Is 2022 and Fintech through Mobile Loan Apps has make it a no-brainer getting a loan using one’s smartphone.
Honestly Speaking, acquiring a loan with these mobile Loan Apps In Kenya is easy and confidential.
6 Major merits for using mobile Loan Apps In Ghana are as follows:
- Apply for a loan on your phone; anytime, anywhere.
- Receive your loan request decision within minutes.
- There are No hidden fees, all costs are displayed in the app.
- No paperwork, No waiting in bank queues.
- No collateral & No guarantor.
- Money is disbursed instantly.
We have written about over 5 Mobile Loan Apps In Kenya , In tthis particular article, we are going to talk about this new loan app on the market, Berry Loan.
What is Berry Loan?
Berry provide you with credit instantly from wherever and whenever right to your mobile phone, all at a low fee and with an easy repayment schedule.
Berry Loan Terms and Fees:
Loan Amounts: KES 1,000 – KES 50,000
Monthly facilitation fee: 9% – 25%
APR: 27% – 260%
For example, for a 65-days loan with a principal amount of KES 1,000 the facilitation fee would be KES 250 and the total payable amount would be KES 1,250
Minimum repayment period is 65 days while the maximum repayment period is 120 days, with a minimum APR is 27% while the maximum APR is 260%
Berry does not charge more than the amount of the facilitation fee (plus a one-time late fee if you do not pay after the loan repayment grace period). The loan amount does not compound or accrue.
Sample Loan :
Loan Amount 1000 KES
Interest Calculation – (1000 * 25 ) / 100 = 250 KES
Expected Payback amount For 65 days – 1000 KES + 250 KES = 1250 KES
Monthly Payment – 625 KES
Privacy and Permissions:
Once you download Berry, they will ask you to provide permissions to scan your SMS in order to validate your identity and creditworthiness. Instant loans amount will be credited directly into your M-Pesa account. They’ve taken thorough steps to secure your private data you share with us using advanced encryption mechanisms. We take your privacy very seriously and promise to never share your information to anyone.
Terms and Conditions:
Berry is very flexible and charges affordable and low facilitation fee ranging from 9% to 25%
The minimum loan amount is KES 1,000 and the maximum loan amount is KES 50,000
Berry charges a facilitation fee of 9 – 25% of principal amount
If a customer has not paid the principal amount and facilitation fee on the due date, Berry extends a further 7 days to allow the customer to make the payment.
Only after the grace period (7 days) has elapsed, a one-time late payment fee of 10% will be charged on the payable amount. No other fees will be charged after this time.
Important to note: All the above information will be displayed in a broken-down form for the customer on the App upon qualifying for a specific amount before a customer accepts to take up the loan.
How to Get a Berry loan:
° Download the app from Google Play store (CLICK HERE)
° Register with the Berry application
° Get your loan approval on fly
° Their secure system verifies your identity in a few
° Your loan amount will be deposited in your M-pesa account
How to Repay a Berry loan:
To make Berry loan repayments: Open the Berry app and click on Pay Now. Berry payment procedure is self-explanatory and will guide you through.
° Go to your Safaricom menu and select M-Pesa
° From your M-Pesa menu select Lipa na M-Pesa
° Select the Pay Bill option
° Enter the business number 977888
° Enter your registered phone number as the account number
° Enter your payment amount
° Enter your M-Pesa PIN
° Confirm that all details are correct and press OK.
We are done for today, I hope this article helps you get an instant loan from Berry Loan. However, You can as well try these Four lenders (Click Here) , AdamfoPa Loan (Click Here) Bloomkcash (Click Here), GhanaLending (Click here), LendingPapa (Click Here), SikaPurse (Click Here) and WohiaSika (Click Here)