Personal Loan -Reasons for taking personal loans can be different, but mostly, this is meant to offload pending bills or even sometimes to invest in stocks. It is offered with minimal documentation.
It is simply a loan you can qualify for based on your credit standings and income and which loaners give for almost any request.
This loan type is referred to as a ‘Signature loan’ or ‘unsecured loans’ since no collateral is required to secure it and serves as an effective financial instrument which you can use to cover larger bills that you might not be able to afford upfront. Simply put, this can help a great deal in dealing with loans or bills at once or in a consolidated manner.
Every personal loan could be approved on its own merit but, above all, your credit score or creditworthiness matters a lot.
The loaning institution will also look at your earnings before lending you any money. So how much you make, perhaps, every month counts a lot in determining the volume of the loan.
To qualify for this kind of a facility, one has to be 18 years and above and with good credit standings or history.
Standard Bank as well as KCB Bank provide their customers with an App in which they log in and select personal loan type that can best suit them. The applicant can then follow the prompts to fill the online form and the funds will be deposited in the chosen account immediately this is approved.
