We all have days we need cash urgently, and without the long processes of getting loans in banks. Currently, Loan apps are a great and convenient way to get some money real quick. They allow you to borrow cash using an online application. The apps can be downloaded on google play and apple store and are allowable to everyone. However, this does not guarantee that you will be granted a loan upon successful registration. We are going to talk about the famous timiza loan app that is run by the Absa Bank of Kenya
Requirements
It would help if you were a Safaricom subscriber
You must be a registered mpesa user
You must have an active mpesa and line to receive and pay back your loan
You must be a Kenyan citizen
You must have a personal identification document
Smartphone or feature phone
Benefits of the timiza loan app
You can get a loan any time and anywhere
You can transfer funds
One can purchase insurances
You can save and earn returns with The Zidisha savings account
You can buy airtime for any network
You can pay bills
Process of getting a loan
To be able to get a loan on the app is a simple process that is easy to follow. First, you have to fill out the application form and submit it. Once your loan has been approved the amount will be sent to the mpesa number you used while applying and registering
The procedure is as follows;
Log into your Timiza app
The amount limit of the loan you can get will be displayed in your app
Choose, “My Loans”
Select, “Request Loan”
Please enter the amount you want to borrow but do not exceed your loan limit as it will not be approved
Select, “Continue”
Patiently wait for the funds to be deposited into your account
HOW TO REPAY THE LOANS
Log into your app
Click, “Repay Loans”
You can either choose to repay the loans fully or in installments
Also, you can opt to transfer funds into the timiza account and pay from there or pay from your Mpesa account
Then proceed to enter your Timiza Pin
Then click continue
In case of any inconvenience, while using mpesa, you can use the Mpesa pay bill (300067) to repay the loan. You can also go to any Absa Kenya Bank Branch to repay your loan
Important factors to note
You must be eligible to borrow a loan from the Timiza Loan App. It is known by checking your rating at the Credit Reference Bureau(CRB).
The interest rates are 1.083% plus 5% of the loan amount charged as the loan processing fees. If you do not pay back the loan within 30 days, charges of 5% will also apply.
How to grow your loan limit
One can increase their loan limit by transacting more on mpesa and also increasing user activity on their Timiza Account by using the app to deposit cash
purchase airtime
Pay your utility bills
Subscribe to insurance and many more
You can also dial *848# on your phone and follow the prompts to access the app.