M-Kopa is one of the best companies to apply for mobile loan in Kenya. The loan limit is Ksh 5,000 to Ksh7,000. When you are applying for the first time, you will get a loan of Ksh5,000. If you apply severally and repay without being late, you will qualify for a loan of Ksh7,000.
The interest rate ranges between 2% and 5% per month. The longer period you take to pay, the higher the interest rate. The average interest rate is 3% per month. If you take a loan of Ksh5,000 and the interest is 3%, it means that you will pay Ksh150 more.
How to apply for the loan
First, download the M-Kopa app then enter your smartphone and password to login. You will then be allowed to apply. Remember that they might require your ID Number.
How to Increase M-Kopa Loan Limit
- Ensure that you have complied with repaying your loan to other loan companies. If you default, they will share your details amongst themselves and you will be denied the loan by M-Kopa.
- You should also ensure that you pay your loan in time. If M-Kopa gives you a loan today, pay before the deadline date.
- Take maximum loan—If you are allowed to take a maximum of Ksh6,000 loan,don’t apply for Ksh3,000. Apply for Ksh 6,000. This is an indication that you need higher limit. If you apply less than what is offered consistently, they might even reduce the limit.
- Don’t default. Always pay.If you default even once,they will reduce the limit to minimum.
- Apply consistently… Apply for the loan consistently. Once you repay,apply for another one immediately. This way,they will know that you are in need of more funds and increase the limits.