Skyfarely Loans In Kenya: Everything About It

New digital online lending platforms are coming up in Kenya almost everyday because of the rising appetite for quick loans among Kenyans. One such new digital online platform is Skyfarely Loan App, offering loans from KES 5,000 up to KES 100,000 with promises of low interest rates and longer repayment periods from 30 days.

How to Apply for a Skyfarely Loan:

The application process for Skyfarely loans appears straightforward:

1. Visit the Skyfarely website.
2. Create an account and a login password.
3. Log in to your newly created account.
4. Apply for your desired loan.

A Range of Loan Products:

Skyfarely positions itself as a versatile lender, claiming to offer various types of loans to cater to different needs, including:

• School fees loans: To help parents and students manage educational expenses.
• Car loans: Potentially for vehicle acquisition or financing.
• Salary advance: For those needing a quick boost before payday.
• Business loans: To support entrepreneurs and small businesses.
• Personal loans: For general financial needs.

Repayment of these loans is said to be conveniently managed through their online platform.

Is Skyfarely Loans Legit? A Crucial Question.

While the convenience and range of loan products offered by Skyfarely might seem appealing, a significant question arises regarding its legitimacy.

Based on available information and common red flags in the online lending space, we cannot definitively confirm the legitimacy of Skyfarely Loan App at this time.

A major concern is the reported practice of charging an upfront fee of KES 100. This is a RED FLAG often associated with fraudulent or predatory loan schemes. Legitimate lenders typically deduct processing fees or interest from the disbursed loan amount, rather than demanding an upfront payment before any funds are released.

My strong advice to Kenyans seeking online loans is to be extra careful when dealing with online lenders, especially those asking for upfront fees. Always conduct thorough due diligence before sharing personal information or making any payments.

Due Diligence Tips for Online Loans:

• Check for M-Pesa Paybill or Till Number: Legitimate loan apps usually have official M-Pesa paybill or till numbers for repayments and sometimes for disbursements.
• Look for Physical Presence/Registration: While not all digital lenders have physical offices, reputable ones are typically registered with relevant financial authorities in Kenya. Try to verify their registration status.
• Read Reviews, But Be Critical: While comments and reviews can be helpful, be aware that some online reviews can be fabricated. Look for consistent patterns of complaints, especially regarding upfront fees or non-disbursement of loans.
• Understand Terms and Conditions: Before applying, carefully read and understand the interest rates, repayment terms, and any hidden fees. If a lender is vague about these details, consider it a red flag.
• Beware of Unsolicited Offers: Be cautious of loan offers received via SMS, WhatsApp, or social media, especially if they promise quick loans without proper verification or credit checks.
• Never Pay Upfront Fees: This is perhaps the most critical warning. Reputable lenders do not ask for upfront fees to “process” or “guarantee” a loan.

Customer Support:

For those who wish to inquire directly, Skyfarely provides an email address for customer support:

• Email: info@skyfarely.co.ke

In conclusion, while Skyfarely Loan App presents itself as a new option for Kenyans seeking quick financial assistance, the reported upfront fee raises serious concerns about its legitimacy. Proceed with extreme caution and prioritize your financial security by adhering to best practices for online lending.