FlashPesa is a loan app that has been gaining popularity in Kenya due to its quick loan approval process and responsible lending practices.
With the app, Kenyans can access up to Ksh 50,000 anytime and anywhere using their smartphones.
In this article, we will delve into how the loan application process works, the interest rates and calculations, and the loan repayment procedures.
Contents
Loan Application Process
To access loans on FlashPesa, one needs to download the app from Google Play Store, create an account by filling in several quick questions, and apply in seconds.
The loan is then sent directly to the borrower’s M-Pesa account. It’s important to note that the loan limit increases every time a borrower repays on time.
The loan request process is simple, and the app has been designed to cater to the needs of borrowers who require quick loans to cater to their financial needs.
Interest Rates and Calculations
The app offers loans ranging from Ksh 2000 to Ksh 50,000, with loan terms ranging from 91 days to 365 days. The origination fee charged is a one-time fee of between Ksh 150 and Ksh 600, and the interest rate is 0%.
The maximum Annual Percentage Rate (APR), which includes interests and origination fee, is 36%. To understand how the interest and origination fee are calculated, let’s take an example.
Suppose a borrower applies for a Ksh 2000 loan for 91 days on March 26th, 2021. They will receive the loan amount on March 26th, 2021, and the due date will be June 24th, 2021, with a repayment amount of Ksh 2150 (Ksh 2000 + Ksh 0 interest + Ksh 150 origination fee).
It’s worth noting that to apply for a loan on FlashPesa, one needs to be at least 22 years old and employed.
Loan Repayment Procedure
FlashPesa has made the loan repayment process easy and convenient. Borrowers can repay the loan using the one-click repayment button on the app or by paying through M-Pesa to the pay bill number 911280 with their registered phone number as the account.
You can pay the loan via FlashPesa M-pesa paybill number 911280
- Go to M-PESA in your Safaricom menu on your phone
- Select Lipa na M-PESA
- Choose Paybill
- Enter the FlashPesa Paybill number 911280
- For account number, enter your M-Pesa number on which you received your FlashPesa loan
- Enter your repayment amount
- Enter your M-PESA pin
- Confirm that all details are correct and press ‘OK’.
You can apply for a fresh FlashPesaloan immediately after you repay the outstanding loan.
It’s important to note that borrowers can make partial payments before the due date. This feature allows borrowers to manage their finances better and avoid penalties for late repayments.
Responsible Lending Practices
FlashPesa has set out guidelines to ensure that borrowers only borrow what they can repay. The app encourages borrowers to borrow only what they need and when they are employed.
It’s also essential to note that credit history is crucial in the loan application process. Borrowers are urged to repay on time to avoid any negative repercussions on their credit history.
FlashPesa’s emphasis on responsible lending practices has helped it gain the trust of many Kenyans who need quick loans to cater to their financial needs.
Contacts
FlashPesa is committed to providing excellent customer service to its clients. To reach them, borrowers can use any of the following contact information:
Facebook Page: https://www.facebook.com/FlashPesa
E-mail: support@flashpesa.co.ke
Website: https://www.flashpesa.co.ke/
WhatsApp: +254769159474
Address: Kaka House, Manua Close, Westlands, Nairobi City, Kenya
Conclusion
FlashPesa has become a go-to loan app for many Kenyans due to its quick loan approval process and responsible lending practices. With the app, borrowers can access up to Ksh 50,000 on their smartphones anytime and anywhere.
The loan application process is straightforward, and borrowers can repay the loan using the one-click repayment button on the app or through M-Pesa.
Borrowers are encouraged to borrow responsibly and only what they need, repay on time, and maintain a good credit history.
FlashPesa’s commitment to responsible lending practices has contributed to its growing popularity and customer loyalty.
The app offers a quick and convenient solution to borrowers who need quick access to funds. With the rise of digital lending in Kenya, FlashPesa has emerged as a leading player in the industry.