Chura, an airtime credit app that was shut down due to its PayPal to M-Pesa instant transfer feature has launched LoanBee, an instant mobile loans apps to help more Kenyans access credit via their M-Pesa.
LoanBee app works simply. Users install the LoanBee app and allow the phone permissions requested by app. Then sign in the app using Facebook login or phone login. Go to loans and see how much they can get. Then enter loan amount you want then LoanBee sends you the money into your Mobile money account in under 5 minutes.
If you repay the loan in due time as per the repayment schedule to be eligible for bigger loans in the future.
The firm says it offers a suitable and personalized loans based on data on your phone. TechMoran will test up the app and do a comprehensive review soon. However, lending is not for everyone. LoanBee’s competitors have raised millions of USD to lend out and are still raising. Loanbee will have to turn away most of its borrowers if it really launches to the public. It will easily gain the trust of the locals because of its history working at Chura but the firm will have to do lots of digital and offline marketing to sign up a sizeable chunk of repeat borrowers.