with amazing ideas and making it big in the industry. Such people include Andrew Mainga, who at 22 years of age has created ventured into apps development and created products such as The League and Capital Cities.

Mobile app developers Nairobi are willing to venture into the unknown

Jessica Colaco, a 27 year old student from Strathmore, created the first map of Nairobi. Notably, she ventured into the course even before Google created its detailed map on the city.

Creating platforms to help people tell their stories

Ory okolloh travelled to Kenya during the elections period. To her surprise, Kenyans turned against each other and the much-popularized and painful event, post-election violence, erupted. Having realized that people did not have a platform to share their experiences, she created an app by the name Ushahidi. The app has since been used to share stories and experiences after major disasters around the world.

Using apps development to push the patriotic agenda

Just like many Kenyans, Eric Wesonga realized that many people did not fully comprehend the country’s constitution. Yet, the document helps Kenyans to understand their fundamental rights. He then created an app that explains all the necessary details about the document.

Empowering others

At 19, Martha Chumo started her journey in mobile apps development training. Specifically, she launched the development school in Nairobi to help young developers understand the skill and apply it in their careers. She has since helped thousands of people, some of them being slum dwellers.

Changing the face of Africa

In the western world, the stories narrated about Africa are those of pity and misery. Such narration is being changed by mobile apps developers Nairobi, who have helped create amazing products such as M-Pesa and M-Farm. Through such apps, the world has acknowledged that the African mind has the capacity to innovate and solve tough issues using technology.

Ready to research and learn

It is almost impossible to innovate without doing extensive research. Mobile apps developers in Kenya understand this aspect and have thus applied it in their course. One of such developers is Cyprian Kabia- who is the co-founder of Mobile Life. The developer has created an emergency response app that aids consumers involved in emergencies. To come up with the product, he had to take rides in different ambulances; this helped him to understand the needs of the consumer during emergencies.

Beating all the odds

Mobile apps developers in Nairobi are known to channel all their resources and effort to make it big in the industry. One of developers who can explain such a journey is Wesley Kirinya. Being the first entrepreneur to create games-related apps, he did not have mentors and tools to help him through. He also had to invest in expensive books to understand the concepts. He, however, pursued his passion and today, his apps are well-known and loved in the gaming world.

Precisely, mobile app developers Nairobi are innovative, passionate, skilled, resilient, and experienced to create the best mobile apps. There are, therefore, no regrets if you engage them for service delivery.

 

 

 

 

 

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Mobile Apps in Nairobi, Kenya That Suits Agribusiness in 2016

Agribusiness in Kenya is profitable. It is even more profitable for business people who take an initiative of finding the best mobile apps in Nairobi, Kenya. Here are the best and the most functional apps that you must use in 2016 for your agribusiness:

Read this: Useful Mobile Apps Ideas For Startups

  • AgWeb news

Do you always want to be on-the-know? Well, whether you are searching for information on the prices of inputs or market for your goods, you will find such details using the AgWeb news app.  Being updated on agribusiness news helps you to make wise decisions.

  • Virtual farm manager

Is your agribusiness taking all your time? Well, the virtual farm manager makes it easy for you! You can now keep your business organized and manage agricultural tacks with this incredible app!

  • Pocket

Do you want to access agriculture related news articles or any other digital content without internet connection.  The best service provider in mobile apps in Nairobi, Kenya will refer you to the pocket app. It is best suited for business people who travel a lot or who may spend much of their time in the farm.

  • Agrivi

Probably you want to improve the production in your farm but do not have the information on how to go about the process. With agrivi, you can be sure of being guided accordingly. Specially, ways of planning, monitoring and tracking farm activities will be offered to you so that you can be in control of the production process in the long run.

  • Vrain

Is it possible that you have always been caught unawares when it comes to weather changes? You need to find a vendor in mobile apps Nairobi, Kenya to install vrain app in your mobile device. This product is designed to ensure that farmers have information of weather forecast in the field.

  • Just in time plant nutrient calculator

Agribusiness is only meaningful if a farmer understands all the aspects of crop nutrition. This app is designed to calculate the appropriate nutrient solution required for crops. It is easy to use and portable. By using it, you will make wise decisions at the right time in your farm.

Clearly, you have numerous options to help you make profit in your agribusiness. Nevertheless, to avoid disappointments, you must find an experienced, skilled and reputable service provider in mobile apps in Nairobi, Kenya. Such information is readily available on the online platform.

 

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Find A Place Where Everyone Can Afford Mobile Apps Services!

Affordable Mobile Apps Services Just For You

In the light of economic harsh times, it is not strange for you to wonder; why you should spend money on mobile apps.  Well, we are here to give you the reasons. Foremost, we understand that you are trying to save some money; thus we offer affordable mobile apps services to all our clients.  In any case, our prices are designed to meet the needs of a client who is searching for functionality, fun, convenience, and profitability in life yet experiences budgetary constraints. We also ensure that our clients have a voice in regards to the final price that they pay; we allow them to negotiate for a price that is within their budget.  For these reasons, you don’t need to worry about the price of mobile apps. We got you covered!

Get Quality Products at an Affordable Price

Do we offer affordable mobile apps because they are poorly designed? Many clients may ask such a query and we have an answer for them. In our company, we offer customized, professionally developed and top notch mobile apps that others find it difficult to imitate. Our qualified mobile apps developers go a step further to offer services that ensure that our clients are satisfied. Support and questions, for instance; are answered to satisfactory levels. We also advise our clients on the best apps for their business or company.  Even more, we ensure that creativity and innovation is considered during service delivery.

Don’t just survive! Live a Fulfilling Lifestyle

Can you survive without mobile apps? Well, to some extent you can. Yet, you ought not to survive but rather lead a fulfilling life. Technology has made it possible for anyone to lead such a life, and hence, there is no reason to settle for less. We offer affordable mobile apps to ensure that you do not only attain the fulfillment you deserve, but that you also have a chance to save some money. If you are thinking about your business, we offer mobile apps suitable to your needs. Have you been thinking about living a healthy lifestyle? We will offer you customized mobile apps so that you can have fun while at it. Are you seeking for information about real estate or even school work? Well, we are here for you! Indeed, having understood your needs, you can contact our qualified mobile apps developers and henceforth sit back as the rest is done for you.

We Are Always Available For You

How and when do you contact us for service delivery? Well, that is the easiest part!  We are always available for our existing and potential clients, ready to deliver our services and at the same time address their concerns. Having received your email or phone call, we will promptly respond to you so that you are not stranded. The best part is that our ever-present customer care team is trained to handle your queries and concerns with professionalism in mind. Besides, we efficiently deliver our services in order to eliminate delays in your business or even the related frustration in your personal life. Clearly, you have no reason to avoid spending on our mobile apps services; they are affordable, functional and professionally developed.

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