If you’re in need of quick and convenient access to credit in Kenya, the iPesa loan app might be the solution you’re looking for. This mobile-based platform allows individuals to borrow money in as little as 10 minutes after applying, with flexible repayment options and the possibility of increasing your loan limit based on your repayment history.
In this blog, we’ll take an in-depth look at the iPesa loan app, including how it works, the loan limits and fees, and the eligibility criteria. Whether you’re looking to cover unexpected expenses or simply need a little extra financial support, keep reading to find out whether the iPesa loan app could be the right choice for you among the many mobile loan apps in Kenya.
What is iPesa?
The iPesa loan app is a mobile-based platform that allows individuals to access quick and convenient loans in Kenya. According to their website, the app aims to provide financial inclusion to underserved populations and help users manage their financial needs more effectively.
One of the standout features of the iPesa loan app is the speed at which users can access loans. According to the website, loan disbursements can be made in as little as 10 minutes after application. This is a significant advantage for individuals who may be in urgent need of financial assistance.
The loan application process is also straightforward and easy to complete. Users simply need to download the app, register, and provide their personal and financial information. The app utilizes a risk assessment algorithm to determine loan eligibility and the amount of credit a user can borrow.
In terms of loan repayment, the iPesa loan app offers flexible repayment options. Users can choose to repay their loans in daily, weekly, or monthly installments, depending on their preferences and financial situation. The app also allows users to make partial or full repayments before the loan’s due date, which can help reduce the overall borrowing cost.
One of the key benefits of the iPesa loan app is that it provides access to credit for individuals who may not qualify for traditional bank loans. This includes individuals with low credit scores or those who do not have a bank account.
iPesa loan limit
The loan limit for iPesa varies depending on a number of factors, including the borrower’s credit score, repayment history, and the cost of lending for the company.
According to iPesa, users can borrow from KES 500 up to KES 50,000 in a single loan, with the possibility of increasing the limit based on their repayment history. It’s worth noting that the loan repayment period is 14 days.
It’s worth noting that the loan limit is also subject to change at any time, so it’s important for borrowers to check the current limit before applying for a loan.
iPesa Interest rates and other charges
iPesa charges an interest rate of 2% daily and an origination fee of 12% for a term of 180 days, determined by factors such as the borrower’s repayment history and the cost of lending.
In addition to the interest rate, borrowers are also required to cover any mobile money transaction fees associated with repaying the loan, such as bank charges. It’s worth noting that standard SMS and data charges by the borrower’s mobile carrier may also apply.
iPesa loan Eligibility Criteria
To be eligible and receive a loan from iPesa, all you need is your phone number and the ability to answer a few questions. iPesa may also request access to the data on your phone to determine your eligibility.
The company uses a combination of data from your phone and your repayment history to build an individualized credit score, which determines the loan offers you receive.
If you are rejected for a loan, don’t worry. It may take several attempts to qualify, so they encourage you to continue saving data on your phone and to reapply after the designated period.
To increase your approval chances, save data on your phone, maintain good credit with other lenders, and input your account details correctly.
Conclusion
Overall, the iPesa loan app seems to be a valuable tool for individuals in need of quick and convenient access to credit. The app’s fast loan disbursement, the easy application process, and flexible repayment options make it appealing for financial assistance.
Also Read: LendPlus Loan App: What You Should Know