Haraka Loan App: Is this the Best Loan App Finder?

Traditionally, you expect the term ‘loan app’ to be associated with a mobile lender. Well, that’s not the Haraka loan app. This mobile app doesn’t directly lend you money. No! It doesn’t! It, however, offers access to reputable lenders who can lend to you.

So, Haraka is a loan app finder and not a mobile lender, and that’s where people get it wrong and become frustrated with it after downloading it on their devices.

The question, however, is, is this the best loan app finder? We’ll look at how the app works, the advantages of using it as a loan app finder, and its downsides.

I’ll also share essential details about how much you can borrow on the Haraka platform, the terms of eligibility, and app download.  

Let’s get started. But if you are in haste, find below an overview of the Haraka loan app.

Download Google Play
Lowest Limit Ksh 1,500
Highest LimitKsh 100,000
Processing FeeUp to 5% per principal amount
Loan Tenure61 days
Age Limit 18 – 60 years

How Haraka Loan Works

Haraka is a product of South African giant online lender Getsbuck. Haraka is not just in Kenya but also in South Africa, Swaziland, Uganda, and Zimbabwe.

The loan app doesn’t lend money to you directly. Instead, it allows you to access several lenders, depending on your eligibility. They have a screening formula for determining if you are eligible for a loan, which usually involves accessing your phone data and reading transaction messages.

So, Haraka doesn’t just dish out mobile lenders to you. No! They have to be sure that you are eligible for the loan first, depending on your financial and sometimes non-financial behaviors.

So, even though Haraka claims that you don’t have to have a credit history or bank account, such information can help you access the best lender in Kenya.

Eligibility Requirements

Before Haraka can dig out mobile lenders for you, they must assess your eligibility using your phone SMS and contact information. But other than that, they expect you to meet these basic requirements: 

  • Be 18 – 60 years
  • Own an internet-powered android smartphone
  • Possess a registered Safaricom number
  • Have an active MPESA account (at least six months active)
  • Have a Kenyan ID

How to Download Haraka Loan App

The Haraka application is available for download on Google Play. You can head to Google Play today and search for Haraka loans or click the above link.

App Registration

After successfully installing the Haraka mobile app on your device, you can sign up for an account using these steps:

  • Launch the app on your phone and choose to create an account using your Facebook account
  • Allow Haraka access to your SMS, contact list, photos, camera, location, phone I.D., and physical address
  • Fill out the Haraka loan app application form with personal information such as names (as they appear on the I.D.), I.D. number, valid email address, and registered M PESA number (the wallet number)
  • Now select your date of birth

After filling out the loan application form, you can apply the loan amount you qualify for, depending on the lender that Haraka suggests.     

How to Apply Haraka Loan

Here’s how to apply for a loan with the Haraka loan app:

  • Open the Haraka loan app on your phone
  • Wait for the app to display the amount you qualify for, depending on the available lender
  • Press apply now
  • Follow the proceeding steps, depending on the lender’s preference
  • Wait for disbursement to your MPESA account, which takes a few minutes

Haraka Loan Limit, Interest, and Processing Fee

Since Haraka doesn’t lend money to you directly, it’s not easy to establish a definite loan limit. However, from what they mention on the app, you can get Ksh 1,500 –  Ksh 100,000, depending on the lender and your eligibility.

So, the rates are pretty decent, given that most mobile loans only average Ksh 500 for beginners.

Sadly, Haraka doesn’t mention the interests as they vary among lenders. Some customers, however, claim that the interest rate is about 23%.

They, however, mention the processing fee, which could amount to 5% of your principal amount, again depending on the lender.

How to Increase Your Haraka Loan Limit?

Since the Haraka loan app offers access to lenders who can lend you Ksh 1,500 – Ksh 100,000, hacking your way into a higher limit is possible.

Here’s what you can try:

  1. Transact frequently with MPESA – Since Haraka reads your phone SMSs, transacting regularly with MPESA gives you a positive track. Consider using MPESA services like Lipa na MPESA, buy credit, and send money to boost your financial history.  
  2. Keep your MPESA messages – It’s not just about transacting with MPESA but also keeping the evidence. By not deleting your MPESA SMSs, you allow Haraka to access them when you want to get a loan, which boosts your chances of getting a higher credit limit.
  3. Borrow regularly – Haraka rewards loyalty, and the more you borrow through the platform, the more they’ll want you to stick with them. One way to lure you is by offering you higher credit limits.
  4. Pay up on time – While borrowing regularly builds loyalty, the same goes for paying up on time. The more you keep the deadlines, the more you will likely enjoy access to higher loan limits.
  5. Maintain a good credit score – The last thing you would want as a borrower in Kenya is a spot on Kenya’s credit Sherriff, CRB. So, keep away from CRB, and that will preserve your credit image and even improve your chances of getting better loans from Haraka and other lenders.

How to Pay Haraka Loan

The best thing I like about the Haraka loan is that they send you a reminder stating your loan amount, the due date, and the pay bill number to use when paying back your loan. 

Here’s how to repay your Haraka loan:

  • Open the MPESA menu on your phone
  • Choose Lipa na MPESA
  • Go to ‘pay bill  and enter the pay bill number you received via the payment reminder SMS
  • Enter your Safaricom number/wallet number as the account number
  • Input the amount due and then your PIN
  • Confirm all details before pressing OK to complete the payment

After paying, you’ll receive a payment confirmation message. You can also check on your Haraka account for confirmation. But if the payment doesn’t reflect on your account and you don’t receive the confirmation message, contact Haraka’s customer care right away.

Now, is the Haraka Loan App the Best Loan App Finder?

While Haraka is not your typical mobile lender, its market approach of offering access to reputable mobile lenders makes them different.

And while the adjective ‘best’ is preferential, here are the reasons you may want to use the loan app finder:

  1. Access to reputable mobile lenders – You don’t have to do the hard work of finding the best loan apps in Kenya, as Haraka does that for you. It offers you access to reputable mobile lenders who can lend you money, depending on eligibility.
  2. No registration – Haraka is one of the fewest loan apps in Kenya without a registration fee. They only charge you a processing fee, but you don’t pay for registration.
  3. No paperwork required – Everything about Haraka loans is digitalized, from the signup to the loan application and payment.
  4. Speed and convenience – from the signup to the loan application, the whole process is fast. Besides, you can do everything from the confines of your home. That’s convenience!
  5. Fast disbursement – Once your loan application goes through, Haraka facilitates a faster issuance to your phone. It often takes minutes to have the money in your MPESA wallet.
  6. Higher limits – Yes, Haraka doesn’t loan you the money. Yet, they offer you access to lenders who can lend you Ksh 1,500 – Ksh 100,000, which is impressive by Kenyan mobile lenders’ standards.

The Concerns

Here are the issues that frustrate most customers about the Haraka mobile loan app:

  1. High charges – Haraka charges a service fee of up to 5%, which means you won’t receive the exact amount you borrowed. Instead, it’ll be 5% less, but that’s not the only cost. There is also the interest, which Haraka doesn’t disclose, but some customers suggest it may rise to 23%. That’s a lot in my view!
  2. Collection of personal information – Though Haraka promises to keep your information private, you just cannot tell when they’ll use it. We’ve heard mobile lenders calling family members, friends, and bosses to accuse you of not paying up or listing the said person as a guarantor. That’s quite a shame!
  3. Haraka is not a mobile lender – It’s worth clarifying that Haraka doesn’t lend you the money. It’s not a mobile lender but only a loan app finder. It allows you to find mobile lenders who can lend you the money.

Haraka Loan App Contacts

You can reach the Haraka customer care support team using the contacts below:

  • P.O Box Number: 4576-00100
  • Physical office: Jogoo Road (Donnie Building)

People Also Ask

1. How Can I Get a Haraka Loan?

If you want a loan with Haraka, first download the app from Google Play, install it on your phone, and sign up with your Facebook account. After that, apply for the loan and wait for the disbursement to your MPESA.

2. Where Can I Download the Haraka Loan App?

You can download the Haraka loan app on Google Play. The app is available to those using an android smartphone.

3. How Long Does Disbursement to MPESA Take?

Haraka disburses your loan to your MPESA account faster. However, just like any other app, you need to wait for a few minutes for the disbursement. So, patience is of the essence.

4. Are Personal Details Secure with the Haraka Loan App?

All the information you provide while registering and applying for a Haraka loan is safe and encrypted. That’s what the app promise.

However, if you fail to pay your loan on time after the constant reminders, Haraka can send your information to the Credit Reference Bureau (CRB) for blacklisting.

Closing Remarks!

Now you know what the Haraka loan app is all about and what to expect from it. Since it’s only a loan app finder, don’t expect the allocation to lend you the money directly but to offer you access to potential lenders. After all, the app does all the hard work on your behalf – it makes access to mobile lenders more seamless.