Apps, Consumer Reviews, Loan Apps

KCB Mpesa app reviews

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Rated 3 out of 5
3 out of 5 stars (based on 1 review)
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Honest KCB Mpesa app reviews. The KCB Mpesa loan facility used to charge an interest rate of 4.08 percent pm but was reviewed August 2019 to 7.05 percent pm.

One can hold money in the KCB Mpesa account once it is active. Such money cannot however earn any interest until you lock the account making it a Savings account. Once locked, you may not be able to withdraw freely until the set time has lapsed.

Also, if you have to close your account, you won’t do it from the comfort of your living room the way you did when opening. You must visit a Safaricom Retail Shop for account closure, just the same case for M-Shwari.

The maximum amount you can save on KCB Mpesa app fixed savings is KES 250,000, earning interest at 6.3 percent pm. You can borrow as low as KES 50 and a maximum of KES 1,000,000. The borrower chooses the timeline within which they want to repay.

KCB Mpesa app reviews on social media indicate that the loan app becomes unfriendly if one falls behind with loan repayments. One may not even be allowed to borrow again. Sometimes, cash is taken from other user accounts to repay the loan.

Users have also pointed to insecurity issues that anyone with access to your phone may be able to transact. Apart from that, the app does not confirm the recipient’s account name making it possible to complete wrong transactions. This is common in most loan apps.  

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Have you had an experience with the KCB Mpesa loan app? Please share your review below to help other consumers as well as the app.

KCB app

Rated 3 out of 5
May 27, 2022

The app was working well on my android phone but I was unable to activate it on iPhone, I don’t know what the problem is.

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LC