Kashbean Loan App: How it Works {Get Approved in 5 mins}

Kashbean loan is a type of unsecured personal loan that disburses loans without relying on the borrower’s assets for security. Kashbean loans are approved based on the borrower’s creditworthiness. Therefore, these types of personal loans are easy, fast, and instant to apply for and get approved for because they do not require any collateral or paperwork.

Kashbean loans are known as emergency loans that can be used for personal uses such as home improvement, medical expenses, debt consolidation, and other personal expenses. This lender is an online lender that uses machine learning systems to understand a customer’s financial capacity. The machine learning uses data from the user’s devices to check and calculate the credit limit.

How does a Kashbean loan work?

Kashbean loans work by underwriting and disbursing loans to borrowers regardless of their credit history. It means that even if you have a low credit score, you will still get approved for the loan. During the registration process, Kashbean reviews the borrower’s personal details such as monthly income, residential area, and household. The data collected through the app is used to create a customer profile.

Below is a summary table for the Kashbean loan features, such as interest rate charged on the loan, loan amount, credit limit, annual percentage rate (APR), loan repayment terms, origination fees and processing fees and charges, loan disbursement method, and speed, the eligibility criteria of the Kashbean loan, the pay bill number, contact details, loan purpose, and the approval process. All these concepts are important to understand before applying for any personal or unsecured loans.

Feature	Details
Loan Type	Unsecured Personal loan
Kashbean USSD code	None
Loan Disbursement Time	It takes less than 5 minutes to get the loan
Loan term	7-91 days repayment period
Interest Fee Range	Minimum 3% to Maximum 6% monthly interest rate
Processing Fee Range	25%
Kashbean Loan Limit Range	KSh 500 – KSh 80,000
Kashbean loan Contacts	Telephone: +254 709536200 / +254709462700 WhatsApp: 0796196039 Email: [email protected]
Max Effective APR	Minimum 36% to Maximum 72%
Kashbean loan Pay bill	M-Pesa pay bill no. 733555 or 196184
Late loan repayments	Incur a late fee of 2.5% per day

What is the Kashbean loan App, and how does it work?

Kashbean Loan App is a mobile application that allows users to apply for and receive unsecured personal loans. Users can borrow money, repay it, and manage their accounts through the app. The app works by assessing the user’s creditworthiness and disbursing the loan amount directly to their bank account. The Kashbean loan app does not require collateral and monitors repayment progress. The Kashbean app uses machine learning to train its models on user data retention and analyze user information collected during the registration process. Kashbean Loan uses data from your phone, including your handset details, financial transaction messages, and your reason for borrowing. The Kashbean loan app checks repayment history to build an individualized credit score and determine the loan offer suitable for the borrower.

Is Kashbean a legit loan app? Kashbean is a legitimate loan app that is regulated and licensed by the Central Bank of Kenya. The loan app disburses up to 80,000 quick and easy loans to borrowers without a credit check or collateral.

How can I borrow a Kashbean loan without the app? You can apply and borrow for a Berry loan only through the app.

Kashbean Loan app Download

How to download the Kashbean app via the Google Play Store

To download the Kashbean Loan app, ensure you have enough data or are connected to WiFi. Then follow the steps below:

• Open the Google Play Store on your mobile device.
• In the search bar, type “Kashbean loan” to find the Kashbean loan app.
• Download and install the Kashbean app.

Kashbean Loan Registration and Application

How to Apply for a Kashbean Loan via Mpesa

To borrow money from Kashbean, one should have an Android phone with an M-Pesa line, and an Android smartphone should have a good internet connection. Once the app is downloaded and installed from the Google Play Store, follow through with the registration process, which takes around 5 minutes.

Before requesting a loan, one should register an account first. Below is a simple process to register and open an account with Kashbean and start borrowing. To apply for a Kashbean loan via M-Pesa, follow the steps below:

• Open the Kashbean App
• Sign in to register with Kashbean.
• Enter valid national ID details.
• Sign up to complete the registration. Enter the details and a one-time PIN will be sent to you, which you need to change to your PIN.
• Proceed with the application process by answering a few questions.
• Choose a repayment date that works for you.
• Receive your money straight to your MPESA

How can I reset or change my PIN?

On the log-in page, click on Forget password and input the mobile number you registered with, then type the verification text given and submit. You will receive another verification code (OTP number) via SMS. Input the code, select the new password of your choice, and then submit.

How to cancel Kashbean Loan Application

Kashbean loan cancellation involves stopping the loan application process. A customer does not have to cancel a loan application under the following circumstances:

• If the borrower has not completed and submitted the application
• If the borrower has already applied but has not yet cashed out
• If the borrower accepts Kashbean offer but has not yet cashed out

To cancel a Kashbean loan application one should do nothing and the loan cancelation will be processed automatically.

How do I delete a Kashbean loan account? To delete your account with Kashbean, contact them through email at [email protected] Once you have completed repaying all debts if you have any outstanding debts to be cleared and have no pending dues. Fix an appointment with the team to finish the formalities for closing your loan account.

How to check the Kashbean loan application status?

To check the Kashbean application status, just follow these steps:

1. Log in to the Kashbean app.
2. Go to the top part of your home screen and you will see the status of your application.

Kashbean loan Fees, Charges, and Interest rates

What is the interest rate for Kashbean loans?

The main disadvantage of unsecured personal loans is that the interest rates are higher with short-term repayment dates. The interest rate is the amount a lender charges a borrower and is a percentage of the principal—the amount loaned. The interest rate, for Kashbean loans is a minimum of 3% to a maximum of 6% monthly plus a 20% excise tax on the negotiation fee. The interest charged is affected based on the loan nature, that is the repayment period and the amount borrowed.

What fees does a borrower incur processing a loan with Kashbean?

When applying for a personal loan with a lender, fees should be determined and analyzed. The fees that a borrower might incur during a loan process include the following: Processing fees, prepayment charges, late payment penalties, documentation charges, insurance charges, loan cancellation charges, Underwriting fees, origination fees, Service fees, and tax-related fees on the personal loan disbursed. When processing a Kashbean loan the following fees will be charged:

Processing fees	25%
Prepayment charges	No prepayment fees
Underwriting fee	No Underwriting fees
late payment Fees	Kashbean charges a late payment interest fee of 2.5% per day
loan cancellation charges	No loan cancellation fee
origination fees	The origination fee varies based on credit disbursed and lender terms; however, generally, unsecured personal loans charge higher origination fee of up to 32%

How much is the processing fee for Kashbean loans?

Kashbean charges a one-time processing fee per loan. This fee is calculated as a percentage of the principal and is priced dynamically for each customer. 78% of customers start at 15% and are eligible for fees as low as 5% as they build their credit history with Kashbean. The fee does not roll over or compound

The following is an example of fees calculated for a loan amount of KSh 4000. If a borrower receives KSh 4,000 and repays after 60 days, he/she would owe interest of 18%* (or KSh 720) and excise tax of 20% of interest (or KSh 144), which is a total payment of KSh 4,864   Breakdown:  KSh 4,000 (borrowed amount) + KSh 720 (interest)+ KSh 144 (excise tax) = KSh 4,864 (total payment).

Kashbean loan includes a service fee, which is a fixed fee based on the original amount of the loan. Other loans have a cost sometimes called an access or maintenance fee. These fees can be charged daily, monthly, or yearly. 

This type of fee can add up quickly becoming extremely expensive. When taking a loan with growing fees, it’s important to pay back the loan immediately because the longer you wait, the more you’ll pay. Let’s look at an example of both types of loans.

Tristram takes out two loans for 5,000 KSh. Loan A has a one-time service fee of 5% for 30 days. His service fee would be 250KSh. He would owe 5,250 KSh in total. Loan B has a one-time service fee of 1%, plus a daily fee of 30 KSh. It takes Richard 30 days to repay Loan B. On the first day of his loan, Tristram would owe: 

1% of 5,000 KSh = 50Ksh

• A daily fee of 30 KSh 

= 80 KSh in fees for that day. He would owe 5,080KSh total 

On the second day of his loan, Tristram would owe another 30 KSh, making his total 5,110 KSh. If Tristram waits 30 days to repay his loan, he would owe 950 KSh in fees, making his total repayment 5,950 KSh. It would be like his interest rate was 19%. Even though it looks like Loan B is cheaper at the beginning, look at what the long-term fees will be. Remember to review your exact loan or overdraft terms to understand exactly how much you owe and when. Keep an eye out for hidden fees—you don’t want to be surprised! Remember that there might be a transaction fee to transfer money as well. Take that into account.

Kashbean Loan Eligibility Criteria

Eligibility criteria refer to a set of predefined standards or requirements that a borrower must meet to be considered for a particular loan. These criteria are used to determine who is qualified or suitable to get approved for the loan. For Kashbean loan offers the eligibility criteria can vary widely depending on the context and can include factors such as age, income, and credit score.

What are the requirements to apply for a Kashbean loan?

Borrowers applying for the Kashbean loans for the first time must check the prequalification and ensure they provide the right details. If you are applying for the loan the following are the requirements for Kashbean loans:

The following are the requirements-

• One must have a smartphone- that should be an Android smartphone. Because the Kashbean loan app is not currently available to IOS users.
• One must have a Valid National ID
• Have a valid phone number with an activated M-pesa account
• Place of Work

How much is a first loan at Kashbean?

The first-time loan at Kashbean varies depending on the creditworthiness of the borrower. This means that first-time applicants may not be eligible for higher loan limits or none, because of their poor credit score. However, borrowers having a low creditworthy may be eligible for lower credit limits in the range of Kes 500 to Kes 2000 as first-time loans.

Why a borrower is not eligible for a Kashbean loan? The main reason a borrower is not eligible to get a Kashbean loan is that the system is unable to assign a credit limit mainly because of two reasons. The first reason is poor or low creditworthiness and secondly, because you may have provided incomplete and incorrect information during the application process. I recommend you reapply in the next 7 days if you are denied the loan for the first time.

Why is Kashbean not giving me a loan? Kashbean is not giving you a loan because the system in place failed to assign a credit limit. This is because you are not eligible for the loan.

How do I qualify for Kashbean loans? For you to qualify for Kashbean loans and get approved, you should provide correct information about yourself, for example, you should allow the app to access your messages so that the system can automatically check your creditworthiness and assign your credit limit. To allow the app to access your messages, go to Settings, click on apps and permissions, and Then Allow all permissions for the app. The main reason for qualifying for a Kashbean loan is to transact with the loan app once a day.

Kashbean Loan Repayment Methods

Loan repayment refers to the act of paying back money borrowed from a lender according to the terms agreed upon in a loan contract. This process involves a series of regular payments, often monthly, that cover both the principal amount (the original sum borrowed) and interest (the cost of borrowing the money). Loan repayment methods refer to the various strategies and schedules borrowers use to repay their Kashbean loans. Below is a list of ways to pay your Kashbean loan balance:

1. How to pay Kashbean loan via M-pesa using the Pay bill number

• Go to your Safaricom menu and select M-Pesa
• Select Lipa na M-Pesa
• Select the Pay Bill option
• Enter the business number 733555 
• Enter your Kashbean registered phone number as the account number
• Enter your payment amount
• Enter your M-Pesa PIN
• Confirm that all details are correct and press \’ OK\’

2. How to repay the Kashbean loan from the app?

• Log in to your Kashbean app.
• Click “My Loan”
• Choose one of your loans
• Click the Repay In Advance
• Confirm that all details are correct and press “Repay now”
• Choose your Repayment method and press “Repay now”
• Complete your Repayment
• Once your payment is successful, you will receive a notification and your updated balance will be reflected in your Kashbean app. 

Can I borrow immediately after paying Kashbean? Yes, You can instantly request another loan on the Kashbean App after you finish paying an outstanding loan.

How do I check my Kashbean loan balance? To check your Kashbean loan balance, Log into the app and refresh the page using the repay button.

How to Increase Kashbean Loan Limit

Loan limit increase refers to an adjustment in the maximum amount of money that a lender is willing to lend to a borrower. To increase the Kashbean loan the following steps should considered:

• Maintain a Positive Credit Score
• Regular borrowing from Kashbean
• Timely loan repayments
• Keep Your Account Active
• Refer friends to Kashbean
• Request a Higher Limit
• Increase Mpesa transactions and retain messages
• Avoid Changing or Upgrading Your Phone
• Maintain a Stable Income
• Exercise Patience

Consequences for Defaulting on Kashbean Loan

Loan defaulting occurs when a borrower fails to meet the legal obligations or conditions of a loan agreement. This typically means that the borrower has not made the required payments on time or has stopped making payments altogether. The following will happen if you fail to pay your Kashbean loan balance on time:

You may be contacted by collections agents if you do not repay your loan on time. In the event of a long period of non-payment, you may be blacklisted from Kashbean and also reported to the relevant credit reference bureaus. Missing loan payments may result in late payment interest, lower loan limits, or the inability to get a subsequent loan from Kashbean as well as other lenders.

How much interest does Kashbean Charge for late payments?

Borrowers who are late on their loan beyond the original due date will be charged a late repayment Fee of  2.5% per day.

Kashbean loan History and the owner

Kashbean loan app is a loan product that was launched in 2019 owned and operated by Creditarea Capital Limited. Creditarea Capital Limited is the controller and responsible for your personal data. The loan product is a type of unsecured personal loan that offers financial assistance to customers with low cash flow and low credit history. The loan product is licensed and regulated by the Central Bank Of Kenya and is allowed to disburse up to a loan amount of Ksh. 80,000.