iPesa loan is a mobile lending app that makes it easy for people in Kenya to access a loan, anytime, anywhere. One has to Complete the application in seconds and receive loans straight into the M-PESA account. iPesa is like a bank in your pocket, there for you at all times.
Currently, ipesa can lend loan sizes range from Ksh 2000 to Ksh 10,000. If one repays the loan as scheduled, the amount that you can borrow will increase.
How does iPesa Loan App Work?
Just like any other loan app that we know, the iPesa app uses a machine-learning algorithm to determine your creditworthiness. It scans your phone looking for proof of information about you and your ability to repay their loan on time.
How to download the iPesa app and register
the ipesa lending platform can be accessed through Google Play. To Open GooglePlay and search for “iPesa” APP, then download and start to sign-up with your phone number.
iPesa Loan App Download and loan application
Here is how to download the iPesa loan app and apply for a loan.
- Open Google Playstore to download and install the app.
- Open the app and then register using your Safaricom SIM card number.
- Grant the app permission to access your contact list and SMS folder.
- Click to get a one time password that will be used for feature logins
- Apply for a loan and wait for iPesa to do their magic.
That was easy, right? Although the loan application process is easy, It is important to realize that you must have a good credit history with CRB Kenya. Why is this important?
As soon as you have installed the app, it goes straight into the action, checking and verifying your information against the CRB database. Even though this may seem like a lot of time, you need not worry as the apps operate in real-time.
iPesa Eligibility criteria
Requirements are simple
- Safaricom phone number, N
- National ID and
- Answering a few questions.
- Access to the data on your phone.
How to repay iPesa loan via M-PESA pay bill
iPesa pay bill number is 192010. To make repayment with M-PESA, follow these steps:
- Navigate to MPesa in your Safaricom menu on your phone
- Select Lipa na M-PESA
- Choose the Paybill option
- Enter the Paybill number 192010
- For account number, enter your MPesa number on which you received your iPesa loan
- Enter your repayment amount
- Enter your M-PESA pin
- Confirm that all details are correct and press “OK.”
ipesa late repayment and crb
Late loan repayments automatically incur a fee of 2% per day. It is therefore advised that one does not exceed the due date.
Repay the loan by its due date allows you to access larger loan sizes. Late repayments will affect your ability to get subsequent or more jumbo loans.
If one is very late on loan payments, ipesa reports to the Credit Reference Bureau (CRB). Blacklisting by the CRB may affect the ability to borrow from other lenders.
iPesa Loan Limit
Being new in a highly competitive market, iPesa provides a minimum of Ksh 500 to fist time loan applicants. Nonetheless, your loan limit is set to grow up to a maximum of Ksh 50,000 if you perform well on your first loan. By performing well in this regard, we mean loan repayment on time.
Okay, moving forward, iPesa loans attract an interest rate of 12% APR which is simply 12% times the loaned amount.
How to contact iPesa
There are several ways you can contact the iPesa support team.
- On social media platform – Through their active Facebook page
- In-app – open the loan app and see the contact us section.
- Via email – email@example.com
- On Google play store under the apps review section.
- On mobile phone via 0757 222 979
iPesa loan app Contacts
In case of any question, one can contact iPesa through 05488888888 or email them through firstname.lastname@example.org