HF Whizz Online Loan App
Introduction;There are various online loan lending firms that offer loans to their customers through certain terms and conditions which when agreed upon by the subscribers and upon meeting the set terms and conditions by the firm then they can access the funds. HF Whizz is an online loan application that has been created by the Housing Finance Corporation which is a Kenyan company which is also listed in the Nairobi Stock Exchange market.
Housing Finance Corporation is a real estate company which develops real estate through a number of ventures by offering loans to landowners for construction and development of real estate. The company also advances loans to investors and estate developers for housing, construction and development.The HF Whizz provides loan to its members who have downloaded the application and have registered by using the ID number. Once they create an account they can then access the funds by applying for the amount of money that they would desire to borrow from the company. In addition, it is important for one to be credible and with a clean lending record from the other banking and money lending institution to ascertain their credit worthiness for the loans. If one has been listed by the credit reference bureau they may not qualify for the finds. Regulations passed by the banking laws have enabled bankers to share details about their customers to confirm their worthiness for loans.Once they have applied for the loans, they can then access the funds through their preferred telecom company such as Mpesa. Once the funds have been deposited in their Mpesa they can then withdraw at their own convenience. The more they borrow and pay back the money and pay back in good time, the clients are able to maintain a clean record and they thus qualify for more funds with time.
One of the key requirements for one to get the loan is, they must have downloaded the application on their smartphones and they must have been of majority age. Important to note is that they should have a clear banking record with other money lending institutions for them to qualify. In addition to that they should demonstrate an ability to pay by highlighting the reasons of borrowing the money.There are a number of advantages of borrowing the money through HF Whizz;The interests charged on the borrowed money are quite low in comparison with the conventional banks and small medium enterprises.It is easy to access the money since one just needs to use their phone and internet connection for them to be login to the HF Whiz application.Availability of cash of whatever amount, banks have placed a limit on the amount of money that can be borrowed which is different from the HF Whizz app which has very flexible amounts.Disadvantages of HF Whizz loans;High number of applications due to the ease in accessibility of the application and also the ease in applying.Undeclared terms and conditions due to the lack of personal contact with the company, therefore creating room for exploitation.High percentages of interest on the loans borrowed by the applicants therefore making it challenging to borrow the money.