With the rise of digital solutions, borrowing money has become more convenient, and mobile loan applications have emerged as a popular option for many. One such app making waves in the financial technology sector in Kenya is the Shika Loan App. For the purpose of this post here am going to make you understand everything you need to know about downloading and using the Shika Loan App.
What is the Shika Loan App?
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| Shika app: image Courtesy |
The Shika Loan App is a mobile application by Alternative Circle company a Fintech company in Kenya. The app is designed to offer quick and convenient access to personal loans. The app is aimed at providing financial assistance to individuals who may need immediate funds for various purposes, such as emergency expenses, business investments, education fees, or even daily needs. Having an a more focused CEO - Kevin Mutiso shika developed with user-friendliness and efficiency in mind, Shika aims to streamline the loan application process, making it easier for users to apply for and receive loans directly through their smartphones especially on mpesa.
Key Features of the Shika Loan App
1. Easy Application Process:
Shika app simplifies the loan application process. Users can complete the entire process within 3 minutes, right from their mobile devices, without the need for extensive paperwork or lengthy procedures.
2. Quick Disbursement:
Once approved, loans are disbursed quickly, often within a few minutes. This is particularly beneficial for users who need immediate financial assistance.
3. Flexible Loan Amounts:
Shika offers a range of loan amounts, catering to different financial needs. Whether you need a small loan for minor expenses or a larger amount for significant investments, Shika can accommodate your requirements. The app give loans from Kes 500 up to Kes 20,000.
4. Transparent Fees and Interest Rates:
The app provides clear information about the fees and interest rates associated with each loan, ensuring transparency and helping users make informed decisions. The app charges low interest rates of 15% per month with a late repayment rate of 10% per month up to 60 days.
5. Secure and Confidential:
Shika uses advanced security measures to protect users' personal and financial information, ensuring a safe borrowing experience.
6. User-Friendly Interface:
The app features an intuitive interface, making it easy for users of all technical backgrounds to navigate and use.
How to Download the Shika Loan App
Downloading the Shika Loan App is a straightforward process. Follow these steps to get started:
1. Visit the App Store: The Shika Loan App is available on major app stores, including Google Play Store for Android users and the Apple App Store for iOS users. Open the respective app store on your device.
2. Search for Shika Loan App: In the search bar, type "Shika Loan App" and hit enter. Look for the app with the official Shika logo and name.
3. Download and Install: Once you find the app, click on the "Download" or "Install" button. The app will begin downloading and will automatically install on your device.
4. Open the App: After installation, open the app by clicking on the Shika icon on your home screen.
5. Create an Account: You will need to create an account to start using the app. Provide the necessary information, such as your name, phone number, and email address. You may also need to verify your identity through a one-time password (OTP) sent to your phone.
How to Use the Shika Loan App
Using the Shika Loan App is designed to be as intuitive as possible. Here’s a step-by-step guide:
1. Log In: Once you’ve created an account, log in using your registered phone number and password.
2. Fill Out the Loan Application: Navigate to the loan application section. Here, you will need to fill out some personal and financial information. This may include your employment details, income level, and the amount you wish to borrow.
3. Submit Required Documents: Depending on the loan amount and your profile, you might need to submit certain documents for verification. This could include your identification card, proof of income, and bank statements. You can upload these documents directly through the app.
4. Review Loan Terms: Once you’ve filled out the application, the app will show you the loan terms, including the interest rate, repayment period, and any applicable fees. Review these terms carefully before proceeding.
5. Submit Your Application: After reviewing the terms, submit your loan application. The Shika team will review your application and notify you of their decision, usually within minutes.
6. Receive Funds: If your loan is approved, the funds will be transferred directly to your bank account. You can then use the funds as needed.
7. Repay Your Loan: The app will provide you with a repayment schedule. Make sure to repay your loan on time to avoid any late fees and to maintain a good credit history. The app loan repayment period is 61days. Repay Shika loans via Paybill Number: 811655 and enter your phone number as the account number.
8. Customers Care Contacts : In case of any challenges one can contact Shika app customer Care service through:
Email: care@shika-app.com
+254 742143999
Conclusion
The Shika Loan App offers a convenient and efficient way to access personal loans. Its user-friendly interface, quick disbursement, and transparent terms make it an attractive option for those in need of immediate financial assistance. By following the steps outlined in this guide, you can easily download, apply for, and manage loans through the Shika Loan App, ensuring a seamless and secure borrowing experience. Always remember to use financial services responsibly to maintain a healthy financial standing.
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