LendPlus Loan App, a prominent mobile loan application in Kenya, has revolutionized how Kenyans access financial services. The app, developed by Aventus Technology Limited, a FinTech company launched in 2021, stands as a testament to the significant role digital loan platforms play in the evolving financial landscape of Kenya.
In recent years, Kenya has witnessed a surge in the use of digital loan apps. This growth can be attributed to the growing need for quick, accessible financial solutions in Kenya. Instant loan apps like LendPlus have filled this gap by providing instant credit facilities that are easily accessible via smartphones. LendPlus has emerged as a leader among the various loan apps available in Kenya. The app offers a clear, user-friendly interface, making it easy for users to access loans. One of the app’s key features is its flexibility in loan amounts, catering to various financial needs. Borrowers can access loans ranging from Ksh 500 to Ksh 40,000, with a loan decision time typically ranging from 5 to 15 minutes.
LendPlus Loan App Legal and Operational Status In Kenya
It’s essential to note that LendPlus operates under the legal name of Aventus Technology Limited. As a registered company in Kenya, it adheres to the regulatory criteria set by the Central Bank of Kenya. This legal standing not only provides a layer of trust but also ensures that the transactions and services offered through the app are under the scrutiny of financial regulators, thus protecting the interests of its users.
Downloading and Using the LendPlus Loan App
Downloading the LendPlus loan app is a straightforward process designed to be user-friendly and accessible to many smartphone users. The application can be downloaded from the official LendPlus website. As of the article’s writing, the LendPlus Loan App is only available for Android devices.
How to Register and Apply for a Loan on LendPlus Loan App
Once you have downloaded the LendPlus app, the next step is to register and apply for a loan. The process is designed to be quick and efficient, with minimal documentation required.
Documentation and Eligibility:
- Age Requirement: Borrowers must be between 23 to 60 years old
- Necessary Documents: You must provide personal details and possibly some form of identification.
User Interface and Registration Process:
The LendPlus app boasts a user-friendly interface, making navigation and application seamless for users. To register, follow the prompts on the app. This typically involves entering your personal information and setting up your loan profile.
After registering, applying for a loan is just a few taps away. The app is designed to process loan applications rapidly, often making decisions within minutes. This instant access to funds is particularly beneficial for those needing financial assistance.
LendPlus Loan App Loan Features, Interest Rates, and Repayment
LendPlus offers a range of loan features tailored to meet the diverse financial needs of its users. Understanding these features is crucial for prospective borrowers.
The app provides instant loans from as low as Ksh 500 to a maximum of Ksh 40,000. This range is designed to cater to both minor and significant financial requirements. The decision time for loan approval is impressively quick, generally ranging from 5 to 15 minutes, ensuring borrowers can access funds almost immediately when needed. Once a loan is approved, the funds are disbursed promptly, allowing users to address their financial needs without unnecessary delays.
Interest Rates and Fees
One of the most critical aspects to consider before taking a loan is the interest rate and associated fees.LendPlus charges a daily interest rate of 2.2%. This rate is relatively high compared to traditional bank loans but is typical of quick digital loan services. Borrowers should always calculate the total cost of the loan, including interest, to understand the full financial implications. The minimum APR is 3.65%, while the maximum can go up to 730%, excluding stock. These rates are subject to the loan terms and the borrower’s profile.
The typical repayment period for LendPlus loans varies from 7 to 30 days. This short-term nature of the loan is designed for quick financial relief and short-term borrowing needs.LendPlus offers multiple channels for loan repayment, including M-Pesa Paybill, Airtel Money, and Equitel. These options provide flexibility and convenience for users.
To repay, follow the instructions provided in the LendPlus app. Ensuring the payment is correctly processed is crucial to avoid any late fees or penalties is crucial. For those who prefer using M-Pesa, they can follow the following steps:
- GO to the Mpesa Menu on your Phone
- Select Lipa na Mpesa
- Choose Paybill Number and 4073865
- Select Account Number and Enter the Mpesa number that you borrowed with
- Enter an amount, and Your Pin
Frequently Asked Questions (FAQs) on LendPlus Loan App
What is LendPlus?
- LendPlus is a mobile lending platform in Kenya designed to offer instant loans to its users. It is recognized as one of the Kenyan market’s best, most reliable loan apps.
How do I download the LendPlus app?
- The LendPlus app can be downloaded from the Google Play Store or the LendPlus website.
How can I apply for a loan with LendPlus?
- After downloading and registering on the app, you can apply for a loan directly from the app. The process is straightforward and user-friendly, allowing quick loan applications.
How fast can I get a loan with LendPlus?
- LendPlus provides instant loan approval. Once approved, the loan amount is immediately deposited into your M-Pesa account.
What are the loan limits on LendPlus?
- LendPlus offers loans ranging from KES 500 to KES 40,000, with the actual amount depending on factors like your credit score and repayment history.
How do I repay my LendPlus loan?
- Loan repayment can be done directly through the app, providing a convenient method to repay your loan anytime, anywhere.
Is LendPlus a licensed mobile lending platform?
- LendPlus is a licensed mobile lending platform regulated by the Bank of Kenya, ensuring a safe and quick lending experience.
How is LendPlus different from other mobile loan apps?
- LendPlus differentiates itself with instant loan approval, flexible loan limits, a secure application process, and excellent customer service. These features and its commitment to financial freedom make LendPlus a top choice for mobile loans in Kenya.