Factors to consider before you approach lender for loan

Bank notes

It is advisable for borrowers to first identify the best possible potential lenders based on their interest rates, requirements and fees and charges, before they open an account with the lender.

Photo credit: File | AFP

What you need to know:

  • Ensure that you understand the terms of the loan and how the interest rate is charged.
  • Also identify any hidden charges that the lender might not have told you about.

The majority of loans advanced by banks, Saccos and other financial institutions went to personal and household use, data from the Central Bank of Kenya’s Bank Supervision Annual Report 2020 shows.

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