Mobile loans have become an integral part of financial services in Kenya, and PesaPata Loan App is a platform that is making a significant impact in the market.
The platform enables lenders to lend to secured clients at impressive rates while empowering borrowers with low-interest rates.
In this article, we will delve into the benefits of PesaPata, its loan terms and rates, privacy and permissions, and how to get started.
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Key PesaPata Benefits
PesaPata has several benefits that make it an attractive platform for both lenders and borrowers.
Firstly, lenders can earn interest rates of over 0.5% per day on loans issued, making it an excellent investment opportunity for those with idle funds.
Secondly, borrowers can enjoy low-interest rates of as low as 1%, making it an affordable option for those in need of quick loans.
Another significant benefit of PesaPata is the credit score evaluation that ensures that lenders only lend to creditworthy clients. This feature reduces the risk of default, ensuring that lenders can lend with confidence.
The platform guarantees the money being borrowed, which means that any loan that is overdue for more than 60 days is automatically acquired at principal value.
Furthermore, loans on PesaPata are sent instantly to the borrower’s MPESA account, ensuring real-time transactions without delays.
The platform is also secure, ensuring that lenders and borrowers can transact safely. Lastly, PesaPata has an exquisite and simple design that makes it easy for users to download, install and use the app.
Loan Terms and Rates
PesaPata offers personal loans ranging from Ksh. 500 to Ksh. 20,000, with the borrower choosing their loan repayment term. The minimum repayment period is 60 days, and the maximum repayment period is 61 days.
PesaPata charges a service fee of between 1% and 30%, with the maximum annual percentage rate being 197.46%. The platform does not charge an onboarding fee, and the late fee is a one-time fee of 5% of the principal amount borrowed.
For example, if a borrower takes a 60-day loan of Ksh. 500, they will attract an interest rate of Ksh. 150.
The lender will receive a facilitation fee of Ksh. 60, and the platform charges will be Ksh. 90. The system generates a flexible repayment schedule for the borrower, with the total amount to be paid by the borrower being Ksh. 650.
Privacy and Permissions
When downloading PesaPata, users are asked to accept the terms and conditions and grant permissions to view their contacts, SMS and other data to verify their identity, create a credit score, and facilitate the processing of their mobile loan application.
PesaPata takes privacy seriously and does not share or disclose users’ personal information with third parties without their consent.
The platform does not sell user data to third parties, ensuring that users’ data remains secure.
Getting Started
To get started on PesaPata, users need to follow a few simple steps. Firstly, they need to download the app from the Google Play Store.
Secondly, they need to register using their credentials, which include their national ID and mobile phone number. After registration, users can choose to lend or borrow, depending on their needs.
For lenders, they can lend to secured clients at impressive rates, while borrowers can enjoy low-interest rates and flexible repayment schedules.
Contact Us
For more information about PesaPata, users can visit the website at www.pesapata.com, where they can find the terms of use and privacy policy for the platform.
Users can also contact the platform’s customer support team for assistance through email at info@pesapata.com or by calling 0707 000 222.
Users can connect with PesaPata on Facebook and Twitter, where they can stay updated on any new developments, offers, and promotions.
Conclusion
PesaPata Loan App is a game-changer in the mobile loans industry in Kenya. The platform offers lenders an excellent opportunity to earn impressive interest rates while giving borrowers access to affordable loans with flexible repayment schedules.
The credit score evaluation and loan guarantees ensure that the platform mitigates the risk of default, making it a safe and secure option for lenders and borrowers alike.
The platform’s simple and easy-to-use interface, coupled with its privacy and security policies, make it a top choice for anyone looking to lend or borrow money.