The Biva loan app promises to provide a range of mobile loans to Kenyans, from personal to emergency loans. However, questions about its legitimacy have arisen among potential borrowers. This article delves into the Biva loan app, examining its features, application process, and the overall user experience to determine its credibility.
Overview of Biva Loans: Biva offers various loan types including personal, business, car, rent, school fees, and emergency loans. The loan limits vary by type:
- Personal loans: Up to KES 10,000
- Business loans: Up to KES 100,000
- Car loans: Up to KES 80,000
- Emergency loans: Up to KES 40,000
- Rent loans: Up to KES 30,000
- School fees loans: Up to KES 50,000
The interest rate offered by Biva is a maximum of 36% APR, which is relatively standard in the Kenyan digital loan market.
Biva Loan Requirements: To qualify for a Biva loan, applicants must:
- Be a Kenyan citizen aged between 18 and 60 years.
- Have a source of income.
Application Process: To apply for a loan:
- Download the Biva loan app from the Google Play Store.
- Log in to confirm your loan limit.
- Choose your desired loan amount within the provided limit.
- Submit your application and wait for approval, which typically takes a few minutes.
- If approved, funds are deposited into your M-Pesa account.
Concerns and Cautions:
- Fees for Loans: There are reports from users about being asked to pay fees before receiving loans. This practice is generally viewed as a red flag, as legitimate loan apps do not typically charge fees prior to loan disbursement.
- App Ratings: The Biva loan app has a low rating of 1.4 out of 5 stars on the Google Play Store, with numerous complaints about its operations and the requirement for upfront fees.
- Availability: The app is currently only available for Android users. There is no iOS version available, limiting accessibility for iPhone users.
Payment of Loans:
- Loans must be repaid within a period ranging from 91 days to 365 days through M-Pesa Xpress within the app.
- Late payments are discouraged as they can negatively impact your credit score and future loan approvals.
Is Biva Loan App Legit? Given the concerns about upfront fees and the overwhelmingly negative reviews, potential borrowers should exercise caution. The practice of requesting fees for loan processing is unorthodox and can be indicative of fraudulent operations.
Conclusion: While the Biva loan app purports to offer a broad range of financial solutions to Kenyan citizens, the reported requirement for upfront fees and low user ratings suggest potential risks. Prospective users should approach with caution and consider other more reputable financial services.
Potential borrowers are encouraged to research thoroughly and consider established and transparent lending options. Additionally, always read user reviews and check for regulatory compliance before committing to any digital loan platform.
Explore the features, application process, and user reviews of the Biva loan app to determine if it is a legitimate lending service for Kenyans seeking mobile loans.
