Unsecured loans are usually applied for when an individual is in a serious financial crisis. These loans can be accessed from various banks in Kenya, but the banks have different conditions for loan applicants.
Salary advance loans are the most common unsecured loans and can be accessed with just an Identity Card and Copies of the pay slip. The loans do not require collateral as long as you have an account with the bank.
Following interest rates cap, the procedure for securing a loan is now straight forward, and in two days after application for the loan, you will receive your money.
If you want to open an account or you intend to apply for unsecured loans, these are the best banks to approach
Cooperative Bank of Kenya
Standard Chartered Bank
CFC Stanbic Bank
Barclays Bank of Kenya
KCB Bank is the best bank to operate a personal account because it’s the most stable bank. The bank also charges interest of not more than 14.5 %.It is followed by Equity Bank, Cooperative bank, CFC Stanbic Bank respectively.
Other banks which approve salary advance almost immediately include Standard Chartered Bank, CFC Stanbic and Barclays Bank of Kenya. These banks are subsidiaries of parent companies in Europe. They are therefore very stable and able to give loans of any amount.
What motivates you to choose a particular bank for salary advance?
The main motivation should be time it takes to approve the loan, interest rates and terms of repayment. In all these banks it takes not more than a day to approve the loans, and within one day you will receive your cash.
Repayment should be within the shortest period possible but the most encouraging thing is that no bank charges interest rate of above 14.5 %,thanks to Central Bank of Kenya regulations.