FlashPesa is a mobile loan application that allows users to borrow money instantly from their smartphone, without the hassle of going through traditional financial institutions.
It is a fast and reliable option for those who need quick access to cash in Kenya. With a maximum loan limit of Ksh 50,000, FlashPesa is a great solution for emergencies or unexpected expenses.
Contents
Loan Terms and Fees
FlashPesa offers loans ranging from Ksh 2000 to Ksh 50,000, with repayment periods ranging from 91 days to 365 days.
The origination fee charged for each loan is a one-time fee ranging from Ksh 150 to Ksh 600, depending on the loan amount.
The interest rate is 0%, and the maximum Annual Percentage Rate (APR) including the origination fee is 36%.
As an example, if you apply for a loan of Ksh 2000 with a 91-day repayment period on 26th March 2021, you will receive the loan amount of Ksh 2000 on the same day.
The due date for repayment will be on 24th June 2021, with a total amount of Ksh 2150, which includes the loan amount, origination fee, and no interest.
Applying for a Loan
To apply for a loan on FlashPesa, users need to download the app and create an account by filling in a few quick questions.
After that, they can apply for a loan in seconds and receive the funds straight into their M-Pesa account. The loan limit can be increased every time the user repays on time.
Repaying a Loan
FlashPesa provides an easy repayment option through the app with just one click. Users can also repay their loans through M-Pesa by paying the bill number 911280 and their registered phone number as the account.
- 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 FlashPesa loan immediately after you repay the outstanding loan.
Additionally, partial payments can be made before the due date.
Responsible Lending
As a responsible loan service provider in Kenya, FlashPesa reminds users to only borrow what they can repay and what they need.
Borrowing should only be done when the user is employed, and it is important to repay the loan on time to maintain a good credit history. FlashPesa always serves for the real demands of its users.
Privacy and Permissions
FlashPesa takes user privacy seriously and promises to never share their information with third parties.
When users download the app, they will be asked for permissions to use their phone data to verify their identity and create a credit score. The data shared is encrypted to protect the user’s privacy.
Contact Information
FlashPesa values feedback and is always available to answer questions or concerns. Users can reach out to the company through their Facebook page, email, website, WhatsApp, or visit them at their physical address in Nairobi.
Conclusion
FlashPesa is a fast, reliable, and responsible loan service provider in Kenya that offers an easy and secure way to access quick loans.
With a simple application process, easy repayment options, and responsible lending practices, FlashPesa is a great option for those who need quick access to cash.