Ipesa offers instant loans without collateral. Ipesa loan review is what this article targeted, and we discovered it is one of the best loan lender apps in Kenya. They provide quick loans to the citizens, both salary earners and business owners. Just be sure that you have a good credit score and proceed for the loans.
We will review Ipesa loans and we believe that all the information gathered will do a lot for you.
About Ipesa loans
Ipesa loan is owned by Osome Fintech Company, whose office is in Kenya. It is among the best and leading financial apps in Kenya. They are currently receiving a lot of positive reviews, rating and good accolades online. The system uses algorithms to track your creditworthiness. It scans your mobile phone information to determine your readiness to repay loans on time.
What you need to know about Ipesa loans
Ipesa uses data on your phone to verify your identity to make lending approval decisions. Follow a few steps and you are ready to be a beneficiary of Ipesa loans. The steps are:
- Download and install the app on your mobile
- Create an account on the app
- Enter your details where necessary
- View your loan limit. You can apply immediately if you wish
- Loan disbursement is directly paid into your M-Pesa account
- Make early repayment and increase your loan limits.
Minimum and maximum Amount to borrow
The minimum amount to borrow ranges from ksh.500 to Ksh.50,000. Repayment duration also ranges from 91 days to 180 days. In addition, Ipesa maximum APR on loans is 36%.
How to get Ipesa loans
To get Ipesa loans, follow the procedures below:
- Download the app on google play store
- Create an account with your Safaricom phone number
- Input all your personal information
- View the loan amount you qualify for and fill the application form
- Select your loan repayment duration
- If approved, you will receive your loan within minutes.
Interest rates for Ipesa loans
For a loan duration of 14days, Ipesa will charge you 15% taking so many factors into consideration. Their average interest rate is 12% APR. They also have 0% service charge. The charges also depend on your repayment history and lending cost.
Ipesa loan requirements
To obtain loan through Ipesa, you have to provide the following requirements;
- Posses a Safaricom phone number linked to your M-Pesa account
- Have a national ID
- Open an M-Pesa account
- A smart android phone
- Be willing to grant Ipesa access to read your phone data.
Ipesa loan app
Features of Ipesa loan app range from:
- 23,067 reviews on Google play store
- 4.2 star ratings
- Has over 1million downloads on Google play store
- Memory space of 7.0MB.
Benefits of Ipesa loans
The various things you would gain why using Ipesa app are:
- No sort of hidden or secret extra charges
- They do not need collateral or any form of documents
- You data and processed information is secured
- They have good customer support team
- As you pay up your loan, you can borrow up to Ksh. 50,000
How to repay Ipesa loans
Follow through the steps on how to repay your Ipesa loans;
- Launch your M-Pesa account
- Choose lips na M-Pesa and select paybill
- Input paybill number as 192010
- On the account number section, enter only your M-Pesa number linked to your account
- Type in the amount you wish to repay
- Enter your M-Pesa pin
- Confirm details you provided press Ok
- Receive SMS for successful repayment
Frequently asked questions and answers
What should I do when my payment does not reflect.
When payment is made and it doesn’t reflect, contact the customer care immediately. Note down your transaction information. Wait for few hours to get feedback.
What happens when I overpay
Try as much as possible to contact the support team. They will work on your account and reconcile all excesses and deposit it to your M-Pesa account within 15 days.
What happens during late repayments
2% fee is charged per day on the principal amount. You are urged to repay your loans early so as not to exceed the due date. Exceeding the due date will lower your creditworthiness.
Assuming you borrowed Ksh. 1000 to pay back within 180 days and you exceeded with a week, you will pay the following:
Interest: 1000 x 12% = Ksh. 120
Penalty: 1000 x 2% x 7days = Ksh. 140
Total Amount = Principal + interest = penalty
= 1000 + 120 + 140 = Ksh. 1,260
This is what the analysis looks like but you can avoid all of these if you try as much as possible to repay early.
When you don’t repay early your name and other details will be forwarded to the Credit Reference Bureau (CRB). It will affect your next borrowing and you won’t even be able to borrow from other lending app.
Can I request to repay later aside from the date.
The answer is No. Start early to pay in bits so you can pay off all debt before the duration date. Avoid borrowing amount that you can’t repay
How to contact Ipesa loans
To contact Ipesa loans, reach them out on their customer care service on +05488888888. You can also email them at email@example.com. Contact them on Facebook @ Facebook page: https://www.facebook.com/iPesaKenya/
You can also visit their office at: ADLIFE PLAZA, CHANIA AVENUE, NAIROBI.
Ipesa is one of the best lending apps in Kenya, they take loan repayments with utmost importance. As a result, endeavour to repay your loan as at when due to avoid any sort of penalties. Your loan limit also progresses as you borrow and repay early. It is a convenient, easy, fast, and reliable lending agency. Besides, the steps taken to borrow loans are quick.