Kashway loan is a type of unsecured personal loan that disburses loans without relying on the borrower’s assets for security. Kashway 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.

Kashway 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 Kashway loan work?

Kashway 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, Kashway 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 Kashway 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 Kashway 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
Kashway USSD code	None
Loan term	The shortest duration is 7 days, and the longest is 180 days.
Loan Disbursement Time	It takes less than 5 minutes to get the loan
Interest Fee Range	Minimum 3% to Maximum 6% monthly interest rate
Processing Fee Range	20%
Kashway Loan Limit Range	KSh 1000 – KSh 500,000
Kashway loan Contacts	Telephone：+254 709462300 WhatsApp: +254 111664262 Email: [email protected], [email protected]
Max Effective APR	Minimum 36% to Maximum 72%
Kashway loan Pay bill	M-Pesa pay bill no. 900068
Late loan repayments	Incur a late fee of 2% per day

Expert Tip Note

Expert Tip:

Unsecured personal loans often come with higher interest rates and additional fees compared to secured loans.

Check Out Most Preferred Personal Loans

What is Kashway loan App, and how does it work?

Kashway 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 mobile money account. The Kashway loan does not require collateral and monitors repayment progress. The Kashway app uses machine learning to train its models on user data retention and analyze user information collected during the registration process. Kashway Loan uses data from your phone, including your handset details, financial transaction messages, and your reason for borrowing. The Kashway loan app checks repayment history to build an individualized credit score and determine the loan offer suitable for the borrower.

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

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

Kashway Loan app Download

How to download the Kashway app via the Google Play Store

To download the Kashway 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 “Kashway loan” to find the Kashway loan app.
Download and install the Kashway app.

Kashway Loan Registration and Application

How to Apply for a Kashway Loan via Mpesa

To borrow money from Kashway, 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, open an account with Kashway and start borrowing. To apply for a Kashway loan via M-Pesa, follow the steps below:

Open the Kashway App
Sign in to register with Kashway.
Enter valid national ID details.
Sign up to complete the registration. Enter the details accurately, and a one-time PIN will be sent to you, which you need to change to your own unique 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 Kashway Loan Application

Kashway 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 Kashway’s offer but has not yet cashed out,

To cancel a Kashway loan application, one should do nothing, and the loan cancellation will be processed automatically.

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

How do I check the Kashway loan application status?

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

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

Kashway loan Fees, Charges, and Interest rates

What is the interest rate for Kashway 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 Kashway loans is between a minimum of 3% and a maximum of 6%, plus a 20% excise tax on the negotiation fee. The interest charged is affected based on the nature of the loan, that is the repayment period and the amount borrowed.

What fees does a borrower incur when processing a loan with Kashway?

When applying for a personal loan with a lender, fees and charges 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 Kashway loan, the following fees will be charged:

Processing fees	20%
Prepayment charges	No prepayment fees
Underwriting fee	No Underwriting fees
late payment Fees	Kashway charges a late payment interest fee of 2% per day
loan cancellation charges	There is no loan cancellation fee
origination fees	The origination fee is charged at 12% for a term of 180 days. The origination fee varies based on credit disbursed and loan terms; however, generally, unsecured personal loans charge higher origination fee of up to 32%
Service Fee	5%

How much is the service fee for Kashway loans?

Kashway charges a one-time service 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 Kashway. 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).

Kashway 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.

Kashway 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 Kashway 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 Kashway loan?

Borrowers applying for the Kashway 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 Kashway loans:

The following are the requirements-

One must have a smartphone- that should be an Android smartphone. Because the Kashway 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 Kashway?

The first-time loan at Kashway 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 with low creditworthiness may be eligible for lower credit limits in the range of Kes 1000 to Kes 2000 as first-time loans.

Why a borrower is not eligible for a Kashway loan? The main reason a borrower is not eligible to get a Kashway 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 Kashway not giving me a loan? Kashway 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 Kashway loans? For you to qualify for Kashway 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 Kashway loan is to transact with the loan app once a day.

Kashway 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 Kashway loans. Below is a list of ways to pay your Kashway loan balance:

1. How to pay a Kashway 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, 900068
Enter your Kashway 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 a Kashway loan from the app?

Log in to your Kashway 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 Kashway app.

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

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

How to Increase Kashway 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 Kashway loan the following steps should considered:

Maintain a Positive Credit Score
Regular borrowing from Kashway
Timely loan repayments
Keep Your Account Active
Refer friends to Kashway
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 Kashway Loan

Kashway loan defaulters occur 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 Kashway loan balance:

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 Kashway 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 Kashway as well as other lenders.

How much interest does Kashway 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% per day.

Kashway loan History and the owner

Kashway Loan App is a loan product that was launched in 2021 and is owned and operated by Wakanda Limited. Wakanda Network Limited (Wakanda) currently runs two mobile lending apps, Kashway and Ipesa, in the country under a subsidiary, XGO, which has Chinese national Junjie Zhou and Kenyan Elijah Ng’ang’a Ikahu as directors. According to CBK, Wakanda was incorporated in the United Kingdom on February 26, 2020, and is wholly owned by Robin Duan Wei, a Chinese entrepreneur and the founder of Mobvista Inc., a digital advertising company listed on the Hong Kong Exchange. The loan product is a type of unsecured personal loan that offers financial assistance to customers with low cash flow and a 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. 500,000.