One can take a loan from Senti loan app anytime, anywhere. Senti gives funds to solve personal needs and pays other bills. They process loans quickly and within a few minutes, you receive the cash straight to your M-Pesa account.
We will review Senti app and everything you need to know about the loan platform.
About Senti App
Senti app is a micro-lending platform based in Nairobi, Kenya. It is a Fintech company that gives small loans to people for a period. In addition, they offer flexible repayment options (full and instalment payment). It also offers different products on the app.
Minimum and Maximum Loan Amount
Minimum amount to borrow is ksh. 1500 and maximum depends on your credit limit.
Note: credit limit they mean is they calculated the amount of loan you qualify for based on the amount you can borrow. The amount you can borrow is based on your repayment history.
Pros and Cons of Senti Loan
- They offer different features and products
- The app helps in tracking expenditure.
- The app is incompatible with all devices like IOS
- No USSD code to access the loan for now.
Types of Loan Limits on Senti App
The app has four classifications of loan limits. They are:
Bronze – Get up to Ksh.5,000
Silver – Up to Ksh.10,000
Bronze – Go for up to Ksh.20,000
Fir Bronze – Up to Ksh.40000
How Do I Apply For Senti Loan
To apply for Senti loan, follow the procedure:
- Download the app on google play store or directly from their website
- Install the app and sign up by entering your email address
- The app processes your data
- Then go ahead to register your details and personal information
- Read the terms and conditions carefully
- Verify your account and press Ok
- Click on “Get loan”
- Apply for the loan amount. Amount should be less or equal to the loan limit
- If qualified, the amount will be approved and deposited into your M-Pesa account.
Senti Loan Interest Rates
For 14-day loans, repayment duration has a onetime fee of 10% to 15%. Moreso, 30-days loans have 15% interest.
Senti loan charges a one time application or service fee of 10% to 15% of the principal amount.
It takes a minimum of 30days and a maximum of 90days from the day of disbursement to repay your loan.
To be eligible, you need to:
- Be 18years old and above
- Be an active safaricom user for at least six (6) months
- Have a credit history, as requested. Do not delete your credit history.
- Be willing to borrow within the displayed loan limit on the app
The requirements for Senti app are:
- Posses a valid phone number
- Have a national ID
- Make sure you have your full name on your national ID
- Information on where you work
- Your current location
Senti App Review
The features of the app include:
- It is easy to operate
- A total of 8,8420 reviews on google play store
- 3.7 star rating on play store
- It requires an android phone with a 4.4 version upwards.
How to Register on the App
After downloading and installing the app, follow the procedure to register:
- Click to open the app
- Register the correct information and email address
- Verify your information with a onetime password
- Complete your profile by entering your work, marital, employment, and monthly income details.
Reasons for Senti Loan Denial
Sometimes loans are not approved. This could be because of the following reasons:
- You borrowed above your limit
- Existing loan with Senti
- You are not eligible, or you do not meet all the requirements and conditions
- Already listed by the Credit Reference Bureau for a loan default either currently or in the past.
How Fast are Funds Released?
As it stands now, it takes 24 hours for the Senti app to process your loan. However, on average, it can take up to three (3) hours or less to process it.
How to Repay Senti Loans
Senti loan repayment can come in two (2) forms:
- Full repayment: You can pay on the due date
- Instalment repayment: It can be done before the due date.
The procedure includes:
- Locate your M-Pesa SIM toolkit’
- Choose Lipa na M-Pesa
- Select paybill and enter the paybill number as 517910
- Type in your phone number as your account number
- Input the loan amount
- Put your M-Pesa pin
- Confirm your details and if correct, press OK.
Senti loans charge a onetime extension fee of 7.5% of the total principal amount. They may also charge interest on the fee.
Frequently Asked Questions on How to use Senti App
How do I qualify for a loan?
- Be an active Safaricom subscriber for at least 6 months
- Must have a credit history as per the pre-defined criteria, and must borrow within the displayed limit on the application.
How does SENTI make a lending decision?
SENTI uses data from your phone, including your handset details and financial transaction messages to make lending decisions. This combined with your SENTI repayment history builds an individualized credit score, which determines the loan offers you receive.
How long does the application process take?
We aim to process all loans within 24 hours.
If I request for a loan of Ksh. 1,500 how much will I receive?
You will receive Ksh.1500.
How much will I need to pay back?
You will be required to pay the amount borrowed plus the processing fee charged. All payable within the days agreed on your loan term. You can also pay through installments.
Why is a loan declined?
A SENTI Loan will be declined if;
- Borrow above your credit limit,
- You have an existing loan with SENTI
- Currently or previously been listed with the Credit Reference Bureau for a defaulted loan with any institution.
- You currently don’t meet the full requirements
- SENTI has the right to decline a loan at its own discretion.
What is the Credit Reference Bureau?
This is a source of credit history information of a customer. They securely collect, store and maintain information about your credit history.
Credit reference agencies can share your credit report with you at your request.
How do I Know how much I can borrow?
You can check your credit limit on the SENTI App.
How to Contact Senti Loans
You can contact them on their mobile via 0712517910. They will help resolve issues you are encountering.
Senti assures its customers of privacy and professionalism in handling and keeping their personal data and information.
Defaulting in Senti loans will lead to being listed with the Credit Reference Bureau (CRB). When shortlisted with CRB, Senti won’t offer you future loans.