Boomkash loan app is a fast and convenient loan app that offers instant personal loans ranging between Ksh. 1,500 to Ksh. 85,000. Boomkash loans are processed online and immediately disbursed to the customer’s M-Pesa account.
In this article, I will reveal to you everything you need to know about Boomkash loan app. I will let you know how you can download the app, how you can borrow from the app, how you can repay your loan, and how you can improve your loan limit on the app.
Read also: How to apply for instant loans right to your M-Pesa account on Tala loan app 2023.
List of loan apps together with their official USSD in Kenya 2023 to avoid falling victim to the conmen who have flooded the industry.
Boomkash loan amount
Boomkash loan app offer loans starting from Ksh. 1,500. The loan limit can then grow to Ksh. 85,000 depending on how a customer repay their loans.
When one register on the app, they start with the lowest amount which is Ksh. 1,500. They then grow their limit by repaying their loan in time.
To download Boomkash loan app, visit Google playstore
Boomkash loan eligibility
To qualify for a loan on Boomkash loan app, you require the following qualifications:
You must be 18 years old and above. Remember that there is no age limit, as long as you are 18 years and above, you are good to go.
You must be a Kenyan citizen holding an official national ID card.
You must have a functional M-Pesa account where the amount will be deposited to.
Boomkash loan app loan period
Boomkash loan app gives customers repayment period ranging between 91 days and 365 days.
The period is determined by the amount of loan one borrows and the the borrower’s preference.
The repayment period one settles on affect their interest directly. The more longer the repayment period, the more the interest rate and vise verser.
Boomkash loan app interest rate (APR)
Boomkash loan app charges interest rate of 48% per annum. This interest is charged on the remaining amount. Spread according to months, the interest rate will be 4% per month. This is very low as compared to other loan apps in the country that charge up to 120% interest.
Boomkash loan example
For example, if one borrow Ksh. 20,000 and set the repayment period to 91 days, one will be charged a constant 4% interest per month. That will be calculated as follows;
20,000*4%= Ksh. 800
The interest will be charged for all the three months that the customer will be paying their loan. The total interest will therefore be 800*3= Ksh. 2,400.
The total amount one will be required to repay is therefore Ksh. 22,400. There is no any hidden fee one is supposed to pay before or after the loan disbursement.
Advantages of Boomkash loan app
The following are some of the advantages of using Boomkash loan app as compared to rival loan apps in Kenya:
- One does not need any source of income to qualify for a loan on the app
- There is no age limit for any one borrow loan. This is contrary to other loan apps which have 60/50 years and above. Age does not affect someone’s loan limit when they are using Boomkash loan app.
- Boomkash loan app has rather low interest rate as compared to other loan apps in the market. As other loan limits charge as high as 200% annual interest rate, boomkash only charge 48% loan limit which is a reasonable amount.
- Long repayment period. Boomkash give customers up to one year (365 days ) to repay their loans. This is an advantage as most apps give customers only 7 days to repay their loans. Even the government’s hustler fund is repaid in 14 or 7 days I think.