The funny thing about this thing we call life is that you can have everything at once, and within a flip of an eye, you can also be lacking. Well, suppose you find yourself in a situation where emergencies have struck, and need financial help. In that case, the LendPlus loan app is your trusted partner. So, how do I download the LendPlus loan app? How do I apply for the lendPlus loans? You might ask. This article will take you through everything you need about the LendPlus loan app.
What is LendPlus?
LendPlus is a digital lending platform owned by Aventus Group, a leading FinTech company with a strong presence across Europe, Asia, and Africa. Launched in 2021, LendPlus aims to provide Kenyans with a simple and quick solution for their financial needs without leaving the comfort of their homes.
The key features of LendPlus include:
- Fast loan approval within 15 minutes
- Simple application process through the mobile app
- Flexible repayment terms of up to 365 days
- Confidentiality and data protection
- Option to extend loan repayment period
Eligibility Criteria for LendPlus Loans
To qualify for a loan through the LendPlus app, you must meet the following criteria:
- Be a Kenyan citizen aged 21 years and above
- Have a valid national ID
- Have a valid mobile phone number with an M-PESA account
- Be employed or self-employed with a steady income
- Have a credit history
Loan Amounts and Repayment Terms
LendPlus offers loans ranging from Ksh 500 to Ksh 70,000, with flexible repayment terms extending up to 365 days. The minimum loan repayment period is 61 days.
For first-time borrowers, the maximum loan amount is Ksh 15,000, with a repayment period of up to 20 days. After successfully repaying the first loan, borrowers can qualify for a loan amount of up to Ksh 30,000, with a maximum repayment period of 30 days.
How to Repay the LendPlus Loan?
Repaying your loan is as easy as the loan application itself. You can repay your loan using a bank account or a Lendplus Pabill Number. Here is how to pay back your loan on time:
- Open Mpesa Menu
- Select Lipa na Mpesa
- Choose Paybill
- Enter the Business Number (4073865)
- Select Account Number (Your Safaricom Mpesa Number)
- Enter an amount to repay
- Enter Mpesa Pin, then send
Interest Rates and Fees
LendPlus charges a daily interest rate starting from 1.4% per day, with a minimum annual percentage rate (APR) of 3.65%, including fees. The maximum APR, excluding stock, can reach 730%. For example, for a Ksh 10,000 loan with a 61-day repayment term at 1.4% per day, the total cost to the consumer would be Ksh 18,540. So before you apply for a loan, always revise the fees and interest rates so you can repay the loan without any issues.
How to Apply for a LendPlus Loan
Applying for a loan through the LendPlus app is a simple process:
- Download the LendPlus app from the Google Play Store
- Register and create an account on the app
- Provide the required personal and financial information
- Select the desired loan amount and repayment term
- Wait for loan approval (usually within 15 minutes)
- Receive the funds directly in your M-PESA account
Pros and Cons of Using LendPlus
Pros:
- Quick and easy access to loans
- High loan limits up to Ksh 70,000
- Flexible repayment terms
- Simple application process through the mobile app
- Option to extend loan repayment period
Cons:
- High-interest rates and fees
- Not suitable for long-term financial needs
Customer Reviews and Ratings
How can you verify if Lendplus is keeping true to its words rather than analyzing what the Customers are talking about? The app has a 4.1-star rating on the Google Play Store, with over 500,000 downloads, indicating a positive reception from its users. Many reviewers praise the app for its fast approval time, reasonable interest rates, flexible repayment terms, and user-friendly interface.
However, some users have complained about numerous calls from customer care when their loan is due, and others have reported that their loan requests were denied with no reason given.
Here are a few customer reviews to give you an idea of the user experience:
“I love this app. Their customer service is exemplary, they have friendly interest rates, and the best part is the extension option whereby you can pay a small charge to push your deadline further ahead. You can extend as many times as possible until you are financially prepared to clear the whole amount. Highly recommend!!!!” –
Google Play Store Review.
“They’re very honest and have low interest rates compared with other apps. Also, you can extend the days of the loan without additional fee thanks to PendPlus we are proud of you.” –
Google Play Store Review
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In summary, LendPlus is a digital loan app that offers instant loans ranging from Ksh 500 to Ksh 70,000, with flexible repayment terms up to 365 days. While the app has received positive reviews for its convenience and features, it’s essential to carefully review the terms and conditions, including fees and interest rates, to ensure you can comfortably repay the loan within the agreed-upon timeframe.
And there you have it, my dear friends. In this blog post, I have taken all you need to know about the Lendplus Loan App in Kenya. From uncertain the requirements, fees, and application process, you are on the right track to getting your Loan Amount straight on your Mpesa number. So thats it. Remember to borrow responsibly to avoid falling into debt traps. In conclusion, if you have any questions that need clarification from me, please comment below, and I will get back to you as soon as possible.