Baraka Fintech: A Comprehensive Loan Application
Baraka Fintech is a free productivity app available on Android that provides users with access to loan services. To use the app, users must be over 18 years old and have an active M-Pesa account. The loan amount an individual can qualify for is based on their repayment history and credit score obtained from a credit reference bureau. The app allows users to apply for loans ranging from Ksh 500 to Ksh 100,000, with repayment durations from 91 days to 36 months.
The application offers a transparent interest rate of 26%, with an Annual Percentage Rate (APR) also set at 26%. For example, if a user borrows Ksh 10,000 for one year, the total cost of the loan would be Ksh 2,600, resulting in a monthly repayment of approximately Ksh 1,050. Baraka Fintech aims to streamline the borrowing process while maintaining clear terms and conditions for its users.
