Introduction
Platinum loan app is a loan app in Kenya offering instant loans ranging between Ksh. 1,500 and Ksh. 12,000.
Platinum loans are processed immediately and disbursed to a customer’s M-Pesa account within 24 hours after approval.
Advantages of Platinum loan
Platinum loan app offers loans instantly. A customer do not have to wait for the loan to be processed and approved.
Few requirements to have your loan approved. One need only a few requirements to have their loan approved. Basically all a customer need to have their loan approved is their national ID.
They have a physical office where one can channel their questions and have them answered. One can also access cash loans when they visit one of these physical stores.
Platinum loan app charge a low interest rate when you compare it to other apps in the country. This makes it one of the most reliable loan apps in Kenya.
Platinum loan app has a high loan approval rate. They have an appproval rate of around 80%. One can therefore be sure that their loans will be approved when they follow the correct procedure.
Disadvantages of Platinum loan app
Platinum loan takes up to 24 hours to process loans. This is quit a lot of time considering that other apps process loans immediately.
Platinum loan lack a customer care contact that asperate 24/7. This means that a customer can only contact them during the working hours and not during the odd hours.
Platinum loan details
Platinum loan amount
Platinum offers customers with a chance to borrow loans worth between Ksh. 1,500 and Ksh. 12,000.
A customer can grow their loan limit by borrowing frequently from the app and repaying their loans in time.
Platinum loan requirement
For one to borrow any amount from platinum loan app, they must meet the following minimum requirements:
- One must be 18-years-old or more. Anyone below the age of 18 is not eligible to borrow from Platinum loan app and any other loan app in the country.
- One must be a Kenyan Citizen. Foreigners are not allowed to borrow from Platinum loan app. The app is currently available for Kenyans only.
- One must have an active M-Pesa account. Platinum loan app offers loans only to M-Pesa users, you must therefore have an active M-Pesa account where the funds will be disbursed to and the account which you will use to repay the loan.
Platinum loan app interest rate
Platinum loan app charge a constant interest rate of 0.05% per day on the loan offered. The interest rate is constant and is not affected by any other facto such as the repayment period and the amount borrowed.
Platinum loan tenure
Platinum loan app gives customers from 90 days to 365 days to repay their loans. A customer is at liberty to choose the period which fits them most when borrowing their loans.
Platinum loan example
For example: If you choose a loan limit of KSh 2,000.00 with a period of 120 days,
the total interest must be paid: KSh 2,000.00 * 0.05% * 120= KSh 120.00, monthly interest shall be paid:KSh 2,000.00 * 0.05% * 30 = KSh 30.00，monthly repayment bill including principle and interest shall be paid: KSh 2,000.00/4 + KSh 30.00 =
KSh 530.00，total repayment bill including principle and interest shall be paid:
KSh 2,000.00 + KSh 120.00 = KSh 2,120.00
Platinum loan customer care contacts
Customer care number +25417029474
This number operates from 8am-5pm(Monday – Saturday)
email address: help@PlatinumLoans.co.ke
official website: www.PlatinumLoans.co.ke
Platinum loan physical address: 3rd Floor, Adlife, Waiyaki Way, Nairobi
Conclusion
Are impressed by Platinum loan app? You can download the app for free by clicking on this link and trying your luck.
You can as well be interested in Hustler Fund loan app which also has similar features to that of Platinum loan. Thanks for taking your time to read this article.
Marion Mwangangi is a Journalism student at Multimedia University of Kenya. Apart from being a student, she is a professional graphic designer, an SEO expert and a video editor. Email: mwangangimarion340@gmail.com