In Kenya, access to financial resources plays a vital role in helping individuals grow their businesses, address urgent expenses, or meet their everyday needs.
TruePesa Loan App is a revolutionary mobile application designed to provide instant loans to Kenyan citizens who require immediate financial assistance.
Whether it’s for business expansion, shopping, or unexpected emergencies, TruePesa offers a seamless borrowing experience for individuals in need.
This article will explore the features, eligibility criteria, and application process of TruePesa Loan App.
Contents
TruePesa Loan App – Instant Loans for All
TruePesa Loan App aims to simplify the borrowing process by offering quick and accessible loans to Kenyan citizens. Regardless of the purpose, TruePesa provides financial support to anyone in need.
Whether you’re a budding entrepreneur looking to fund your startup or an individual facing unforeseen expenses, TruePesa is here to assist you.
To be eligible for a loan through TruePesa Loan App, you need to meet the following criteria:
- Kenyan Citizenship: TruePesa extends its services exclusively to Kenyan citizens, ensuring that the loans benefit the local community and economy.
- Age Requirement: Applicants must be between 18 and 65 years old, ensuring that a wide range of individuals can access financial assistance through the platform.
- Regular Source of Income: To ensure responsible lending, TruePesa requires applicants to have a regular source of income. This helps in assessing the borrower’s ability to repay the loan within the specified terms.
Product Features
TruePesa Loan App provides a range of features to cater to different borrowing needs. Here are the key aspects of the loan product:
Loan Amount: TruePesa offers loans ranging from Kes2,000 to Kes80,000. This flexibility allows borrowers to select an amount that aligns with their specific financial requirements.
Loan Tenure: Borrowers can choose a loan tenure between 91 days and 365 days, providing the freedom to repay the loan according to their financial situation and preferences.
Annual Percentage Rate (APR): The APR for TruePesa loans ranges from 12% to 25%. This competitive rate ensures that borrowers can access funds at a reasonable cost, making it an attractive option for individuals seeking financial assistance.
Service Fee: TruePesa charges a service fee that ranges from 2% to 8% of the loan amount. The service fee covers administrative costs and ensures the smooth functioning of the loan process.
Loan Example
Let’s consider an example to understand how the loan calculation works. Suppose you apply for a loan amount of Kes5,000 with an APR of 14% and a tenure of 180 days. The service fee applicable in this case is 5%.
- Interest Calculation:
- Interest = Kes5,000 * 14% / 365 * 180 = Kes345
- Service Fee Calculation:
- Service fee = Kes5,000 * 5% = Kes250
Based on the example above, you would receive Kes5,000 in your account. However, you would be required to repay Kes5,595 (Kes5,000 + Kes345 + Kes250) at the end of the loan tenure.
Application Process
Applying for a loan through TruePesa Loan App is a straightforward and hassle-free process. Here are the steps involved:
Step 1: Sign up: Download the TruePesa Loan App from the official app store and create an account by providing the necessary details. Ensure that you read and understand the terms and conditions before proceeding.
Step 2: Fill in Basic Details: Once you’ve created an account, fill in the required basic details. This information helps TruePesa assess your eligibility and determine the loan amount you qualify for.
Step 3: Apply for a Loan: After completing the basic details, you can proceed to apply for a loan. Enter the desired loan amount and tenure based on your financial needs and repayment capacity.
Step 4: Wait for Approval: Once you’ve submitted your loan application, TruePesa will review your details and assess your eligibility. If approved, the loan amount will be disbursed to your registered bank account or mobile money wallet.
Contact TruePesa Loan App
If you have any questions or require assistance regarding the TruePesa Loan App, you can reach out to their customer support team using the following contact details:
- Email: support@truepesa.co
- WhatsApp: 254719276399
- Address: Juju Road, Business Tower, Office 4, Ground Floor, Nairobi, Kenya
TruePesa Loan App is committed to providing reliable and accessible financial solutions to Kenyan citizens.
With its easy-to-use interface, competitive interest rates, and flexible loan options, TruePesa empowers individuals to meet their financial goals and overcome temporary setbacks.
Whether you’re a business owner or an individual in need, TruePesa is your trusted partner in times of financial need.
Download the TruePesa Loan App today and experience the convenience of instant loans at your fingertips!