How to Easily get Funds with the Timiza Loan

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The Timiza Loan app has quickly become one of Kenya’s most popular loan applications, getting over 1,000,000 downloads since its introduction in 2021. One reason for its popularity is its easy compatibility, as the Timiza loan app efficiently operates on Android devices running version 6.0 and above.

The Timiza loan app offers instant access to loans, fund transfers, bill payments, and insurance purchases. Timiza offers loan amounts with a limit of KSh 50 to KSh 1,000,000, and a borrower’s credit score will mainly depend on their repayment history.

With the Timiza Goal Savings Account, users can enjoy a competitive annual interest rate of 9%, credited monthly to your wallet or account. Additionally, registered users can save and earn returns through the Zidisha savings account.

Requirements for Opening a Timiza Account

To open a Timiza account, you need to meet the following criteria:

Be a registered Safaricom subscriber.
Have an active Safaricom M-PESA account.
Hold a Kenyan National Identification Document (ID). Note that Kenyan passports are not accepted.

Eligibility Criteria for Timiza Loans

To qualify for a Timiza loan, you must:

Be an M-PESA subscriber for at least 6 months.
Actively use additional Safaricom services, including voice, data, and M-PESA.
Maintain a positive rating from the Credit Reference Bureau (CRB) and be in good standing with Safaricom’s Okoa Jahazi service.

Key Features of Timiza Loans

A Timiza loan costs an interest charge of 1.083% and a facilitation fee of 5% on the borrowed amount for a 30-day term.
The loan amount is credited to your Timiza account rather than M-PESA directly. You can then transfer the funds to M-PESA. Note that a withdrawal from your Timiza wallet to M-PESA incurs a charge of KSh 32. Additionally, your M-PESA account must be the one registered with your Timiza account.

How to Apply for Your First Timiza Loan

Launch the Timiza Loan app on your device.
Enter your PIN to log in.
Your loan limit will appear on the home screen.
Tap “My Loans.”
Select “Request Loan.”
Enter the desired loan amount.
Click “Continue.”
Timiza will assess your loan application.
Await a confirmation message indicating your loan qualification.

Note: If you qualify, your loan limit will be displayed upon logging into your Timiza account for immediate borrowing.

How to Apply for Timiza Loan via USSD

Dial *848# on your mobile phone and ensure you’re registered for a Timiza account.
Enter your Timiza PIN.
Select option 4: “Loan.”
Choose option 1: “Request Loan.”
Select option 1: “Get Cash.”
Enter the amount you wish to borrow.
Confirm the loan amount.
Timiza will send a confirmation SMS.

Note: Ensure you have sufficient airtime to use this service.

Read: The Top 10 Loan Apps in Kenya

How to Increase Your Timiza Loan Limit

Engage more actively with your Timiza account by utilizing various services such as depositing cash, purchasing airtime, paying bills, or subscribing to insurance.
Open and grow your savings through the Zidisha savings account on Timiza.
Increase your usage of M-PESA services.

How to Repay Your Timiza Loan

On your M-PESA menu, select “Lipa na M-PESA.”
Choose “Paybill.”
Enter 300067 as the business number.
Use your Timiza registered phone number as the account number.
Specify the repayment amount.
Input your M-PESA PIN.
Alternatively, dial *848#, enter your Timiza PIN, select the “Loan” option, and choose “Pay Loan.”

Note: Failure to fully repay the Timiza loan within the agreed timeframe will result in a roll-over fee of 5% on the outstanding balance. The repayment period will also be extended by an additional 30 days, and your Timiza account may be terminated if the loan remains unpaid beyond the agreed period.