Introducing Money254: Your Trusted Financial Partner

Have you ever taken an expensive loan, that you didn’t even need to sign up for in the first place? Spent tonnes of money on something you ended up regretting like, let’s say, buying a written-off car? Lost money on an insurance product that sounded like a good deal at the beginning? 

Been there, done that. 

We have all made financial mistakes we wish we could go back in time and undo. We’ve blindly made financial decisions without sufficient information. If only we had someone to hold our hands through the journey, our money would have worked for us. 

Sure, there are banks, insurance companies, and microfinance institutions. But these institutions, unfortunately, prioritize their products and will hardly tell you about the alternatives. Let’s be honest, nobody will tell you that their 40 percent-interest rate car loan will have you harassing your banker after hours within three months.

If you’re going to get the most out of your money, you need an impartial financial partner who doesn’t have any vested interests in your money. This is where Money254 comes in.

What is Money254?

Money254 is a platform focused on helping Kenyans make the most out of their money. It enables you to compare different products to find what best suits your financial needs. Through Money254, you will not only find better loans, savings accounts, and insurance products but also money tips that help you to make prudential financial decisions. 

According to the Money254 CEO, Lorcan O Cathain, the goal of the platform is to aggregate and review financial products from established financial institutions to help you compare products on the terms that matter most to you.

It is the financial partner you never knew you needed, until now. 

How Does Money254 Work?

Money254 offers a comparison of different financial products in different categories, including;

• Personal Loans
• Business Loans
• Auto Loans
• Savings Accounts
• Current Accounts
• Credit Cards

They’ll also add motor and health insurance products to the platform soon.

When using the Money254 platform, you’re simply asked a few basic questions to help you find the perfect financial product. For example, if you’re looking for a car loan, some of the questions you’ll be asked are:

i) The kind of vehicle you want auto financing for. The options available are motor vehicle, business machinery, and bodaboda financing  

ii) How do you plan to use the vehicle- private transport, PSV, or commercial purposes 

iii) Whether you intend to buy a locally used vehicle or import 

Once answered, it will give you car loan options from various auto financiers in Kenya. You can easily apply for some of the loans on the Money254 platform- for free.

Challenges of Getting a Car Loan in Kenya

When shopping around for a car loan in Kenya, it’s often difficult to get a platform that gives you complete information about car financing. Most platforms are either operated by the lenders themselves or affiliated with the lenders. These are aimed at pushing you to a particular loan product.

Without complete information on the type of cars a lender finances and the documentation required, there are higher chances of your car loan application being rejected. 

Jumping at the first car loan option you get is also a major financial mistake. While it’s important to compare the features, benefits, and interest rates from different car financiers, it’s difficult to get a platform that enables comparison.

Why Use Money254? 

There are thousands of car loan comparison tools online. So why should you use Money254? First, you need a platform that gives you financial analyses in the Kenyan context. Money254 gives you car financing solutions tailored to the Kenyan market. You won’t have to worry about converting another currency to Kenyan shillings.

The other benefits of using Money254 include:

1. Impartial Products Comparison and Financial Tips

Money254 is not a lender and does not provide financial products. It simply aggregates financial products from licensed financial institutions in Kenya to help you find a solution that suits your needs. The platform enables you to quickly find and compare verified financial products from trusted Kenyan financiers. It offers a simple and secure way to find the financing you need. 

Money254 does the hard work so you don’t have to. The best part about it? It’s impartial so it won’t be pushing a particular institution or product down your throat.

2. Free and Transparent Platform 

The Money254 platform is free and transparent. You don’t have to pay any fees or register an account to use it.

All the product information shown on the platform reflects the latest prices provided by institutions. None of the product prices are marked up. Additionally, you can find the terms and conditions for each product to verify all information received. 

3. Expert Tips for Informed Financial Decisions

Another benefit of using Money254 is that you get expert financial tips from a team of experienced professionals. Money254 publishes regular expert guides and blogs that are useful to every financial journey and can help you understand and grow your money.

4. All-In-One Financial Products Platform

Most financial product platforms only offer comparisons for a single type of financial product. You’ll have to find a platform for comparing personal loan products and another for business loans. There isn’t even a platform for comparing Kenya’s top credit cards. Now you don’t have to worry about switching tabs to find comparisons for different financial products.

Besides car financing, you can find all the major financial categories on Money254. Need a personal loan? They’ve got you covered. Did someone mention business loans? They have that too. Do you want to find the best savings account in Kenya? Say no more. What about current accounts? Yes!

In a nutshell, Money254 is your one-stop shop for all things financial!

Making Money Work for Kenyan Car Buyers

Most Kenyans buy cars through car financing. But many of them have limited car financing options to choose from and some even end up taking car loans from predatory lenders. Not anymore. Peach Cars will be partnering with Money254 to enable our clients to compare different car financing products and choose what works best for them. Watch this space! And as you wait, download the Money254 app.