iPesa Loans:Here Is How To Apply, Loan Amounts, and iPesa's pay bill number
Looking for a reliable source of collateral-free loans in Kenya? Read this article on iPesa, the mobile loan app that offers higher borrowing limits and instant disbursements.
There's a significant surge in the Kenyan mobile loan market, with an increasing number of loan apps making borrowing a breeze. One is iPesa, a popular lending platform quickly becoming a go-to solution for Kenyan borrowers. In this article, we'll dive deep into everything you need about iPesa.
What are your ideas?
Owned by Chinese billionaire Junjie Zhou, iPesa is a mobile app that promises quick, collateral-free loans ranging from Ksh 500 to Ksh 50,000, based on eligibility. The app offers a loan repayment tenure of 91 to 180 days and is lauded for its efficiency in financial emergencies. However, keep in mind any delay in repayment could lead to CRB blocklisting.
Why Choose iPesa Loan App
Several reasons make iPesa a worthy option for your borrowing needs:
- No hidden charges
- No collateral required
- Protection of personal data
- Quick loan disbursement to your MPESA
- Higher borrowing limit with timely repayments
- Responsive customer support
Eligibility and Registration
To get started with ideas, you must be 18 or older, have a registered Safaricom line with an active MPESA account, and have an internet-enabled Android phone. Unfortunately, iPesa is currently unavailable for iPhone users.
Once you've met these primary conditions, you can download ideas from Google Play, launch the app, select new registration, and agree to share your SMS and contact information.
How to Apply for an iPesa Loan
Applying for a loan on ideas involves three steps:
- You must fill in personal details, including your name, ID number, date of birth, and education level.
- You must provide work information such as your employment status, monthly pay, and payday frequency.
- You'll need to give emergency contact details to at least two people.
After verification, ideas will provide you with a loan limit for application.
iPesa Loan Limit and Repayment
The loan limit on iPesa ranges from Ksh 500 to a maximum of Ksh 50,000. Timely repayment, frequent transactions with MPESA, and avoiding CRB denylisting could increase your borrowing limit.
Repayment is simple. Use the MPESA app, select 'Lipa na MPESA,' click on 'Paybill,' enter iPesa's pay bill number (192010), your account number, and the repayment amount, and confirm the transaction.
Interest Rates and Late Repayment
iPesa charges a 15% interest rate for 14-day loans and a standard 12% APR for 91-180 day loans. Late repayment attracts an additional 2% per day. In case of continued non-payment, iPesa could report you to CRB, leading to blocklisting.
iPesa Rewards and Disadvantages
Loyal customers can occasionally receive coupons and other rewards. However, iPesa's interest rates can be higher than bank charges, and if you default, they could contact your provided emergency contacts. Additionally, users have reported frequent calls from customer service, which can be irritating.
For any inquiries, reach out to iPesa through their phone number (0757222979), landline (+05488888888), or email ([email protected]). You can also visit their physical office at Chiromo Lane, Westlands, Nairobi, Kenya.
In the rapidly expanding mobile loan market, iPesa stands out with its fast, collateral-free loans and responsive customer service. However, users need to keep in mind the high-interest rates and potential for calls from customer service. By keeping up with repayments, users can benefit from this handy tool to address short-term financial needs without going through the lengthy process often associated with traditional loans.
Remember, the iPesa is a tool to help meet immediate financial needs, but it should not be used as a long-term financial solution. Always borrow responsibly and ensure you can repay your loan on time to avoid being blacklisted by the CRB. Additionally, while iPesa protects your data, you should always be cautious about sharing personal details online.
Frequently Asked Questions (FAQs)
Is it a scam?
No, iPesa is a legitimate loan app in Kenya offering quick loans to Kenyans.
Can I access iPesa outside Kenya?
Currently, iPesa is only available to Kenyan residents.
Can I extend my loan repayment period?
iPesa does not currently offer the option to extend the loan repayment period.
How quickly can I get a loan on ideas?
Once your application is approved, funds are usually disbursed to your MPESA account within minutes.
Is there a limit on how many loans I can take out immediately?
You can only take out one loan at a time on ideas. Once you've repaid your current loan, you can apply for another.
What can I do if I can't repay my loan on time?
If you need more time to repay your loan, contact iPesa customer service immediately. Be aware that late repayment can lead to being denied future loans, or you can be added to CRB.
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