FairCash Loan App Download 2024

 Introduction 

Loan Apps have become one of the easiest ways people get quick loans for emergency. The introduction of Mpesa has made it possible for people to receive their loans faster into their mobile phones in minutes. However these loan apps comes with good and bad repercussions. 

Pros and Cons of Loan Apps in Kenya 

Pros 

Unsecured loans- You do not need to provide collateral property to secure a loan, which is convenient if you do not have a property or anything valuable to use as collateral.

Flexible repayment- Many apps have several options for the customer to choose a repayment schedule.

Growing credit limit- Repay your loans on time to increase your chances of getting bigger loan limits for the subsequent loans 

Cons 

Higher interest rate- Because the loan is unsecured, the interest rate will be much higher to cover the risk of defaulting. 

Smaller maximum loan- If you’re a first-time borrower, you may find that your maximum limit may not be enough to cover your expenses as the maximum amount you can loan is much smaller than other institutions.

Risk of hacking and scams- There are bad loan apps in the Internet be careful about the data you share and the online loan apps you use, as these can be prone to data hacking since the whole loan process is done online. Make sure you use online lending app is registered and approved by Central Bank of Kenya. 

For the above reasons on this website we have been reviewing loan apps as they are launched to help Kenyans make informed decision when it comes to getting quick loans from the internet. Today is the turn to review a popular loan app by the name Farkash loan app. 

What is FairKash loan app 

Fairkash Loan App logo: image Courtesy 

Fairkash loan app is  loan app by Mywagepay Ltd company that offer quick non-collatoral loans to Kenyans via mpesa. Fairkash loan app was launched in 2022 by it's mother company Mywagepay Ltd which is registered and approved by Central Bank of Kenya. Fredrick Wafula Juma is the Founder & CEO of Fairkash Loan App. 

Through FairKash app, one is able to borrow loans starting from kes 2000 up to 50,000 with a shortest repayment plan of 91 days. The app charges interest rates of between 3% to 18% per year and APR of 20% to 80% . 

For Example 

Apply for a loan with period 120 days, Loan Principal is KES 4,000, Interest Fee Rate is 15%, Service Fee Rate is 4%, Annual Percentage Rate (APR) is 49.6%. 

- Loan Principal: KES 4,000 (120 days)

- Total Interest Fee: KES 600 (KES 4,000 * 15%)

- Total Service Fee: KES 160 (KES 4,000 * 4%)

- Total Fee Cost: KES 760 (KES 600 + KES 160)

- Repayment Amount: KES 4,760 (KES 4,000 + KES 600 + KES 160)

Is FairKash loan app Genuine 

To find out if this loan app is legitimate or Fake , we can look at the app's reviews and comments on Google playstore , the app specs and permissions.

Fairkash is rated at 4.3* star out of 5* star which is an excellent rating, though it has mixed comments reactions, some praising it while others criticizing the app for it's interest rates, short repayment period and harassment from app's agents. 

Farkash loan app specs and permissions 

After careful scrutining the app's reviews, comments, interest rates,specs and permissions now you can decide if you want to get loans from this app. To apply for Faircash loans ,download the app from Google playstore, register and apply..

How To Apply For Fairkash loans 

Download the app from Google playstore 

Register using your personal details including phone number and ID card number 

Create an account 

You will be provided with a login PIN 

Login into your account and check your loan limit awarded

Request for a loan within your limit range

The loans will be deposited directly into your mpesa account apon approval.

Repay your loans on time to increase your chances of getting bigger loan limits for the subsequent loans. 

How To Repay FairKash loans via mpesa

Open MPESA menu

Select Lipa na MPESA

Select PAYBILL

Select Enter Business Number : 4074255

Enter your phone number as the Account Number

Enter amount to pay

Enter your MPESA pin and send 

Wait for SMS confirmation about the transaction.

How To Contact Faircash app customer Care phone number

Contact FairKash app customer service through:

+254 793 263 022

WhatsApp+254 743 736 277

Email:fairkash721@gmail.com 

Email: support@fairkash.com 

Conclusion 

For my conclusion, this is a genuine loan app and it's giving loans to Kenyans, however, there are things they need to improve - short repayment period and the harassment from its agents. 

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