LendPlus Loan App: How To Apply For A Quick Loan, Extend Your Loan, And Contact

Explore the LendPlus Loan App, its unique features, advantages, and disadvantages, and learn how to apply for loans and extend repayment periods easily.

Mar 23, 2023 - 13:13
LendPlus Loan App: How To Apply For A Quick Loan, Extend Your Loan, And Contact
LendPlus Loan App: How To Apply For A Quick Loan, Extend Your Loan, And Contact

Do you need a quick financial solution for an emergency expense or a pressing matter? The LendPlus Loan App is here to help. This user-friendly mobile loan application is designed to provide you with fast and convenient access to relatively high loan amounts, making it an ideal choice for many Kenyans. In this article, we will dive deep into the world of LendPlus, discussing its features, advantages, disadvantages, and how you can apply for loans and extend repayment periods. Let's get started!

What is the LendPlus Loan App?

LendPlus is a mobile loan application that enables you to apply for loans quickly and conveniently. It has been designed to provide users with relatively high loan amounts quickly, making it an ideal solution for those needing emergency funds. With its easy-to-navigate interface and fast approval times, LendPlus has become a popular choice for many people in Kenya.

How Does LendPlus Loan App Work?

To apply for a loan with LendPlus, visit their website or download the app from Google PlayStore. You must provide personal information and your mobile phone number during the application process, which is straightforward. Once your loan is approved, you will receive the funds in your account within minutes or a few hours. You can also track your loan application status via SMS or email notifications.

Advantages of Using the LendPlus Loan App

LendPlus offers numerous benefits to its users, some of which include the following:

  • Interest-free loans on your first loan if repaid within five days
  • Repayment flexibility with various options to choose from
  • Ability to extend the loan period beyond its initial duration if necessary
  • High initial loan amounts
  • Quick approval and turnaround times

These advantages make LendPlus an attractive option for those needing quick cash solutions.

Disadvantages of Using the LendPlus Loan App

Despite its many benefits, LendPlus has a few downsides to consider:

  • High-interest rates of 2% per day

  • No early repayment discounts or waivers

  • Lack of 24/7 customer support

These drawbacks should be weighed carefully before taking a loan with LendPlus.

Applying for a LendPlus Loan

To apply for a loan with LendPlus, follow these steps:

  • Download the LendPlus Loan App from the Google PlayStore or visit their website

  • Register and provide the necessary personal information

  • Verify your identity by submitting the required documents

  • Choose the loan amount and repayment period

  • Submit your application and wait for approval

  • Once approved, the funds will be deposited into your account quickly.

Extending Loan Repayment Periods with LendPlus

One unique feature of the LendPlus Loan App is the ability to extend your repayment period. If you cannot repay your loan by the due date, you can request an extension without penalties as long as you do so before the loan defaults.

To request a loan extension, follow these steps:

  • Log in to the LendPlus Loan App or website

  • Navigate to the "My Loans" section

  • Select the loan you wish to extend

  • Click on the "Extend Loan" option

  • Choose the new repayment period

  • Confirm your request and wait for approval

Remember that extending your loan repayment period will result in additional interest charges, so it's essential to consider your financial situation before opting for an extension.

Frequently Asked Questions

Q: How much can I borrow from LendPlus Loan App?

A: LendPlus offers loans ranging from KES 1,000 to KES 50,000. However, the actual loan amount you qualify for may depend on various factors, such as your credit score and repayment history.

Q: What is the repayment period for LendPlus loans?

A: LendPlus offers loan repayment periods between 7 and 30 days, depending on the loan amount and your financial situation. Extensions can also be requested if necessary.

Q: How long does it take for my loan application to be approved?

A: LendPlus aims to provide fast loan approvals, often within minutes or a few hours. However, approval times may vary depending on the borrower's circumstances and the loan amount.

Q: Can I apply for a loan with a poor credit score?

A: LendPlus evaluates each loan application on a case-by-case basis. While a poor credit score may negatively impact your chances of approval, it doesn't necessarily disqualify you from getting a loan. LendPlus considers various factors, such as your income and repayment history, when assessing loan applications.

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The LendPlus Loan App is a user-friendly and convenient way to access quick loans in Kenya. With relatively high loan amounts and flexible repayment options, it's an ideal solution for those in need of emergency funds. However, the high-interest rates and lack of early repayment discounts should be considered before committing to a loan with LendPlus. By carefully weighing the advantages and disadvantages, you can decide whether the LendPlus Loan App is the right choice for your financial needs.

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Joseph Richard Joseph is a graduate of Mathematics and Computer Science (Applied Option). With expertise in Technology and Finance, he brings his knowledge to the field, demonstrating an authoritative understanding of these interrelated areas. Joseph is pursuing a Master's in Software Engineering, further expanding his skill set.