The Loan App is one of the most popular mobile lending platforms in Kenya, offering instant loans to individuals directly via M-Pesa. This article provides an in-depth review of the iPesa Loan App, including how to get started, loan requirements, interest rates, repayment methods, and customer support details.
iPesa Loan App Overview
iPesa offers quick loans to Kenyans via M-Pesa, with amounts ranging from Ksh 500 to Ksh 50,000. The repayment period varies between 91 days to 180 days, providing borrowers with flexible repayment options.
How to Get Started with iPesa Loans
Getting started with iPesa is a straightforward process. Follow these steps to apply for a loan:
- Visit Google Play Store on your smartphone.
- Search for “iPesa App.”
- Download and install the application on your phone.
- Register by filling in all the required details accurately.
- Apply for a loan and wait for approval.
Requirements for an iPesa Loan
To qualify for an iPesa loan, you need to meet the following requirements:
- A registered Safaricom phone number.
- A valid National ID.
- Answer a few verification questions.
- Grant iPesa access to some of your phone data to assess eligibility.
iPesa Loan Interest Rates
iPesa determines interest rates based on several factors, including repayment history and the cost of lending. Here are the details:
- A 15% origination fee for a 14-day loan term.
- An Annual Percentage Rate (APR) ranging from 36% to 72%.
- Borrowers bear any mobile money transaction fees such as M-Pesa charges.
- Standard SMS and data charges by mobile carriers may apply.
How to Repay an iPesa Loan via M-Pesa Paybill
Repaying your iPesa loan is easy. Follow these steps:
- Open the M-Pesa menu on your phone.
- Select Lipa na M-PESA.
- Choose Paybill.
- Enter Paybill number 618755
- For Account Number, input the M-Pesa number on which you received the loan.
- Enter the repayment amount.
- Input your M-Pesa PIN.
- Confirm the details and press OK.
Late Repayment and CRB Listing
Failure to repay your iPesa loan on time can have serious consequences:
- Late repayments incur a penalty of 2% per day.
- Timely repayments enhance eligibility for larger loan amounts.
- Defaulting may lead to Credit Reference Bureau (CRB) listing, making it difficult to secure loans from other lenders.
If you have cleared your account with the CRB, you can contact customer care to obtain your batch number for Metropol and TransUnion to get your clearance certificate.
List of Legit Loan Apps Approved by The Central Bank of Kenya
In addition to iPesa, the following loan apps are approved by the Central Bank of Kenya (CBK):
- Tala
- Branch
- Zenka
- Timiza (by ABSA Bank Kenya)
- M-Shwari (by NCBA Bank in partnership with Safaricom)
- KCB M-Pesa (by Kenya Commercial Bank in partnership with Safaricom)
- HF Whizz (by Housing Finance Bank)
- M-Kopa
- ZKPESA
- Umba
These apps are regulated by CBK and adhere to responsible lending practices, ensuring transparency and fair treatment of borrowers.
How to Contact iPesa Loan App Customer Care
For any issues or inquiries, you can reach out to the iPesa team through the following channels:
- Phone: 0757 222 979
- Email: service@ipesa.cc
- Facebook: iPesa Kenya
Conclusion
iPesa Loan App is a legitimate and reliable lending platform in Kenya that provides quick financial assistance to users. With easy application procedures, flexible repayment options, and transparent terms, iPesa remains a top choice for many Kenyans seeking short-term loans. However, borrowers must ensure timely repayment to avoid penalties and CRB listing. If you need instant cash, iPesa offers a seamless solution directly to your M-Pesa account.