In Kenya, accessing a loan from traditional banks can be a daunting task for most people. Most banks require an extensive process of paperwork and collateral that could be discouraging.
This is where loan apps like iPesa come in handy. iPesa is a reliable loan app that offers quick loans to individuals who need financial assistance. In this article, we will delve deeper into what iPesa offers, how it works, and how you can apply for a loan.
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iPesa Loan Details
iPesa offers loans ranging from KES 500 to KES 50,000 with a loan term of between 91 days to 180 days. The annual percentage rate (APR) varies from a minimum of 36% to a maximum of 72%, depending on the amount of loan and the loan term.
It is important to note that iPesa does not charge a service fee, which makes it an affordable option for most Kenyans.
For example, if you borrow KES 2,500 with a loan term of 180 days and an APR of 72%, the total service fee will be KES 900. The total amount payable will be KES 3,400, which includes the principal amount and the service fee.
If you choose to make a one-time repayment, you will have to pay KES 3,400 after 180 days. Alternatively, if you choose to make monthly repayments, your monthly repayment amount will be KES 566.67.
How to Apply for a Loan on iPesa
To apply for a loan on iPesa, you need to follow several steps:
- Register with your M-Pesa number: Download the iPesa app from Google Play Store, then register with your M-Pesa number. You will receive a verification code that you will use to log in to the app.
- Apply for the exact loan amount you need: After logging in, select the amount of loan you need and the loan term that suits you. iPesa will evaluate your creditworthiness based on the information you provide.
- Get approved and receive the money: Once your loan application is approved, the money will be deposited directly into your M-Pesa account within minutes.
- Repay on time to get a credit limit of 50,000 Ksh: If you repay your loan on time, iPesa will increase your credit limit to KES 50,000. This means that you can borrow a higher amount of money in the future.
Privacy and Permissions
iPesa uses the data on your phone, including your SMS history, to verify your identity and create a credit score.
The app encrypts the data you share with them to protect your privacy. iPesa takes your privacy seriously and promises never to share your information with third parties.
Contact iPesa
If you have any questions about iPesa, you can reach out to them through their Facebook page, email or office address:
- Facebook page: https://www.facebook.com/ipesakenya/
- Email: help@ipesa.cc
- Office address: ADLIFE PLAZA, CHANIA AVENUE, NAIROBI
Conclusion
In conclusion, iPesa is a reliable loan app that offers quick loans to individuals who need financial assistance. It is an affordable option for most Kenyans, with a maximum APR of 72% and no service fee charged.
Applying for a loan on iPesa is simple and straightforward, and the app takes your privacy seriously. If you need a quick loan, consider using iPesa.