In Kenya and many other African countries, financial inclusion remains a major challenge, with a significant percentage of the population still unbanked.
However, with the increasing penetration of mobile phones and the internet, mobile money services have become a game-changer in providing financial services to the unbanked population.
Little Pesa is a mobile lending platform that provides short-term loans and product financing to individuals in Kenya, Uganda, Tanzania, and Rwanda.
In this article, we’ll take a closer look at Little Pesa, its features, and how you can benefit from this innovative platform.
Contents
How Little Pesa Works
Little Pesa is a mobile lending platform that offers short-term loans and product financing. The platform uses a proprietary algorithm to evaluate borrowers’ creditworthiness and determine their loan limit.
Once a borrower has registered on the platform and submitted their details, the platform analyses the information and determines their loan limit. Borrowers can then apply for a loan and receive the funds instantly in their MPESA account.
Little Pesa Features
Short-Term Loans
One of the main features of Little Pesa is its short-term loans. The platform offers loan limits of up to Ksh 100,000 with competitive interest rates. Borrowers can choose from loan tenures of 7 days, 15 days, and 30 days, depending on their needs.
The loan amount is fixed at a maximum of 50% of the borrower’s net pay, and there are no processing or hidden charges.
Top-Ups
Little Pesa also offers three top-ups within the approved limit across all loan tenures, making it easy for borrowers to access additional funds when they need them.
Easy Registration Process
The registration process for Little Pesa is straightforward. Borrowers need only submit a copy of their ID and Payslip, and their loan limit will be determined based on their creditworthiness.
Interest Refund
Little Pesa rewards borrowers who repay their loans on time by providing a 100% interest refund on every 7th loan provided the previous six loans are paid on or before the due date.
Referral Bonus
The platform also offers a referral bonus for borrowers who refer their colleagues or friends to the platform. This bonus is an excellent way for borrowers to earn some extra cash while helping their friends and colleagues access credit.
Product Financing and Flexipay
In addition to short-term loans, Little Pesa also offers product financing and Flexipay. Borrowers can access financing for products such as electronics, home appliances, and furniture, among others.
The loan period is between 3-6 months, with competitive interest rates. The limit is fixed at a maximum of 200% of the borrower’s net pay/average monthly income, subject to a maximum limit of Ksh 300,000.
Security and Privacy
Little Pesa takes security and privacy seriously. The platform does not require access to a borrower’s MPESA PIN or contacts, and only seeks permission to send SMS and make calls. The privacy of borrowers’ data is protected by encryption.
Conclusion
Little Pesa is a mobile lending platform that provides short-term loans and product financing to individuals in Kenya, Uganda, Tanzania, and Rwanda.
With its competitive interest rates, easy registration process, and flexible loan tenures, Little Pesa is an excellent option for individuals who need access to credit quickly and easily.
If you’re looking for a reliable and convenient way to access credit, Little Pesa is definitely worth considering.
Visit www.littlepesa.com for more information on the platform and its features.