Loan Apps That Also Act As Savings Accounts
Loan apps are typically designed as sources of digital credit that have proved to be more popular than conventional channels of banks and Saccos.
However, apart from the credit function, there are other in-app features that users can use in their day to day. Such features include buying airtime, facilitation of payments etc
Other features aim at instilling financial management such as saving.
Saving is a financial discipline that can be termed as a gateway to financial freedom and is always emphasized to anyone with an income.
Below, we look at some of the loans apps that can also act as savings accounts.
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Saida loan app is a product of GreenShoe Capital that offers a maximum loan limit of Ksh25,000 repayable within 30 days.
Besides disbursing loans, the Saida loan app also has several other features like buying airtime, sending money, Lipa na MPesa as well as a savings function.
To start saving, first you need to download the Saida loan app from the Google Playstore.
During registration, you will be directed to a screen that requires you to select the reason for using the app and upon finalization of the process, you will be directed to app’s homepage.
Click on the Savings tab to access the savings menu that offers 3-options to Add Money, Withdraw or Save To Goal.
To make a deposit to your savings account, click on Add Money tab to transfer the funds from either Saida spending account or via M-Pesa.
Timiza loan is offered by ABSA bank in they provide a maximum loan limit of Ksh100,000 to be repaid after 30 days.
The Timiza loan app also has additional features for sending money, buying airtime, paybill options, insurance, booking a cab and also savings function.
To access the savings feature, download the Timiza loan app from Google playstore.
In the app’s homepage, click on the My savings tab to access the savings menu offering 3-options to Deposit, Withdraw or Create a Savings Goal.
NCBA loop loan app is provided by NCBA bank. Users of the app can get a loan of Ksh3M repayable within 3 years.
To begin saving, download the NCBA loop loan app from the Google Playstore.
Once inside the app’s homepage, click on the Growth tab located at the bottom right of the app.
This will direct you to the internal menu whereby there are 2-options to choose from i.e
Invest: Funds saved via this option will generate returns/interest.
Loop Goals: Create a target amount and begin depositing funds to achieve the target amount
Besides the above, there are other loan platforms that are not necessarily downloadable apps but also provide the savings feature.
M-Shwari loan product provided by Safaricom Ltd, offers loans starting from Ksh2,000 repayable within 30 days from disbursement date.
Users can save through the M-Shwari savings account that can be accessed via 2-options:
- USSD Code: Dial *334# from Safaricom line, choose option 4: Loans and Savings followed by Option 1: M-Shwari
- SIM Toolkit : Go to SIM Toolkit menu, click on M-Pesa then Loans and Savings followed by M-Shwari then finally Lock Savings Account.
- mySafaricom App : Download the mySafaricom app from the Google Playstore and click on M-Pesa , Loans and Savings, Mshwari, Lock Savings Account.
KCB-MPesa is a product resulting through a partnership between Safaricom and KCB bank.
The loan product offers loans ranging from as little as Ksh50 to a maximum of Ksh1M repayable within a period of 30 days.
To use the savings option, navigate via the below:
- USSD Code: Dial *334# from Safaricom line, choose option 4: Loans and Savings followed by Option 2: KCB M-Pesa
- SIM Toolkit: Go to SIM Toolkit menu, click on M-Pesa then Loans and Savings followed by KCB M-Pesa then finally Fixed Savings Account.
- mySafaricom App: Click on M-Pesa , Loans and Savings, KCB M-Pesa, Lock Savings Account.