mKey Loan app is a development by Fineserve Kenya. Fineserve, which is a subsidiary group of the Equity Group developed Mkey in the aim of combining social networking, finance and lifestyle capabilities.
With the Mkey app, one does not only get a keyboard for their smartphone. this app has features that make it completely unique from any other loan applications available in Kenya. Mkey allows transactions through different banks and mobile networks.
In this article, I have explained the different features that make mKey unique from other applications.
Features of Mkey Loan app
mKey is unique in all dimensions ranging from Loan qualifications, to loan limits as well as methods of repaying the loans. Below are the characteristics that contribute to this app being unique.
Value of loans one can access
From Mkey app, you can access a minimum loan of Ksh.300 and a maximum of Ksh.1,000,000. This makes mKey the only online lending platform in Africa capable of giving such amounts of money.
Unlike other online lending platforms, mKey is not limited by Telecoms money transfer services such as Mpesa which only allows a maximum of Ksh.70,000.
Mkey charges interests of between 1% to 9%. This makes it the lowest interest rate in Kenya since other apps such as Tala charge over 11%
The interest rates charged on borrowers by mKey depend on past credit records. Those who have good CRB reports can pay as low as 1% interests. If you have a negative credit report in the CRB, you will pay up to 9% interest on the loan.
mKey gives room for those with negative CRB reports accessing financial assistance without necessarily being cleared by the CRB. FinServe has developed its own credit score to help those listed in the CRB use their credit report positively to get loans.
Who qualifies for Mkey Loans
Just like any other mobile loan apps, you have to download the app to access the loan. once you download the app and create your account, you will have to start transacting with mKey app in order to build your profile.
To download the app, just go to google play store and type the word “mKey” in the search box. Once the app is found, click the install button.
The only personal information needed is your name, Id number or passport number and your mobile phone number.
How to build your profile
Once you have registered, your credit profile is built from when you start using your account. this is contrary to other mobile apps which use social media and Mpesa details to analyze creditworthiness.
Many people who only use social media for checking on news updates have been denied loans by these applications because they do not have much details about the person’s capability to repay the loan.
You can build your profile very fast by regularly conducting huge transactions since the app allows transactions of up to Ksh. 999,999.
It is not a loan from Equity
Although Fineserve is related to Equity bank, this does not mean that loans given on mKey are from Equity Bank. The two institutions are under the Equity Group but are managed independently. This means that the amount of money one receives as a loan is not determined by Equity Bank.
This implies that you can still obtain a loan from mKey when servicing another loan from Equity Bank.
How to apply for mKey Loan
To get a loan from the app, you need to follow the procedure below.
- Download the app – To download the app, go to google play store, search for the app and install on your device.
- Create an account – Once you have installed the app, you need to register as a new user. A Facebook account or a Google account will be required during the registration process.
- Enter the required personal information as instructed by the app. The information includes your name, phone number as well as ID or passport number.
- Finally confirm your email address and the account will be active.
- Apply for the loan
After submitting the required details and activation of the account, the app will display the amount you are allowed to borrow. This is determined by transaction record as well as CRB credit reports.
The loan borrowed will attract an interest of between 1% to 9% depending on your credit score.
How to Repay mKey loans via Mpesa
The following is a procedure of repaying your mKey loan by Mpesa.
- Go to Mpesa menu
- Select lipa na Mpesa
- Select PayBill
- Enter 778588 as PayBill number
- Enter mKey mobile number as the account number
- Key in the Amount Due
- Enter Mpesa pin and press okay to authorize the transaction.
Now you know what mKey loan app is all about. You can make informed decisions on whether to take a loan, save or pay a bill using this app. This app gives huge amounts of money as loans and therefore you should be cautious to borrow what you can afford to pay back.
When repaying the loan, there are other methods such as through the Equity Bank agent, the Eazzy Banking app as well as Equitel.