KCB M-Pesa Loan Review: Best Personal Loan 2024

KCB M-Pesa Loan is a type of unsecured personal loan that is disbursed without relying on the borrower’s assets for security. KCB M-Pesa 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. KCB M-Pesa Loan Account is a micro-credit product that allows a borrower to borrow money in times of need and to complement savings towards an investment or enterprise

KCB M-Pesa loans are emergency loans that can be used for personal uses such as home improvement, small business expansion, medical expenses, debt consolidation, and other personal expenses. KCB M-Pesa is a mobile banking lender that uses machine learning systems to understand a customer’s financial capacity. The machine learning system uses data from the user’s devices to check and calculate the credit limit.

How does a KCB M-Pesa loan work?

KCB M-Pesa Loans operates by underwriting and disbursing loans to borrowers based on their ability to pay. KCB M-Pesa checks user’s credit history and transaction history with M-Pesa. During the registration process, KCB M-Pesa reviews the borrower’s personal details, such as monthly income, residential area, and household. The data collected by the mobile service provider (Safaricom) is used to create a customer profile.

Below is a summary table for the KCB M-Pesa 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, speed, the eligibility criteria of the KCB M-Pesa 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
KCB M-Pesa USSD code	*234# or *334#
Loan term	The shortest duration is 7 day, and the longest is 30 days.
Loan Disbursement decision	It takes less than 5 minutes to get the loan.
KCB M-Pesa loan Interest rate Range	The interest ranges between 7.5% to 9.103% and 1.5% excise duty tax for 30 days
Processing Fee Range	0%
KCB M-Pesa Loan Limit Range	ranges from KSh 50 to KSh 1,000,000
KCB M-Pesa Customer Care Contacts	Telephone:  +254 (711) 087001, +254732187000, +254202287001 SMS: 22522 WhatsApp: +254711087087 Email: customercare@safaricom.co.ke or contactcentre@kcbgroup.com
Max Effective APR	Minimum 7.5% p.a. to Maximum 9.103% p.a
KCB M-Pesa Paybill No.	522559

How to activate KCB M-Pesa loan

Activating KCB M-Pesa loan involves opting into the loan services. The activation of the KCB M-Pesa account involves accessing the loan products and the KCB M-Pesa saving services. The process also involves creating a customer profile with KCB Bank by sharing your personal details with the bank behind the loan service.

To activate KCB M-Pesa loan, go to your M-Pesa menu, select “My account” and “Update Customer menu,” then go to your M-PESA menu, select Loans and Savings, KCB M-Pesa, click on activate account, and accept the terms and conditions.

How do I activate the KCB M-Pesa loan limit?

To activate the KCB M-Pesa loan limit, follow these suggestions below:

1. Save more frequently
2. Use other KCB M-Pesa services
3. Read all the terms and conditions
4. Understand the eligibility requirements of KCB M-Pesa loan service providers.
5. Avoid defaulting on other loans

Is KCB M-Pesa a legit loan?

Yes, KCB M-Pesa is a legitimate micro-credit that is regulated and controlled by Safaricom PlC in Partnership with KCB Bank. The lender disburses quick and easy loans to borrowers without collateral.

Why is my KCB M-Pesa account not activating?

There are three main reasons why your KCB M-Pesa account is not activating. One reason is that your line is new and needs to be activated first. Secondly, your Safaricom customer registration process is underway. Therefore, you will need to wait for some time. The third reason is that customers registered using passport numbers won’t be able to activate KCB M-Pesa accounts. If the activation declines completely, call 100 (free) or +254 722 002100 (chargeable) or 200 (free) or +254 722 002200 (chargeable).

How to opt out of KCB M-Pesa

Opting out of KCB M-Pesa involves deactivating and deleting the KCB M-Pesa account. To opt out of KCB M-Pesa and delete your account completely, visit the nearest KCB bank branch and fill out the account closure form, or visit a Safaricom shop and fill out an account closure form. If you want to proceed with deactivating and deleting your KCB M-Pesa account, ensure that all outstanding loan balances are settled before requesting account closure.

Can you deactivate KCB M-Pesa account via M-Pesa?

No, you can not directly deactivate your KCB M-Pesa account through M-pesa. To deactivate your account, visit nearest KCB Bank customer care centre to proceed with account closure.

How can I borrow from KCB M-Pesa?

There are two ways you can access KCB M-Pesa loan. One way is to use the M-Pesa menu through the Sim Toolkit app, while the other way is to use a USSD code. All these methods are shown below.

To get a loan from KCB M-Pesa, follow these steps:

1. Go to the M-PESA menu.
2. Select “Loans and Savings.”
3. Select “KCB M-Pesa.”
4. Select “Loan.”
5. Request Loan.
6. Enter amount.
7. Enter your M-PESA PIN.
8. The loan amount will be sent to your M-PESA account. The loan amount to be paid will be inclusive of the facility fee.

How to get KCB M-Pesa loan via USSD

If you are unable to access the KCB M-Pesa loan from the STK (Sim Toolkit), follow these steps below:

• Dial *334#
• Select “Loans and Savings.”
• Select “KCB M-Pesa.”
• Select “Loan.”
• Request Loan.
• Enter amount.
• Enter your M-PESA PIN.
• The loan amount will be sent to your M-PESA account. The loan amount to be paid will be inclusive of the facility fee.

How to Cancel KCB M-Pesa Loan Application

KCB M-Pesa 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 accepts the KCB M-Pesa offer but has not yet cashed out,

To cancel a KCB M-Pesa loan application, one should do nothing, and the loan cancellation will be processed automatically.

KCB M-Pesa loan Fees, Charges, and Interest rates

The KCB M-Pesa interest rate involves the charges a borrower has to incur for borrowing the loan. Loan fees are charges the borrower needs to incur before the loan is disbursed. There are three fees you will incur when applying for a loan from KCB M-Pesa. The roller-over fee, negotiation fee, and the facility fee. Other minor charges include 1.5% excise duty tax, which is included in the facility fee, and M-Pesa withdrawal charges if you intend to withdraw your loan amount or charges for sending the loan amount to another financial institution.

What is the interest rate for KCB M-Pesa Loan per month?

According to KCB M-Pesa terms and conditions, the interest rate for KCB M-Pesa loans is currently between a minimum of 0.6% and a maximum of 0.74% per month. Additionally, there is a 1.5% excise duty.

What is the interest rate for KCB M-Pesa Loan per per day?

According to KCB M-Pesa loan terms and conditions, the daily interest rate for KCB M-Pesa loans is currently between a minimum of 0.02% and a maximum of 0.024%. Additionally, there is a 1.5% excise duty.

What fees does a borrower incur when processing a loan with KCB M-Pesa?

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 an KCB M-Pesa, the following fees will be charged:

Types of Fees	Interest charged
Roll-over fee	The roll-over fee is 7.5%
Underwriting fee	No Underwriting fees
late payment Fees	The penalty upon default is 10% of the outstanding amount charged on monthly basis
Negotiation fee	15.11. The Customer loan will be issued net of interest and negotiation fees calculated at a rate of 2.5% of the amount borrowed.

KCB M-Pesa loan Facilitation Fee Rate

Loan Repayment Period	Interest Rate	Facilitation Fee Rate	Total Fee
7 days	0%	9%	9%
14 days	0%	9%	9%
21 days	0%	12%	12%
30 days	0%	15%	15%

KCB M-Pesa 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 KCB M-Pesa loan offers, the eligibility criteria can vary widely depending on the context and can include factors such as income, age, transaction history, and credit score. These requirements involve the qualifications a borrower must meet to get a KCB M-Pesa loan.

To qualify for KCB M-Pesa loans, users must be active M-Pesa customers with regular M-Pesa usage and a consistent savings record on KCB M-Pesa. These criteria may not suit everyone. For more flexible options, explore loan apps in Kenya that offer diverse loan products with varying eligibility requirements, providing alternatives that better match your financial needs and borrowing capacity.

What are the requirements to apply for a KCB M-Pesa loan?

Borrowers applying for KCB M-Pesa loans for the first time must check the prequalification and ensure they provide the right details. Under item 15 of KCB M-Pesa loan terms and conditions, here are the prequalifications of borrowing a Kcb M-Pesa loan:

1. You must be a registered and active M-Pesa subscriber for at least 6 months.
2. One must have a valid national ID registered by the Government of Kenya.
3. You must be at least 18 years old and above
4. You must be an active KCB M-Pesa account holder.

What is KCB M-Pesa loan limit?

KCB M-Pesa loan limit is the credit amount the micro-credit lender can disburse based on the regulated terms and conditions of the product. The loan limit KCB M-Pesa can disburse ranges from Kes 50 to a maximum of Kes 1,000,000.

How much is a first loan at KCB M-Pesa?

First-time loans at KCB M-Pesa ranges from Kes 500 to Kes 2000. However, the first-time loan at KCB M-Pesa 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.

What is KCB M-Pesa limit review cycle?

A loan limit review cycle is a periodic process undertaken by a lending institution to reassess the maximum loan amount it is willing to extend to borrowers. This review typically occurs at predetermined intervals, such as annually or quarterly. The limit review cycle for KCB M-Pesa loan takes around every 90 days for new credit limits to be assigned to borrowers.

Why is my KCB M-Pesa loan limit zero?

There are three main reasons your KCB M-Pesa loan limit is zero. One main reason is that you are a new customer; hence, new customers need to be active for 6 months before new limits are assigned. The second reason why KCB M-Pesa loan limit is zero is because the limit review cycle, which takes 90 days, has not been processed. The third major reason is because you have defaulted on the outstanding KCB M-Pesa loan balance for more than 90 days (3 months).

To increase your limit, improve your transaction history, by saving more on your KCB M-Pesa account within the 90 days before the review takes place. Additionally, avoid defaulting on outstanding loan balances. To understand more about KCB M-Pesa loan limit increment read this document.

Why is KCB M-Pesa not giving me a loan? According to KCB M-Pesa terms on loans under item 15. KCB M-Pesa is not giving you a loan because of the following six reasons:

1. You are new Safaricom user with less than 6 months in M-Pesa activity
2. You have an inactive M-Pesa account
3. You recently activated the KCB M-Pesa account
4. The loan 90-day review cycle has not reached
5. You have low transaction history
6. You have low creditworthiness

To ensure that you are eligible for the loan you will have to be an active M-PESA user for at least 6 months, save regularly on KCB M-Pesa account and continuously use other Safaricom services such as Voice, DATA and M-PESA.

How do I check my KCB M-PESA loan limit?

• Go to M-PESA menu
  • Select Loans and Savings
  • Select KCB M-PESA
  • Select Loan
  • Select Check Loan Limit.

KCB M-Pesa Loan Repayment Methods

KCB M-Pesa loan repayment involves the process 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 KCB M-Pesa loans. Below is a list of ways to pay your KCB M-Pesa loan balance:

1. How to pay KCB M-Pesa loan via M-Pesa

• Go to your Safaricom menu and select M-Pesa
• Select “Loans & Savings.“
• Select ‘KCB M-Pesa’ menu
• Choose ‘LOAN’
• Select ‘Pay Loan’
• Enter Amount.
• Enter your M-Pesa PIN
• Confirm that all details are correct and press ‘OK’
• An SMS message is sent on a successful or unsuccessful request.

2. How to pay KCB M-Pesa loan via *334#

• Dial *334#
• Select “Loans and Savings.”
• Choose “KCB M-Pesa.”
• Select “Loan.”
• Select ‘Pay Loan’
• Enter amount.
• Enter your M-PESA PIN.
• The loan amount will be sent to your M-PESA account. The loan amount to be paid will be inclusive of the facility fee.

Can I borrow immediately after paying KCB M-Pesa?

Yes, you can instantly request another loan on the KCB M-Pesa menu after you finish paying an outstanding loan. Ensure you were within a positive listing and not a negative listing. A KCB M-Pesa user reports that being negatively listed increases the chances of being denied a loan after full repayment. According to KCB M-Pesa terms ensure you are in the positive listing and you are paying loan on time to increase the chance of getting a loan immediately after full repayment.

How to pay KCB M-Pesa loan using Pay bill

• Using M-PESA Pay bill 522559
• • Go to M-PESA menu
• • Select Lipa na M-PESA
• • Select Paybill & Enter Business & enter 522559 as Business Number
• • Select Account no. & enter “Borrower’s ID number e.g. 12345678’’
• • Enter amount & follow prompts to complete.

How to pay KCB M-Pesa loan using Fuliza

Fuliza Loan and KCB M-Pesa Loan are two different micro-loan products. KCB M-Pesa is a banking service that can be accessed through a mobile phone. KCB M-Pesa offers two types of services, which include short-term loan services and savings services. Fuliza on the other hand, is an overdraft loan service that borrower uses to complete a transaction. Fuliza is a short-term soft loan that can be used to consolidate a loan in case you want to default on a personal loan.

Can you pay the KCB M-Pesa loan using the Fuliza loan?

Yes. Because Fuliza loan is an overdraft loan that is disbursed through completing an M-Pesa transaction. Therefore, if you want to pay KCB loan using Fuliza loan, the first step is check your Fuliza loan limit that can be disbursed. Next, Fuliza the loan limit amount to another number find steps to Fuliza your loan limit to another user from this document, fuliza loans. Then follow these steps below:

Go to M-PESA menu• Select Lipa na M-PESA• Select Paybill & Enter Business & enter 522559 as Business Number• Select Account no. & enter “Borrower’s ID number e.g. 12345678’’• Enter amount & follow prompts to complete

Can I pay an KCB M-Pesa loan for another lost number?

Yes, to pay KCB M-Pesa loan for another lost number, Go to M-PESA menu• Select Lipa na M-PESA• Select Paybill & Enter Business & enter 522559 as Business Number• Select Account no. & enter “Borrower’s ID number e.g. 12345678’’• Enter amount & follow prompts to complete.

How do I check my KCB M-Pesa loan balance?

There are two ways to access the loan balance from KCB M-Pesa account. One way is using an KCB M-Pesa menu, and the second way is using the short code *334#. The steps are shown below;

To check the KCB M-Pesa loan balance using KCB M-Pesa menu via M-Pesa, follow these steps: Go to your Safaricom menu and select M-Pesa>>Select “Loans & Savings.”>>Select ‘KCB M-Pesa’ menu and choose ‘LOAN’>>Select ‘Loan Balance.’>>Enter your M-Pesa PIN and press Ok

To check the KCB M-Pesa loan balance using USSD, follow these steps: Dial *334#>>Select “Loans & Savings.”>>Select ‘KCB M-Pesa’>>choose ‘LOAN’>>Select ‘Loan Balance.’>>Enter your M-Pesa PIN and press Send.

Consequences for Defaulting on KCB M-Pesa Loan

KCB M-Pesa Loan default 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. When you default on a KCB M-Pesa loan, the lender reports you for a negative listing to CRB, which reflects on your credit report.

What is the KCB M-Pesa loan default period?

Loan default period involves the time when loan repayment expired. This is an overdue date after an outstanding loan balance is failed to be settled by the borrower.

What happens if I default on KCB M-Pesa loan?

If you default on KCB M-Pesa credit, you may be contacted by collections agents. In the event of a long period of non-payment, you may be blacklisted from KCB M-Pesa credits and reported to the relevant credit reference bureaus.

What are the consequences of late KCB M-Pesa loan repayment?

There are four consequences for late repayment on the KCB M-Pesa credit. The consequences are listed below:

1. Additional Fees: You will be charged a 9% t0 15% facilitation fee for every period that the loan remains unpaid.  
2. Loan Limit Reduction: Repeated late payments can result in a reduction of your KCB M-Pesa credit limit.
3. Credit Bureau Listing: Persistent default on loan repayment can lead to your name being listed on the Credit Reference Bureau (CRB), negatively impacting your credit score.
4. Loss of Access to KCB M-Pesa Services: If you default more than 180 days, your KCB M-Pesa account might be closed, preventing you from accessing any of its services.

It’s crucial to repay your KCB M-Pesa loan on time to avoid these penalties and maintain a good credit history.

How long can I delay KCB M-Pesa loan repayment before penalties?

KCB M-Pesa loans typically have a repayment period of 30 days. KCB M-Pesa doesn’t offer formal loan extensions. If you don’t repay the loan within 30 days, the loan is automatically rolled over for another 30 days. For the rollover period, you’ll be charged an additional facilitation fee on the outstanding loan balance. Successive rollovers can lead to an increase in the total amount to be repaid due to accumulated facilitation fees. Consistent delays in repayment can negatively impact your credit score, making it difficult to access future loans.

Loan Repayment Period	Interest Rate	Facilitation Fee Rate	Total Fee
7 days	0%	9%	9%
14 days	0%	9%	9%
21 days	0%	12%	12%
30 days	0%	15%	15%

Is there a grace period for KCB M-Pesa loan repayment?

No, there is no formal grace period for KCB M-Pesa loan repayments. The loan repayment period is typically 30 days from the date of disbursement. If not repaid within this period, an additional facilitation fee of 9% to 15% is charged.

What is the interest rate on a defaulted KCB M-Pesa loan?

There is no interest rate on a defaulted KCB M-Pesa loan. Instead of interest, KCB M-Pesa charges a one-time facilitation fee when you take out a loan. This fee is a percentage of the loan amount.  Hence, if you default on the loan, you don’t accrue additional interest. However, KCB M-Pesa reports that 10% of the outstanding amount is charged on a monthly basis for borrowers exceeding the 90-day default period.

KCB M-Pesa loan after CRB listing

According to KCB M-Pesa loan terms, there are two types of CRB listings. The Negative listing and the Positive listing. Under each listing, we will discuss what will happen after each listing:

Here’s a comparison table addressing what happens after a KCB M-Pesa CRB listing, differentiating between positive and negative listings:

Aspect	Positive Listing	Negative Listing
Applicable Customers	Active KCB M-Pesa customers with no outstanding amount overdue	Active KCB M-Pesa customers with an outstanding amount overdue
Repayment Record	Good repayment record with no overdue amounts	Poor repayment record with overdue amounts
Impact on Creditworthiness	Enhances creditworthiness	Reduces creditworthiness
Risk Profile	Improved risk profile	Higher risk profile
Loan Limit Implications	Potential increase in loan limit due to responsible behavior	Possible restriction or reduction in loan limit
Lender’s Confidence	Increased confidence in lending to the customer	Decreased confidence in lending to the customer

How long does kcb M-Pesa blacklist last?

Negative credit information, such as defaults, typically remains on your credit report for a set period of 5 years from the last date of payment. During this time, you might be considered “blacklisted” by lenders. Some sources report that the period it takes to get blacklisted takes the period of 7 years to 10 years. However, according to Creditinfo CRB, the period it takes for borrowers to get blacklisted is generally 5 years; hence, KCB M-Pesa users should note this.

Does KCB M-Pesa report loan defaults to credit bureaus?

Yes, KCB M-Pesa reports loan defaults to credit bureaus.
KCB M-Pesa does report loan defaults to credit bureaus. This means failing to repay your KCB M-Pesa loan within the loan term, your information could be shared with credit reference bureaus, which can negatively impact your credit score.

Can I negotiate an extended repayment period for a KCB M-Pesa loan?

No, KCB M-Pesa doesn’t offer a formal negotiation process for extending loan repayment periods. The loan terms, including the repayment period, are typically fixed when you accept the loan offer according to what is stated under terms and conditions.

What is the maximum loan amount allowed after a KCB M-Pesa loan default?

The maximum loan amount allowed after a KCB M-Pesa credit default is typically significantly reduced.

Here’s a breakdown of how KCB M-Pesa usually handles loan defaults and subsequent loan limits:

• Loan Default: If you default on a KCB M-Pesa credit, your credit score is negatively impacted.
• Reduced Loan Limit: As a result of the lower credit score, the maximum loan amount you can access will be reduced.
• Gradual Increase: Consistent timely repayments on subsequent loans might lead to a gradual increase in your loan limit

KCB M-Pesa loan CRB Clearance

What is the process of clearing a KCB M-Pesa loan from the Credit Reference Bureau (CRB)?

The process of clearing a KCB M-Pesa loan from the Credit Reference Bureau (CRB) is indirect. CRB clearance refers to the process of clearing one’s name from the CRB after being listed as a defaulter. To understand a detailed process of clearing your negative listing from the CRB credit report, read this guide on CRB clearance and how to obtain a certificate of clearance.

1. Repay the Outstanding Loan: The first step is to ensure you’ve fully repaid your KCB M-Pesa loan, including any accrued interest and penalties.
2. Confirmation of Payment:
   After repayment, confirm the payment. The lender will provide confirmation via SMS or update in the KCB M-Pesa account.
3. Automatic Update: Once the stipulated period has elapsed and the loan is fully settled, the CRB system is automatically updated to reflect this change.
4. Request for Clearance:
   Contact KCB Bank customer care or visit a Safaricom branch to request CRB clearance. Include proof of loan repayment.
5. Issuance of a Clearance Certificate:
   The lender will update CRB records. After this, a CRB clearance certificate will be issued as proof that the default is cleared.
6. Check CRB Status:
   Check with the CRB to ensure records are updated. Contact the CRB directly or use their online platforms.
7. Time Lapse: There’s usually a waiting period, typically between 30 and 90 days, after full repayment for the loan information to be updated on the CRB system. This timeframe can vary depending on the specific CRB.

How long does it take to clear a KCB M-Pesa loan default status from the CRB after full repayment?

The timeframe for clearing a KCB M-Pesa loan default status from the Credit Reference Bureau (CRB) after full repayment is typically 3 to 7 days, according to the report provided by CreditInfo CRB. However, it’s essential to note that this is a general guideline, and the actual process might vary slightly. Factors like the specific CRB, any system updates, or unforeseen circumstances could influence the exact duration.

To confirm the exact timeframe and for any updates, it’s recommended to contact Safaricom’s customer care or refer to the official KCB M-Pesa terms and conditions.

What are the specific requirements for clearing a KCB M-Pesa loan from the CRB?

• Full Repayment: Ensure that the entire loan amount, including any accrued interest and penalties, is fully paid off.
• Repayment History: Maintain a consistent and positive repayment history on other loans and financial obligations.
• Time Lapse: There might be a specific waiting period after full repayment before the loan is automatically cleared from the CRB. This period varies by financial institution and CRB policies

Are there different criteria for clearing KCB M-Pesa loans based on the loan amount or repayment history?

The criteria for clearing a KCB M-Pesa loan from the Credit Reference Bureau (CRB) are not directly tied to the loan amount or repayment history of a specific loan.

The process involves:

• Full repayment: Ensuring that the entire loan amount, including any accrued interest and fees, is cleared.
• Timeframe: Allowing a specific period (often determined by the CRB) to pass after full repayment.
• Credit bureau dispute (if necessary): If the clearance is delayed, disputing the negative information with the CRB.

What are the available channels to initiate the KCB M-Pesa loan CRB clearance process?

In Kenya, there are three major CRB agencies (such as Metropol, TransUnion, and CreditInfo). Ensure that your clearance request is processed across all relevant agencies.

Can I clear a KCB M-Pesa loan from the CRB through the M-Pesa platform?

No, you cannot directly clear a KCB M-Pesa loan from the CRB through the M-Pesa platform. While M-Pesa is used to access and repay KCB M-Pesa loans, it doesn’t have the functionality to interact directly with the Credit Reference Bureau (CRB) to remove a negative listing.

Are there any associated fees or charges for clearing a KCB M-Pesa loan from the CRB?

There are no direct fees associated with clearing a KCB M-Pesa loan from the Credit Reference Bureau (CRB).

Once you have fully repaid your KCB M-Pesa loan, the lender (KCB Bank) is obligated to report this positive payment history to the CRB. This process takes 3 to 7 days as reported by TransUnion CRB, but it’s generally a standard procedure that doesn’t incur additional costs to the borrower.

How long does it typically take to see the CRB clearance reflected after initiating the process?

The time it takes to see a CRB clearance reflected after initiating the process can vary. Generally, it can take anywhere from 30 days to 90 days for the CRB to update your record. Several factors influence this timeframe, including:

• The specific credit reference bureau (CRB) involved: Different CRBs might have different processing times.
• The lender’s efficiency in submitting the clearance request: Timely submission can expedite the process.
• The volume of clearance requests being processed by the CRB: High volumes might lead to delays.
• Any technical issues or system glitches experienced by the CRB or the lender.

What are the legal implications of not clearing a KCB M-Pesa loan from the CRB?

It’s crucial to consult with a legal professional for advice specific to your situation.

KCB M-Pesa loan History

KCB M-Pesa loan is a loan product that was launched on March 2015. The micro-lender is owned and operated by KCB bank. KCB loan products are offered to Safaricom users with low credit history with good M-Pesa cash flow. KCB M-Pesa loan product is licensed and regulated by Central Bank of Kenya (CBK). A KCB M-Pesa loan product is a type of unsecured personal loan that offers financial assistance to customers with low cash flow and a low credit history.