mKey loan app from Fineserve Kenya is one of the apps that are determined to usher in a new era of banking that combines financial management with social networking and lifestyle.
Fineserve Kenya is a subsidiary of the Equity group which has extensive experience in the banking sector.
What is the mKey loan app?
mKey loan app is a unique development from Fineserve that will revolutionize banking in the long run.
The idea may not be popular today but looking into the future and taking into account the modern trends, the app is properly aligned with what the future holds.
Social networking, data analytics, and lifestyle are some of the popular trends that will dictate how services will be offered in the future.
This app is developed to combine these aspects and make banking as easy and enjoyable as possible.
Apart from its futuristic aspects, mKey had been developed to deliver all the core financial services you would require in a finance app.
This means that you can pay bills, save money, transfer money to all banks, deposit cash to your bank account, borrow loans from the app and so much more.
Who qualifies for Mkey Loans?
Fortunately or unfortunately, to qualify for loans from the mKey app, you have to be a user with a good profile. In simple terms, you cannot download the app today and borrow a loan instantly.
You need to download the app, transact using the app for some time, build your profile and you can apply for the loan ones you have a good profile.
The app is available in Google Play Store for download to Android users. To sign up for an account with mKey you will only be required to provide your name, ID or Passport number, and your registered mobile number.
mKey Loan app loans and Features
Most people who will download the mKey app will do so because of the handsome loans that the loan offers.
The mobile app offers unique loan facilities and user-friendly repayment terms and repayment methods.
The minimum amount you can borrow from the mKey loan app is Ksh. 300, while the maximum loan amount offered, is Ksh. 1000000.
I do not know of any other mobile loan app in Kenya that can lend you 1 million shillings.
mKey Loans Interest rates
The app charges very minimal interest rates on the mobile loans offered. Unlike regular loan apps that will charge you rates of 12% and above per month, mKey interest rates range between 1%-9%.
The interest rates are determined by your credit history, the amount of money borrowed, and the repayment duration.
To qualify for loans of up to 1 million shillings, make sure you use the app to do most of your transactions.
That way, you will increase and grow your credit limit over time. This loan app gives people who have been listed on CRB a chance to borrow loans as well but the interest rates are higher if you are a known loan defaulter.
How to download mKey and apply for loans
Although this app is related to the Equity group, the loans offered are by no means related to Equity bank. To apply for a loan from mKey app, follow the following procedure.
- Download mKey on Google Play Store
- Install the app on your phone
- Open the app and create your account.
- You will require a Facebook or Google account to register
- Enter the required personal information as required by the app. [Your name, phone number ID or passport number]
- Confirm your email address and activate your account
- Use the app to do basic transactions
- Build your profile
- Apply for the loan
After submitting the required details and activation of the account, the app will display the amount you are allowed to borrow. This is determined by transaction records as well as CRB credit reports.
How to repay Mkey loans via Mpesa
Repaying your mKey loans via Mpesa is the easiest option you have. Here is the process of repaying your loans using Mpesa.
- Go to Mpesa menu on your phone
- Select Lipa na Mpesa
- Paybill option [Enter 778588 as PayBill number]
- Account number [Enter your mobile number as the account number]
- Amount [Enter the loan amount that you should pay]
- Enter Mpesa pin and press OK
- Confirm and complete the transaction
To secure your financial future, it’s wise to leverage the chances provided by some financial institutions like Fineserve.
Through their mobile finance app, you can pay all the bills including KPLC, Water bills, Gotv, Dstv, and many others.
On top of that, you can qualify for loans of up to 1 million shillings. What else would you ask in life? download the mKey app and unlock a world of new possibilities!