In today’s fast-paced world, we are always on the move, and managing finances can be challenging. Thanks to mobile lending apps, managing finances has become more accessible and convenient.
Bayes, a micro-finance mobile loan lending application, offers a range of functionalities designed to make your life easy and take care of all your mobile transactions.
Bayes is operated by Pi Capital Ltd and is available on Google Play Store. The app offers a seamless user experience, making it easy for users to access various financial services such as loans, payments, and savings.
In this article, we will dive into the features and benefits of Bayes, how to qualify for a loan, and other important details about the app.
Contents
Features and Benefits
Bayes offers a range of features and benefits that make it stand out from other mobile lending apps. One of the app’s standout features is the flexibility it offers to users. The app has three types of loans available to users, including:
1. Salary Advance for Your Employees
The salary advance facility is designed to provide bridge financing for employee’s mid-month emergency needs. It is designed to have a maximum limit of up to 30% of the net pay.
Bayes’ team aims to approve applied amounts within 24 hours, making it a quick and reliable solution for employees in need of financial assistance.
2. Access flexible business loans of up to KES 1,000,000
Bayes’ business loans product offers relief in just minutes. Whether you are a startup, an existing business experiencing slow growth, or just need to ensure positive cash flow, access to business funds is an important component for growth.
With Bayes, you can access business loans of up to KES 1,000,000 in just minutes, giving you the financial support you need to grow your business.
3. Personal Loans
Bayes’ personal loans are designed to offer users quick and flexible loan options. The loans are available to individuals and can be used for various personal needs such as emergencies, medical expenses, or even education.
The loan amounts range from KES 1,000 to KES 50,000, and the repayment period can be up to 12 months.
In addition to loans, Bayes also offers other financial services such as payments, savings, and budgeting. Users can easily make payments through the app, save money in their Bayes account, and access budgeting tools to help them manage their finances effectively.
Qualifying for a Loan
Qualifying for a Bayes loan is based on several factors, including mobile money usage, borrowing and repayment history from other lenders, and credit rating by various Credit Reference Bureaus (CRBs), among others.
If you do not qualify for a loan instantly, you are encouraged to keep the app installed and use the other services provided to build a history with Bayes and qualify for a loan in the future.
When repaying your Bayes loan, you can use the “repay” button on the loans screen to repay your installment or the full amount.
Alternatively, you can send the money to Bayes’ paybill number, 599862, using your ID number as the account number. Here are the steps to follow:
- Go to M-PESA in your Safaricom menu on your phone
- Select Lipa na M-PESA
- Choose Paybill
- Enter the Bayes Paybill number 599862
- For account number, enter your ID number
- Enter your repayment amount
- Enter your M-PESA pin
- Confirm that all details are correct and press ‘OK’.
You can apply for a fresh Bayes loan immediately after you repay the outstanding loan.
Bayes encourages users to repay their loans on time or even earlier, as this contributes to growing their loan limit. Skipping installments will negatively affect your eligibility for future loans.
If you fail to repay your Bayes loan on time, there will be penalties, reduced loan limits, or even inability to access another loan.
Your loan limit may be reduced to zero due to poor loan repayment history. If your loan is overdue for a long time, you cannot access a new loan immediately.
Bayes will notify you via text if you are reconsidered for a loan.
If you lose your phone, you can reach out to Bayes through Facebook or using the chat feature on the app for further assistance. Alternatively, you can dial 87988# to access your Bayes account.
Customer Care
Bayes is committed to providing excellent customer care to its users. The customer care team is available from Monday to Friday, 8 am to 5:30 pm, and can be reached at +254759808086.
Users can also reach out to the team through the chat feature on the app or via Facebook.
Conclusion
Bayes is a reliable and convenient mobile lending app that offers a range of financial services, including loans, payments, savings, and budgeting.
The app’s standout features are its flexibility and quick loan approval process. To qualify for a loan, users must have a good borrowing and repayment history, mobile money usage, and a good credit rating from various CRBs.
Bayes encourages users to repay their loans on time or even earlier to increase their loan limit. Skipping installments will negatively affect your eligibility for future loans.
Bayes is committed to providing excellent customer care to its users and can be reached through various channels, including Facebook, the chat feature on the app, or by phone.
If you’re looking for a reliable and convenient mobile lending app, Bayes is an excellent choice. With its user-friendly interface, quick loan approval process, and range of financial services, Bayes is your one-stop solution for all your mobile transactions.