Date Posted: 8/5/2018 2:58:32 AM
Posted By: Dullayo Membership Level: Gold Total Points: 1727
Mobile phones are one of the best communication tools with vast functions. They therefore serve many purposes such as, entertainment; watching movies, playing games, listening to audio songs and videos, typing documents using MS Office applications and sharing files using file transfer applications such as Xender, CM transfer, flashare among others.With the existence of different versions of mobile phones that is windows phone, android among others, system developers have had an opportunity to develop many applications that would work efficiently in such phones. In the recent years, studies have shown that sales for Android phones are high compared to the others all over the world. Probably this could be because they tend to cost low compared to the other systems such as those used by iPhones. Due to increase in the demand for Android phones many companies have increased their supplies for such phones. This has also encouraged software developers and programmers to increase their concentration on developing applications which best suite Android phones. For instance, most developed and used applications include, gaming applications, applications that facilitate learning and banking applications such as the application for Equity Bank and that of Kenya Commercial Bank while others follow.The use of mobile phones as a banking system has facilitated the development of soft loan applications by software developers majorly on Android phones. Examples of such soft loan applications include; Tala, Branch, Okash, Okolea, Haraka loan app among others. However, all the above stated soft loan applications apply only for Mpesa users. Other banking systems such as Airtel Money are yet to function with these applications.With the development of soft loan applications, many people using Android phones and who are registered with Mpesa have benefited immensely. For a person to successfully register and apply for a loan using the stated loan applications, he or she is required to have a valid Kenyan National Identity card which was used to register with Mpesa. As illustrated before one should also need an Android phone because these applications are developed for Android phones. Obviously, a person must download the application from Google Play store. However, a person may also get the application through sharing from other users. After installation, one is then ready to register by filling the details required. All soft loan applications require name of the person, his or her date of birth, the date of issue and most significantly, the National Identity card number. Moreover, the mobile phone number which was registered with Mpesa is also required. It is important that the Sim card must be active and presently be available during registration because a verification code will be sent and must be entered. Other applications need email address. Some also require facebook account of the holder such as Branch for registration.After successfully registering, a person may decide to borrow a loan or abort. Most of the applications offer loan of a minimum amount of 250. For instance, Tala offers a minimum amount of 1000. For me it is the best soft loan application since it offers loan instantly and the limit grows as fast as one repays his or her loan. It is therefore a great opportunity for those who possess Android phones to effectively make use of such applications. Businesspeople may use such funds as capital to start and expand their businesses. The repayment period is mostly in four weeks time. Other applications require a period of two weeks. Nevertheless, the interest rate depends on the amount of money borrowed in which the higher the amount the larger the interest rate.Incase of late payment, some applications such as Tala demand a fee which also depends on the total amount of money one owes. The fee is high if one has a high loan balance. After all, soft loan applications are more advantageous compared to other systems such as bank loans. This is because loan is offered instantly and there are no rigid formalities to follow in order to register and apply for a loan. More so, no collaterals are needed. However, failure of repayment may lead one be listed with Credit Reference Bureau.Every needy person should make use of such applications as soon as possible. Repayment of loan should also be done as late as the due date . This is so because the limit increases with the frequency of payments.
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