Afri-Kash Loan Mobile Application
Afri-Kash Loan Mobile Application is an online service where by one can borrow money through their device by having internet connection. The application was developed by Afri-CAN SUN limited to dispense loans through the application with the aid of artificial intelligence and also in partnership with Safaricom money services that is M-pesa. The services being offered by the firm has brought about a wide outreach of funds and services by the common man especially due to the discriminatory nature of the conventional banks which have conventional requirements for one to open an account.
For one to qualify for the loans being offered by Afri-Kash loans, they need to have an android smartphone which can access Google Playstore and also be registered with M-pesa in order for them to access the funds in their account. For one to have an account with Afri-Kash they need to ensure that they have a national identification number to ensure that they have attained the age of majority and also for the firm to cress check the clients details with the credit reference bureau to ascertain their credit worthiness. Importantly one has to download the application in order to have the ability to access the services being offered.Afri-kash has no specific type of loans, rather it has generalized the money being offered, therefore it is up to the borrower to determine how they use their cash and pay in accordance with the agreed duration.one also has to submit a financial statement for the last three months to show their ability of paying back the money borrowed.
Advantages of Afri-Kash online application;Availability of funds since one just needs a smartphone and an internet connection to access the loans being offered.Quick response of the funds being offered, this makes the application user friendly and reliable in times of need.Low interest charged on the money being borrowed, this enables quick repayment and better credit reference thus one can borrow more.Transforming lives especially small and medium enterprises which do not have proper business records to borrow money from the banks.Disadvantages of Afri-Kash online application;Failure to disclose the terms and conditions of the loans in detail fails to highlight in detail the services being offered and how suitable the services are.Short duration of paying back the money borrowed, this puts one in the risk of defaulting and eventually being blacklisted in the credit reference bureau list.