Looking for a fast and reliable way to access instant credit? InstarCash offers a simple digital lending platform where eligible users can borrow up to Ksh 40,000 directly through their mobile phones. With a quick application process and fast loan approval, the app is designed to meet urgent financial needs.
How to Apply for a Loan with InstarCash
Getting started is straightforward. First, download the InstarCash application from the Google Play Store. It’s important to go through their privacy policy and service agreement before using the platform. Once you accept the terms, proceed to create an account by registering your phone number.
You’ll then be required to complete a short form with basic personal information. InstarCash’s automated system will then assess your credit profile and suggest suitable loan options. After submitting your application, approved funds are usually sent to your account within 15 minutes.
Loan Options and Repayment Terms
InstarCash offers flexible loan amounts starting from Ksh 5,000 and going up to Ksh 40,000. Repayment periods begin at 90 days and may be extended up to 12 months depending on your credit rating. The InstarCash annual percentage rate (APR) ranges from 36% to 72%.
Sample Loan Illustration
If you’re borrowing for the first time and qualify for a Ksh 40,000 InstarCash loan with a three-month repayment term at an APR of 53.4%, here’s what the breakdown looks like:
- Total interest (for 3 months): Ksh 40,000 × 53.4% ÷ 12 × 3 = Ksh 5,340
- Cash received after interest deduction: Ksh 34,660
- Amount to repay at the end of the term: Ksh 40,000
InstarCash does not charge processing fees or additional service charges for new customers. However, interest is deducted upfront before the loan amount is disbursed.
Read: 5 Loan Apps in Kenya with Flexible Repayment Plans
Improve Your Credit and Loan Limit
To qualify for higher InstarCash loan amounts in the future or enjoy lower interest rates, users are encouraged to repay their loans on time. Timely payments help you build a strong credit history within the InstarCash system, which can unlock better loan terms over time.
Eligibility and App Requirements
To qualify for an InstarCash loan, applicants must be at least 18 years old. The InstarCash app is compatible with Android devices running version 5.0 or higher. The platform has already been downloaded over a million times, reflecting its growing popularity among mobile loan users in Kenya.