Berry Loan App is a Kenyan-based mobile lending platform that provides easy and affordable loans to individuals.
The app was developed to solve the challenges faced by people who need quick access to cash but have limited access to traditional banking services.
With Berry Loan App, borrowers can access loans ranging from KES 1,000 to KES 50,000 at an affordable facilitation fee ranging from 9% to 25%.
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How to Get a Berry Loan
Getting a loan from Berry Loan App is easy and straightforward. Simply download the app from the Google Play Store and register with your details.
Once your identity has been verified, you will be eligible for a loan. The loan approval process is fast and efficient, with most loans being approved within a few minutes.
Once your loan has been approved, the funds will be disbursed directly to your M-pesa account. This means that you can access the funds instantly and use them for whatever purpose you need.
The app provides a convenient way to get access to cash when you need it most.
How to Repay a Berry Loan
Repaying a loan from Berry Loan App is also easy and convenient. The app provides a self-explanatory payment procedure that guides borrowers through the repayment process.
To make a payment, simply open the Berry app and click on the “Pay Now” button.
Alternatively, borrowers can make payments through their Safaricom paybill number 977888. Here are steps to follow:
- Go to M-PESA in your Safaricom menu on your phone
- Select Lipa na M-PESA
- Choose Paybill
- Enter the Berry Paybill number 977888
- For account number, enter your M-Pesa number on which you received your Berry loan
- Enter your repayment amount
- Enter your M-PESA pin
- Confirm that all details are correct and press ‘OK’.
You can apply for a new Berry loan immediately after you repay the outstanding loan.
Berry Loan Terms and Fees
Berry Loan App offers loans ranging from KES 1,000 to KES 50,000 at a facilitation fee ranging from 9% to 25%. The Annual Percentage Rate (APR) for loans ranges from 27% to 260%.
The minimum repayment period is 65 days, while the maximum repayment period is 120 days.
For example, for a 65-day loan with a principal amount of KES 1,000, the facilitation fee would be KES 250, and the total payable amount would be KES 1,250.
The monthly payment would be KES 625.
Berry Loan App does not charge more than the amount of the facilitation fee (plus a one-time late fee if you do not pay after the loan repayment grace period).
The loan amount does not compound or accrue.
Privacy and Permissions
To verify the identity and creditworthiness of borrowers, Berry Loan App asks for permission to scan their SMS. This ensures that loans are only given to individuals who are able to repay them.
The app uses advanced encryption mechanisms to protect the privacy of borrowers’ data and promises never to share their information with anyone.
Terms and Conditions
Berry Loan App provides flexible and affordable loans with a facilitation fee ranging from 9% to 25%. The minimum loan amount is KES 1,000, and the maximum loan amount is KES 50,000.
If a borrower does not pay the principal amount and facilitation fee on the due date, Berry Loan App extends a further 7 days to allow the borrower to make the payment.
Only after the grace period has elapsed, a one-time late payment fee of 10% will be charged on the payable amount. No other fees will be charged after this time.
Conclusion
Berry Loan App provides a simple and convenient way for Kenyans to access loans when they need them most.
With affordable facilitation fees and flexible repayment schedules, borrowers can access funds ranging from KES 1,000 to KES 50,000 and repay them comfortably within a period of 65 to 120 days.
The loan application process is quick and easy, and borrowers can receive funds in their M-pesa accounts within minutes of loan approval.
The app’s user-friendly interface makes it easy for borrowers to manage their loans and make payments. The app also provides detailed information on loan terms and fees, making it easy for borrowers to understand the costs associated with borrowing.
However, borrowers should be aware of the risks associated with borrowing money, and should only take out loans that they can afford to repay. Failure to repay loans can negatively impact a borrower’s credit score and financial standing.