Mkopofast lending platform offers fast and reliable loans straight to your M-Pesa at a reasonable interest fee, considering their low minimum requirements to apply for a mobile loan. This article will brief you on the ins and outs of this mobile application and how to apply for and repay your loan to get the most out of the platform as you strive to finance your expenses.
Let’s dive in;
Mkopofast download size and additional information
To download the application from the Google Play store, you will need around 10MB. At the time of this publication, the application had over 100,000 downloads and was rated for 3+, meaning it is free from explicit content.
With only 360 reviews at the time, a rating of 3.0/5.0 is quite encouraging, as it shows the application is gaining users’ trust and following the footsteps of other older platforms like Tala, Zenka, KeCredit, etc.
The mobile-based lending platform was released on 3rd October 2022 by Eve2020 and is supported on Android version 5.0 and up.
Here is a table of all the essential information you need to know about the Mkopofast loan app.
|Access Application||Google Playstore|
|Download Size||10 MB|
|Required OS||Android 5.0 upwards|
|Alternative Application Method||N/A|
|Service fee||3% – 8%|
|Loan limit (KES)||2,000 – 100,000|
|Annual Percentage Rate||12% to 24%|
|Repayment window||91-365 days|
|Additional charges||Defaulters’ Interest|
|Age Limit||18-60 years|
|Minimum Requirements||Kenyan Citizenship|
As you download the app, beware of the necessary permissions required to run the application on your phone, as listed below;
- Get phone information, e.g., device identifier, profile information, and phone number.
- Collection of SMS information
- The application will collect your location info and send it to the Mkopofast servers.
- Read your contacts. This will help the platform curb fraud and manage risks.
- Access to your camera, as you will need to submit a selfie as you apply for the loan
- Access to your calendar
How to apply for a Mkopofast loan in Kenya
- Go to the Google Play store or website and download the Mkopofast Mobile app.
- When you open the app, you will receive a notice of terms, conditions, and privacy policies. It is essential to carefully read through these documents to understand the implications of using the app. If you agree with the terms, click “Agree & Start” to continue.
- The app will request permission to access certain information on your device. Reviewing the list of permissions and granting access to all necessary ones for the app to function correctly is essential.
- In the next window, you will be prompted to give your cell phone number. Do that and request an OTP code that will be sent to the phone number you just submitted.
- Next, you will be prompted to fill in your registration details accurately. This information is used to determine your eligibility for a loan. Once you have entered all the necessary information, click “Submit.”
- You will then be directed to another window requiring you to input your ID details and date of birth.
- After completing the registration process, you will be directed to the main dashboard.
- In the dashboard, click on “Get Now“. You will then be prompted to input your basic information. Make sure to provide accurate and up-to-date information.
- After you have completed all the required information, click “Submit” and wait for a verification message from the lending platform server.
- Once your loan has been approved, the funds will instantly be deposited into your account.
It is essential to carefully review all the terms and conditions of the loan before accepting it and to ensure that you can repay the loan on time to avoid any additional fees or penalties.