How To Apply for a Loan on iPesa Loan App
iPesa is a mobile loan app designed to provide quick and convenient access to financial assistance for individuals in Kenya. If you’re facing an unexpected expense or need a short-term boost, iPesa loan app, with over 1 million downloads and a 4.5 out of 5 star rating, offers a streamlined solution to get the funds you need.
Benefits of Using iPesa
iPesa boasts several advantages that make it an attractive option for borrowers:
- Quick and Convenient Application Process: Applying for a loan through the iPesa loan app is easy. The entire process can be completed through your smartphone, eliminating the need for lengthy visits to traditional lenders.
- Flexible Repayment Terms: iPesa offers flexible repayment terms, allowing you to choose a loan term that aligns with your financial situation. The shortest loan term is 91 days, while the longest is 180 days. You can also choose between a one-time repayment or opt for convenient monthly installments.
- Competitive Interest Rates: iPesa offers interest rates ranging from 36% to 72% per loan with no processing fee charged.
- No Service Fees: Unlike some lenders who charge additional fees on top of interest, iPesa offers a transparent pricing structure with no hidden charges. You only pay the interest on the borrowed amount.
- High Credit Limits: As you build a positive repayment history with iPesa, you become eligible for progressively higher loan amounts. This can be helpful for future financial needs.
iPesa Loan Details
- iPesa offers loans ranging from Ksh 500 to Ksh 50,000.
- You can choose between a one-time repayment at the end of the loan term or opt for monthly installments spread over the loan period.
- The shortest tenor for an iPesa loan is 91 days, the longest is 180 days
- The interest rates for an iPesa loan is a minimum 36% to a maximum 72%
- iPesa charges no service fee for its loans.
- You need to be at least 18 years old or above to qualify for an iPesa loan.
Applying for a Loan with iPesa
1. Register with your M-Pesa number
2. Apply for the exact loan amount you need
3. Get approved and receive the money
4. Repay on time to get a credit limit of 50,000 Ksh
Read Also: The Top 10 Loan Apps With the Lowest Interest Rates in Kenya
How to Repay Your iPesa Loan
- Go to the M-Pesa menu on your phone and select “Lipa Na Mpesa”.
- Choose “Paybill” and enter the iPesa loan app paybill number (618755).
- Enter your M-Pesa number (the one you used to register with iPesa) as the account number.
- Input the exact loan amount you’re repaying.
- Enter your M-Pesa Pin and confirm the payment details before tapping “OK” to complete the repayment process.
If you are very late on your iPesa loan payments, the firm reports to the First Central Credit Bureau. Blacklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders.
Privacy and Security
iPesa takes data privacy seriously. They use the data on your phone, including your SMS history, to only verify your identity and assess your creditworthiness. They guarantee users that all data is encrypted and personal information is never shared with third parties.
