The main reason why you need to make this vital consideration is because different loan providers have varying terms, interest rates and fees.
That said, let's see what kind of loan that is available for you on the OKash Loan App and various other financial institutions based on loan amount.
1. Between Sh1,000 and Sh80,000
Any loan amount within this range will mostly be for solving financial emergencies like medical bills or the day-to-day financial needs like school fees, utilities that include among others rent, power and water bills or business supplies, to mention but a few.
While in such a financial situation, OKash Loan App will prove best as it is designed to meet immediate financial needs that range between Sh1,500 and Sh70,000. Once you apply for the loan amount of your choice on the OKash App, it will take you under five minutes to receive it in your M-Pesa account.
2. Between Sh80,000 and Sh1000,000
The loan amounts falling under this range could be meant for medium sized business investment like a plot of land, motorcycle or small vehicles purchases among others.
Saccos and Chamas will likely prove the best loan provider option for such short- and mid-term financial needs.
3. Sh1000,000+
Loan amounts of this scale will mostly involve big purchases or long-term investments.
In such a case, a bank loan will prove best. Remember while banks offer you such big loan amounts, the application process is tedious, time-consuming and involves a lot of paperwork, guarantors and securities.
In conclusion, choosing the right loan provider helps you to attend to your financial need the best way possible and with much ease. And now you know where to go when you need what. Isn't it?