Timiza is a mobile banking app from Absa Bank that allows you to do your banking on your phone. Timiza has many features like sending money, paying bills, purchasing airtime, and even paying for insurance. This blog post will focus on Timiza as a Loan App to get an instant loan straight to your M-Pesa.
Timiza Loan App is an instant loan service to get up to KSh 1000 000 for any purpose in just a few minutes. To find out more about Timiza Loans, read the rest of this post.
Timiza loan app download
To get started with Timiza App:
- Download from Google Play Store or IOS App store.
- You can also register by accessing Timiza USSD Code *848#
- After downloading to your mobile phone, Register an account on Timiza App
No visiting Absa bank or filling unnecessary forms; you can start using Timiza services right there on your smartphone.
For you to use Timiza, you need to meet the following requirements:
- Be a registered Safaricom Subscriber.
- Be a registered Safaricom M-PESA customer.
- Have an active Safaricom M-Pesa line.
- Hold a Kenyan National Identification Document
So let’s see how you can get a Timiza loan from Timiza App in the following steps.
How to Apply for a loan on Timiza App
A loan from Timiza is not given out immediately after you register on the app. It would help if you used it for some time to qualify. In addition to that, you need to have used M-pesa for at least six months and have a good rating at CRB and Safaricom. Your phone should have been active for quite some time where you use other Safaricom services such as voice, data, and M-Pesa.
Here are steps to successfully apply for your first Timiza loan through Timiza App:
- Open Timiza App on your phone
- Select “My loans.”
- Select Request Loan
- Your loan limit will be displayed; you can enter a lower amount or this limit and Click on “Continue.”
- They will send the loan to your Timiza Account.
With the money in your account, you can withdraw to M-Pesa or pay bills and other services via the Timiza App.
How to pay Timiza’s loan
There are three ways you can use to pay the Timiza loan:
- Through the Timiza app
- Via Timiza Paybill
- or through Timiza shortcode *848#
Here is a breakdown of each method:
1. Repaying Through Timiza Paybill Number
1. Go to MPESA.
2. Select Lipa na MPESA.
3. Select Paybill Option.
4. Enter the Timiza Paybill number 300067 as the business number.
5. Next, enter your phone number as the account number.
6. Enter your Loan Payment Amount.
7. Key in your MPESA PIN.
8. Confirm the details are correct, then press OK.
2. Repaying Timiza Loan via shortcode
- On your phone, Dial *848#.
- Enter your Timiza PIN.
- Select Loan (Press number 3)
- Select Pay Loan
- Confirm the loan balance
- Choose Full Amount to clear your loan
- Choose either M-PESA or Timiza Account.
- Enter your Timiza PIN and press send.
- If you are paying from m-pesa, The Mpesa kit will pop.
- Enter your mpesa PIN and Press OK.
I don’t recommend this method as it is too complicated. Either use the first method or the following way to repay the Timiza loan.
How to Pay your loan using the Timiza app
- Go to the Timiza App on your phone
- Enter your PIN
- Choose my loans
- Select Repay Loan
- Choose either Full or Partial payment.
- You can pay through the Timiza Account or M-Pesa.
- Follow the prompts from here on, and you will be fine.
Timiza loan terms
- Timiza Loan attracts an interest rate of 1.083% charged once and a facilitation fee of 5% of the amount borrowed for 30 days.
- The maximum loan loans disbursed are up to KES 100000, with no collateral required as the Customer’s security defaults.
- The Timiza Loans are disbursed to the Customer’s Timiza account (not directly to M-Pesa). The Customer accesses funds by withdrawing from Timiza to M-Pesa.
Other Loan apps include: