There is no doubt that the continuing economic uncertainty of the COVID-19 crisis has had very many people undergo all manner of financial hardships with the end seemingly out of sight.
However, what you may not be aware of, is that there are several options at your disposal that can help you meet your financial obligations when money is or could become tight, and still have your peace of mind intact. One of those options is applying for an Emergency Loan.
What is an Emergency Loan?
While "emergency loan" is a description of how you plan to use the money rather than a specific type of loan, you'll often find many unsecured personal loans described as such.
The number of personal loan providers on the Kenyan market has grown substantially in recent years, thanks to technology that has brought in digital lenders in an omnibus.
But wading through all the options during a financially uncertain time can be difficult, especially when you need cash in hurry.
What You Need to Know if You're Considering an Emergency Loan
An emergency loan does not require you to provide collateral to receive the funds. Digital Lenders especially let you use personal loan funds for almost anything, which means they can help during a variety of emergency situations.
But before you can settle on on a specific digital lender, there are few points you need to consider when looking for an emergency loan:
a). There's no guaranteed loan amount.
While lenders may offer "up to" a certain amount, that doesn't mean you'll get approved for the entire amount you request.
b). Look closely at the fees.
Many lenders advertise that they don't charge application or prepayment fees. But often you'll still need to pay an origination fee.
c). Funding speed can vary.
You may be able to get funds in your account within few minutes to one or two business days depending on which lender you opt for.
d). Lender's Reputation
All loans are a contractual commitment, so be mindful of the fine print, payment terms and interest rates. Make sure to research and pay attention to consumer reviews of loan providers. This could help you avoid predatory lenders or unfavorable terms.
If you are mindful of the above four considerations, the below listed lenders could just be what you require to offer you quick unsecured emergency loan with relatively low interest rates.
5 Top Digital Lenders That Offer Quick Emergency Loans
a). OKash
Loan Details (Refer to the screenshot below).
OKash customer care representatives are available online or by phone 24/7, via the contacts in the above screenshot.
b). CreditHela
Loan Details (See the screenshot below).
c). KCB M-Pesa
Loan Details (See the below screenshot).
Loan Terms (Refer to below screenshot).
