iPesa Loan App Download Offers Quick Online Cash to M-Pesa Users
This review on iPesa loan app download shows you how to apply for online quick cash, for personal or business use as well as a simple guide to install the apk to your Android smartphone.
Have you been in an emergency situation where you couldn’t access the nearest ATM or are out of cash to finance a short-term need or are looking for where you can borrow a fast loan in Kenya so you can solve pressing challenges? Here is a review of iPesa loan app, one of the top mobile loan applications in Kenya, though not among the cheapest. The best of all is that you really do not have to submit all the complex documentary requirements or tender any collateral before you can be granted access to a large pool of cash. Your smartphone and M-Pesa is all you need.
If you are an existing user of M-Pesa, the most penetrated mobile banking platform in Kenya, it’s much easier to enjoy the benefit of instant loan on iPesa apk app.
iPesa loan app is well integrated into Kenya’s financial system to make it easy for you to access personal loans just by using the data on your smartphone as well as the details of the messages you have received – this ensures that identity verification is seamless and faster.
The information extracted from your data helps to create a standard credit score.
Do you know what a credit score does? it helps you ascertain eligibility/the level of credit you can access at a time.
What You Should Know About iPesa Loan App:
- You can access loan of 500ksh to 50,000 ksh directly credited to your MPesa account.
- The duration of loan span from 91 days but not exceeding 180 days.
- The average APR on iPesa loan is 36% – 72% with service fee of 36%.
- Users must be above 18 years to qualify for instant personal loan.
Let’s assume you are have been pre-approved for a loan amount of 2,500 Ksh payable in the next 180 days and the service fee is 36%. Yes! I know it’s not cheap, that’s why I said, iPesa loan offer isn’t among the cheapest in Kenya.
Here is a breakdown of what you will pay:
- Loan amount of 2,500 Ksh
- Service fee (36%*2500 Ksh) : 900 Ksh
- Total amount to pay: 3,400 Ksh.
Why iPesa app is one of the best in giving loans in Kenya?
Aside from the rate or fees charged on loan, the app offers an easy way to apply for a loan; it’s built to leverage the popularity of Mpesa in Kenya, so you don’t have to build any profile from scratch, rather you’d be required to use your Mpesa data.
Here are the steps to register with iPesa:
- Register with your M-Pesa number
- Apply for the personal cash you need.
- Get approved and receive the exact money in your account.
- And if you repay on time, you’d be giving access to additional credit up to 50,000 Ksh
How Do I Pay My iPesa Loan via M-Pesa
If you have a loan payable on your account, it’s quite seamless from your M-Pesa mobile money platform – here are steps to repay the principal and interest rate.
- Go to the M-Pesa on your phone.
- Select Lipa na M-PESA.
- Choose the Paybill option.
- Enter the Paybill number 192010.
- Enter your personal M-Pesa account number.
- Enter your repayment amount.
- Enter your M-PESA pin.
- Congratulations, you can now payback your loan.
What Happens If I Don’t Pay iPesa Loan
Users of iPesa loans are expected to pay back in 14 days from the date their account is credited. And if you default, you’d be subject to the terms and conditions stated on the platform but I don’t think it’s what you want to do to avoid being blacklisted.
According to iPesa FAQ, Late loan repayments automatically incur a fee of 2% per day. It is therefore advised that one does not exceed the due date. Repaying the loan by its due date allows you to access larger loan sizes. Late repayments will affect your ability to get subsequent or larger loans. If you are very late on your payments, we report to the First Central Credit Bureau. Blacklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders
How Do I Download iPesa Loan App for Quick Cash?
Before you go ahead to download the personal loan app, it’s important to understand users acceptance and app popularity by looking at the number of downloads on Playstore and reviews.
As of the time this app is being reviewed on this blog, the app has received over 1M+ downloads which makes it rank among the best loan apps in Kenya. It has also enjoyed a moderate rating of up to 3+.
This low rating might not be unconnected to the frustrations shared by some of the users of the app:
But I am sure the developers are looking into it as they seem to respond swiftly to feedback.
iPesa loan app is available on Google Playstore and as at the time this app is being reviewed, the developers are yet to make it available on the iPhone app store.