mKey app has features that make it unique from other loan apps in Kenya, among them its in-built keyboard.
It is also interactive in such a way that it permits users to chat with their friends, read the news, do shopping, pay bills, save money and even apply for loans.
Besides that, mKey app permits transactions through various banks and mobile networks across the country.
The minimum loan amount one can apply for is Ksh. 300 with the maximum being Ksh. 1 million. One thing I like about mKey app is that their interest rates range between 1% to 9%, unlike other loan apps in Kenya such as Tala, whose theirs is above 11%.
To qualify for mKey loan and also increase loan limit, one needs to amplify their app usage. Eg: pay bills, send money to your loved ones or colleagues, buy goods and conducting enormous transactions of up to Ksh. 999,999.
How to Apply For mKey Loan
1. Go to Google play store and search for mKey app.
2. Install the app on your smartphone.
3. Create an account by registering as a new user. During this process, you need to have an active Facebook account or Google account.
4. Fill in the details below:
- Full Names
- ID Number or Passport Number
- Date of Birth
- Email Address
- Phone Number
5. Submit the above details and accept their “Terms of Service”.
6. You will be taken to another page, where you will be asked to either sign up with Google or Facebook.
7. If you choose to sign up with Google, you will be ask to choose an account.
8. To continue select your phone number.
9. Activate your mKey keyboard and your account will be activated.
10. Go to “My Loans” and apply for loan amount within your limit.
11. If the application becomes successful, the money will be sent to you in less than two minutes.
How to Pay mKey Loan Via M-Pesa
1. Go to M-Pesa menu on your phone.
2. Choose Lipa na M-pesa.
3. Select paybill.
4. On the business number section, enter Mkey paybill number 778588.
5. On the account number section, enter your Mkey mobile number.
6. Fill in the loan amount due.
7. Enter your M-pesa PIN and submit the information.