An Overview A personal loan is a finances/money provided by lending institutions for individual use. Unlike specific-purpose loans, personal loans offer flexibility, allowing borrowers to utilize funds according to their needs. Factors Influencing Loan Access The accessibility and amount of personal loans hinge on two primary factors: income and creditworthiness. Your financial goals can be…
1. Digital Lenders 1. Hustler Fund: Initiated by the government on November 30, 2022, the Hustler Fund swiftly became a game-changer for businesses. Offering loans ranging from 500/= to a substantial 50,000/=, this fund garnered an impressive 19 billion shillings within three months. Eligibility is open to all, with credit scores determining access levels. The…
Are you in search of a business loan for your enterprise in Kenya? Discover and compare an array of business loans tailored for your specific needs. Easily assess interest rates, tenure, loan limits, and other crucial terms with just a few clicks. This article navigates through their significance, diverse types, effective selection strategies, eligibility prerequisites,…
Two giants, Equity Bank and Safaricom, have innovative overdraft facilities – Boostika and Fuliza, respectively. We dive into the details of these products, comparing their features, repayment terms, and eligibility criteria. Equity Bank Boostika The Genesis of Boostika Equity Bank Kenya has stepped into the realm of overdraft solutions with the introduction of Boostika. This…
Equity Bank Kenya has made has yet again made groundbreaking announcement, introducing its latest financial solution, ‘Boostika,’ which is an overdraft loan facility set to challenge Safaricom’s Fuliza. How Boostika works The innovative unsecured facility empowers customers to overdraft their accounts, allowing transactions of up to Ksh 100,000 (USD 625), facilitating seamless shopping experiences even…
In the ever-evolving landscape of financial markets, Equity Group, under the astute leadership of Managing Director and CEO Dr. James Mwangi, has unveiled a strategic move that distinguishes it from its peers in Kenya’s banking sector. Amidst the transition to a comprehensive risk-based pricing system, Equity Bank has taken a unique stance by preserving the…
The Central Bank of Kenya (CBK) has raised concerns about microfinance banks (MFBs) charging high interest rates, up to 32 percent, on loans to small and medium enterprises (SMEs). These high interest rates are despite the requirement for collateral and are seen as a potential hindrance to the growth of SMEs. Here are the key…
In today’s fast-paced world, financial flexibility is a crucial aspect of achieving one’s dreams and ambitions. Whether you’re considering starting a business, purchasing a home, or even covering unexpected expenses, understanding loans and credit ratings in Kenya is paramount. In this comprehensive guide, we will unravel the complexities of the Kenyan financial landscape, offering you…
