Loan Apps Without CRB Checks.
There are over 100 loan apps operating in Kenya providing the fastest mobile loans to smartphone users via the Safaricom’s famous mobile wallet, Mpesa.
Out of all 100 loan apps, there are some, very few though that will never and have never been looking at a borrower’s information as stored by the Credit Reference Bureaus (CRB) before making a decision to lend money.
It can sound unbelievable but it’s true, these digital lenders exist and are still operating in Kenya even now at a time the lending market have been roughed up by the ongoing Coronavirus pandemic.
In April, the Central Bank of Kenya (CBK) took a move to stop the digital lenders and even all unregulated lenders from doing business with the the three licensed Credit Reference Bureaus – Transunion Credit Reference Bureau, Creditinfo Credit Reference Bureau and Metropol Credit Reference Bureau.
Metropol CRB – One of the 3 Credit Reference Bureaus in Kenya
The bank regulator, CBK claimed was responding to complaints aired by majority of Kenyans who were negatively listed (blacklisted) with the Credit Reference Bureaus (CRB) for defaulting on very small loan amounts, as low as ksh 20.
To many loan app that depended on CRB to make a lending decision, it was a blow on the face. But did you know there are some loan apps that were never affected that much ? These are the apps that took the highest risk from the beginning to offer trust based loans via Mpesa.
5 Loans Giving Loans Without CRB Checks
Lenders will check a borrower’s credit score, credit history and even the Payment Performance Index (PPI) before giving or denying a customer some loan.
The data the CRB provides is very important as it helps to know how risky a customer is. If a customer never pays loans, he or she will appear blacklisted in the CRB data. This is someone to deny a loan. But someone who has a high Credit Score is a good borrower and should be given a loan easily.
But which are those loan apps that never check CRB data? There are many maybe but for the purpose of this post, I’ll list the 5 most popular.
These apps though have a characteristic of charging extremely high-interest rates and mostly also charge some unnecessary fees including registration fees, appraisal fees, and even processing fees.
Here are the best 5 loan apps without CRB check in Kenya;
1. Kash Poa Loan App
2. Usawa Loan App
3.Tunzi Loan app
4.Dolax Loan App
5.Fadhili Loan App