6 Ways a Quick Online Loan Can Help In Emergency Situations in Kenya
- April 14, 2021
Financial hardships, like losing a job, medical emergencies, bills, bereavement-related expenses and other living costs can occur at the worst time and when you least afford them. Securing a quick online loan in Kenya for such unplanned expenses can help get you back on your feet.
If you are like many middle-class Kenyans, you are likely to plan for different expenses in your life; from how you’ll pay your children’s school fees to how you’ll pay for a car or a home and so on. You also might have some little money set aside for miscellaneous. However, when emergencies or unplanned situations that require a considerable amount of money up front hits, you may find yourself in a monetary crisis.
While the saving fund could cushion part of the emergency costs, you might still need some money to offset the outstanding balance. In such cases, getting a quick online loan in Kenya to stem the tide will relieve you the stress. Personal loans provide incredible payment periods and interest rates, which makes them the most convenient and affordable way to borrow.
Unlike bank credits, online personal loans are easy to apply, and not as involving. They avail forms that only include essential details to gauge your compliance and suitability. If you pass the checks, your loan approval process could happen in minutes. Here are 6 ways a quick online loan in Kenya can help in emergency situations:
Car Repairs :
Car repairs occur to everyone. You’re going about your daily routine, spending within your financial limits, and viola, an emergency repair strikes – hard. According to consumer reports, repair charges amounts to 4% of the annual cost that owners pay to get the vehicle. It doesn’t matter if you’re riding an inexpensive car, you still could be looking at tens of thousands shillings per year in repair and maintenance cost. Some common emergencies that might get you flat footed are replacing the spark plugs, dead battery, fixing brakes, which can quickly increase beyond your budget.
Medical emergencies :
When sudden illness or injury happens, and you don’t have cash on hand, a quick online loan can suffice the situation. Yes, you might have insurance and all, but it may not cover your medical needs. Dental procedures, infertility treatment, hair loss restoration and replacement and weight loss surgeries might not feature in the insurance list, meaning you’ll have to deep into your pocket. Besides, some insurance only covers a certain percentage of the entire medical cost. A simple loan can help you take care of the rest.
House and office rent payments :
Financial struggles like the emergency medical bill, car repairs, and job loss can eat into your rent. Unfortunately, most Kenyan landlords wouldn’t want to hear about it, and you risk being slapped with an eviction notice. Although you’re in a tight spot, you still need to figure out how you’ll pay rent, on time. This is where quick online loans for rent come in. You can browse online for reputable and legitimate online lenders committed to offering people with emergency loans at low rates.
Starting a side business :
With bills skyrocketing by the day, you need a side hustle to keep you afloat. The money you get from your job can’t be enough to take care of all your expenses, let alone invest in a business. This is why many working class folks are opting for a second income stream. The only problem then becomes getting the initial capital. If you find yourself in such a situation, a personal loan could be the answer you’re looking for.
Create an emergency fund :
In situations where a quick online loan in Kenya is the only thing standing between you and bankruptcy, then it makes total sense to ask for money. Rather than waiting until an emergency arises, consider taking a loan that provides you with enough repayment periods while you establish your savings. For better deals, it’s advisable that you do your due diligence up front, instead of trying to do so when you’re pressed for time.
Utility bills :
When you’re having financial issues, you might find it hard to pay your electricity and water bills. These bills quickly add up. Failure to pay might mean a disconnection, and once you are disconnected, you’ll have to incur additional reconnection costs. Getting a quick online loan in Kenya can help you avoid those circ*mstances.
Join Kenya's Best Sacco
Download the Mombo app and follow the simple steps to register in minutes.
OurPrivacy Noticesets out how the personal data collectedfrom you will be processed by us.
