Online Loans: Myths Debunked!
13th of November 2019 |By MOMBO |Views:

Online Loans: Myths Debunked!

Thanks to technology, obtaining a loan has become as easy as downloading an online application or logging in to a website. All you have to do is provide your details, share relevant documents and have the loan approved and transferred into your account in a matter of seconds

Read More: How To Get Same Day Cash Loans

However, as much as the online loan business is successful, there’s still negative press revolving around online lending, especially in Kenya.  Below are some of the myths that we have busted and debunked.

1. Online lending Businesses are ALL scams

One of the misconceptions many online lenders have is that ALL online loan lenders are scammers, and who can blame them, really. If you do a search for online loans you may well run across a few fraudsters. This, however, does not mean that all online lenders are out there to swindle your money. Do your due diligence before you commit to any online credit business.

Ask yourself questions such as how does the said business operate, do they have a physical address, get a professional review. Find out anything about the business to protect yourself from dishonest schemes.

2. Online Loans Require One To Have An Excellent Credit Score

A good credit score can get you a better rate, but people with lower credit scores are often eligible for a personal loan. If you’re turned down for a personal loan, it’s probably due to a large amount of outstanding debt, or a lack of income to cover the monthly payments.

3. Online Loans Trap a Person in Debt for a Long Time

Wrong! The truth is, many lenders offer flexible payment options that allow borrowers to repay the debt in ample time. You just need to organize yourself in order to pay loans in due time or

4. Customer support is lacking and/or unavailable.

We’ve all experienced the nightmare that is bad customer service, whether applying for an online loan or not. Well, for a percentage of businesses (not online lending businesses alone) this is true. But again, not all lenders lack customer services. In fact, some have an all day long agents who are ready to answer any questions you might have

This extends to most online applications having a social media/ website presence, where responsible parties respond to any relevant consumers questions asked. It all boils down to the research you have done.  For example, at Mombo customer support is one of the main key advantages of getting a loan with us.

Online loans do not have poorly managed customer support. If you need help with anything, you have the option of making direct calls and asking for help.


Now that you know the facts about personal loans, Mombo is ready to help you apply for one. Simply download the Mombo App from Google playstore or applestore. Follow the simple prompts, send the relevant documents, apply for the desired amount and get your loan in your phone or bank account.