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4.9/5 Votes: 3,312
Updated
18/02/2024
Size
33 MB
Version
3.1.0
Requirements
5.0
Downloads
200.000+
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Description

SongaCash is an online loan app available on the Android/iOS platforms. It takes responsibility for financial connections and maintains the link between borrowers and lenders. Through technology, the borrowing process has been simplified, offering quick approval and disbursement within 24 hours during business days. The app serves as a platform where financial organizations in Kenya provide personal loans and credit.

Notice that the app has changed its name to Kescash

Conditions for Songa Cash Customers:

To become a customer of this app, you need to ensure the following key factors:

  • You must be a Kenyan citizen currently residing and working in Kenya.
  • Possess valid Kenyan identification documents, showing legitimate employment.
  • Be aged between 18 and 51, with a job and a source of income.
  • Have a bank account in your name for funds transfer or receipt.
  • Own an Android or iOS phone running version 4.4 or above.

Information about Songa Cash Loan Packages:

You can be approved for a maximum of KES 50000, with new customers typically receiving a borrowing limit of KES 9000. The limit also depends on your credit score or income. New customers often have lower trust, so the loan packages are smaller.

The average loan duration is 91 to 188 days. However, in practice, borrowers at SongaCash are expected to repay the loan within 7 to 18 days.

The interest rates for loans at SongaCash are defined as follows:

  • Minimum Annual Percentage Rate (APR) of 12.22% per year.
  • Maximum Annual Percentage Rate (APR) of 18.11% per year.

These interest rates are relatively high but reasonable considering the conveniences of borrowing here. Interest rates may vary depending on the contract and specific status of the loan. Transaction fees are charged for assessment, documentation, disbursement, or reminders of debts. These fees are typically minimal within the loan agreement.

Steps to Apply for a Loan at SongaCash:

The registration and loan repayment process unfolds as follows:

Step 1: Register by downloading the app on Android/iOS devices, input the loan amount into the profile. Ensure to access the correct app installed from the loanapp.store website to avoid confusion or impersonation.

Step 2: Choose the loan limit and enter the phone number for verification, input the received OTP code.

Step 3: Input the confirmation code and commence the loan application.

Step 4: Provide accurate personal information as per identification documents. Capture both sides of your documents and a portrait photo as loan requirements. Allow additional details like name, address, account number, etc.

Step 5: Submit the loan application. During this period, await approval and disbursement through your bank account.

Frequently Asked Questions at SongaCash:

The online credit lending service in Kenya is relatively novel, hence customers often have numerous queries regarding the process and products. Here are some commonly asked questions recognized by SongaCash:

Why was my loan application rejected?

Understanding the reasons for a rejected loan application helps prepare better for future loan requests:

  • Incomplete or insufficient income information in the application.
  • Having multiple loans already in place.
  • Late payments or repeated delays in repayments.
  • Policy violations or falsification of personal information.

How will I receive the borrowed amount?

All loan amounts will be sent to the bank account or bank card number provided during registration. If there are changes to your bank account information, inform the app promptly via message or call to update accurately.

SongaCash is among the most reputable financial support linkage models currently operational. Customers can swiftly access loans without wasting time or money. However, compared to traditional loan methods, interest rates at SongaCash are relatively high. Therefore, customers in need of a loan should carefully assess their repayment capabilities before applying. Best of luck in your endeavors.

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