Shika platform understands that even if you are employed, sometimes you need some extra cash to take care of some needs and waiting for payday could seem like forever, hence Shika empowers you financially to keep you going.
Shika, as a loan access platform, understands the need to lower the barriers preventing accessibility of credit and hence offers swift and flexible access to loans irrespective of your class without jeopardizing credit risk/loss.
There are more interesting things about the Shika loan app that we’ll let you know in this article.
About Shika Loan
Shika Loan and its app was the first product of Alternative Circle founded by Kevin Mutiso in March 2016 with a mission to render financial access to over 200 million people worldwide.
Shika is a lending platform that provides instant access to micro loans and flexible repayment plans for people who meet their basic eligibility criteria.
Customers using Shika are able to know their loan limits before taking loans. Shika only requires you to have an active M-Pesa mobile money account registered with a Safaricom number.
The platform is also available for financial institutions who can leverage on it to reach potential borrowers.
Maximum and Minimum Loan to Get From Shika Loan App
Shika loan app offers its customers a minimum of Kshs. 500 and up to Kshs. 10,000 which is to be repaid in 30 days with no hidden charges.
Shika will predict your loan limit and how much you would have to repay before you proceed with your loan application. This limit is determined by your credit history. A good loan history earns you higher loan limits.
How to Apply for a Shika Loan.
Getting a loan from Shika is very easy and you can get it within 3 minutes as long as you meet their basic eligibility criteria. You can get a Shika loan through the following steps:
1. Download the Shika Loan App: You can download this application from the website.
2. Create an account: To create an account, you would provide a valid national ID and an M-Pesa account registered with a Safaricom phone number.
3. Apply for a loan: Once you successfully create a Shika account, you can view your loan limits on the dashboard and click on apply for a loan, which is within your eligible loan limit/duration.
4. Upon application, your loan request is sent in for approval and once approved, your loan would be disbursed to your M-Pesa account within three minutes.
They fix interest rate for Shika loan at a rate of 15% for 30 days irrespective of the loan amount.
Getting a loan from Shika requires you to meet their basic eligibility criteria. Which are:
- Signing up for a Shika account already requires you to have an active M-Pesa mobile money account.
2. As a new user on the Shika app, you build your loan eligibility from your M-Pesa transaction history. However, subsequent eligibility is from your reputation on the Shika app which they draw from your frequency of loan requests and repayments.
Note: A good transaction/loan history often qualifies you for higher loan amounts on the Shika app.
Requirements for Taking up Shika Loan
You would need to meet the under listed requirements before you can access Shika loans through its app.
- Be at least 18 years of age at the time of registration on Shika
- Have/possess a valid National ID card
- Have an M-Pesa mobile money account registered with a Safaricom mobile number and have at least 4 months of active M-Pesa transactions.
- Have an excellent credit history with Shika and other loan providers
- The Credit Bureau of Kenya must not blacklist you
Shika App Review
Shika loan is ideal for financing your personal or small business needs and can be accessed through the app. With the Shika app, you don’t need to wait for long hours to get a loan. The features of Shika app range from:
- Easy access and flow of command and response.
- The intuitive design of the Shika loan application makes loan application, disbursement and repayment process seamless.
- Shika app is secured and offers flexible eligibility loan limit repayment options on the dashboard.
How to Repay Your Shika Loan
You can repay loans collected from the Shika app either through M-Pesa or the Shika loan app.
Loan repayments on Shika are flexible, so one can choose to repay in daily or weekly installments as long as the repayment window is not exceeded. For loan repayments via the Shika loan app:
1. Login to the Shika loan app
2. Click on the Repay button on your dashboard
3. Copy the displayed Shika loan number
4. Complete your payment on the displayed M-Pesa page
For loan repayments via M-Pesa:
- Login to your M-Pesa account
- Click on “Lipan a M-Pesa” and select PayBill
- Enter the Shika loan PayBill number
- Put in your phone number on the Shika app
- Enter repayment amount
- Authorize the transaction with your M-Pesa transaction PIN
- Check for payment notifications from M-Pesa and Shika
Extra Important Information on Shika Loan and its App
- Please take note and heed that failure to repay a loan within stipulated repayment window attracts extra charges on the collected loan.
- If you do not repay a loan 30 days after the repayment window, they add an extra charge of 10% to the loan amount to repay.
- Failure to comply and repay the loan after 60 days, they blacklist the customer on the Credit Bureau of Kenya.
How to Reach out Shika Loans
For more information on Shika loans, you can reach out to their support via email@ shika-app.com or call 0742143999.
Shika loan app and its platform have proven to be helpful to individuals and businesses who need access to easy finance without going through the stress of tight and stringent documentation obtainable in most financial institutions.
Shika app and its platform also offer one of the competitive rates in the Kenyan micro lending space, there’s no doubt that more individuals and businesses would resort to Shika loan app and its full platform.