Shwari Loans USSD: Quick Loans To M-pesa

Shwari Loans Kenya: Complete Guide To Apply Via The USSD code*710*20#

While the mobile loans market may look saturated, Shwari Loans by BORMFI in a way found a chance to penetrate and operate in Kenya too.

Shwari is a new loan services provider expected to rival the likes of M-shwari,kopasmart,Daviva and ZK Pesa ,Meta loan,TruePesa by providing timely and affordable loans to borrowers in the country.

So, in order to update our blog readers I went ahead to get more information about the lender from the Google play store and their website.

In this article therefore, I will share a complete guide on how to apply for Shwari loans in Kenya using the USSD code.

Shwari Loan Features

But before you can learn about how to access the loan, here are features you need to know about Shwari loans;

1. Loan limits ranges from ksh 500 to ksh 50,000
2. The interest rate ranges from 1.2% to 2.5%
3. Processing fee is 4.5%
4. Loan Repayment duration is from 30 days to 1 year
5. Late loan payment fee of 1% per day
6. Available to Kenyans aged between 20 to 60 years

How To apply for Shwari Loans

Shwari Loans can easily be applied via USSD code as follows:

On your phone Dial*710*20#

Press the call button

Enter your phone number,ID and other creditials as required

Enter loan amount you need and send

You will receive a feedback if you are approved or not

If Approved the loans will be deposited directly into your mpesa account.

Is Shwari Loan Legit?

In terms of providing real loans, BORMFI is fine but it’s not yet licensed by the CBK. Maybe the team is in the process of getting the lender licensed. However, Kenyans should be careful when dealing with unlicensed lenders, don’t be coned.

Shwari Loans Customer Care

If there’s anything you don’t understand as a customer, you should contact Shwari loans for help.

There’s an option with the USSD code*710*20# where you can initiate a chat to get one of the customer service to help you.

Conclusion

Shwari loans may have come at the right time for many Kenyans. It will serve as an alternative to the old lenders like Tala, LendPlus,Branch and Zenka loan apps.