Timiza Loan App: How To Register, Apply for A Loan, Interest Rates, and Everything You Need To Know

This article will give you everything you need to know about the New Timiza Application in Kenya. Are you looking for the best Loan app in Kenya? Read to the end of this guide to know how you can benefit from the Timiza Loan App in all advantages.

Timiza Loan App: How To Register, Apply for A Loan, Interest Rates, and Everything You Need To Know
Timiza Loan App: How To Register, Apply for A Loan, Interest Rates, and Everything You Need To Know

Launched in 2018, after Barclays Bank Kenya shifted its way of business to be the Known ABSA Bank of Kenya, Timiza has been the perfect Loan Application that has come to the aid of Many Kenya since its early days. Primarily Timiza application is Known for its better Loans, attracting Intrest rates, and the ability to provide Loans to even Non-ABSA members.

Like many Loan applications that you may be aware of, Timiza will also require you to fulfill a set of demands and, most significantly, access the application from your favorite App Store. As of the Time of the Publication of this article, the application has more than a 4.3-star rating on Google Playstore and more than 500,000 downloads. The story is still the same on Apple iOS Store. 

Requirements for being awarded Timiza Loan 

The first that Timiza will also require from you before being awarded a loan to your Account ios is that you must be able to meet all the requirements put forward by them. There are no other means to get around this scheme. Here is what you need to Know:

  • You must have Safaricom Number linked to Mpesa
  • Your Safaricom Line should have carried Mpesa transactions for more than six months.
  • Your credit rating at the Credit Reference Bureau shouldn't be poor
  • You must be over 18 years of age with proof of your National identity v card.
  • You shouldn't already be in debt to Timiza.

 After you are done with this stage, which is necessary, you can then proceed and start applying for Timiza Loan.

 How to apply for a Timiza loan

Timiza provides loans from 50 shillings to 100,000 shillings directly to your Mpesa account. The loan's interest rate is 1.17 percent, plus a 5 percent facilitation charge. These loans have a 30-day repayment period, depending on the amount borrowed. To Apply for Timiza, remember that you will be required to own a smartphone and register for their service

Make sure that you have installed the application on your smartphone. Open the application and register your details with ABSA Kenya by providing all the necessary details, such as your Safaricom number and National Id and verify the process. Once the application has been validated, you will receive your Timiza Pin via SMS. Please note that the Timiza Pin will always act as a doorway you will be used to verify that you are the right person when trying to log in to your account.

 Here are a couple of ways that you can use to apply for a Timiza Loan directly to your smartphone. 

Method One: Using Timiza App

  •  Get your phone's Timiza app open.
  • To log in, enter your four-digit pin.
  • Choose "Go to My Loans." This will be shown in the app, as you will see.
  • select ask for a loan
  • Don't exceed your loan limit when entering the amount you intend to borrow.
  • To apply, click proceed.
  • Wait for Timiza to respond and confirm the status of the loan.
  • You'll get a deposit of the funds into your Timiza account.
  • Transfer the funds to your mpesa account now. 

Method Two: Using Timiza Short USSD code

This method only applies to holders of a Safaricom SIMCARD

  • Dial *848# on your phone.
  • Enter your 4-digit PIN and click "OK."
  • Select "Loans" under Option 3.
  • Enter the amount you want to apply
  • A confirmation message informing you that your loan has been disbursed to your Timiza account will be sent to you.
  • If it is not yet done, go back to  *848# and log in to withdraw money to M-Pesa.
  • To make a withdrawal to your Mpesa account, choose option 2.
  • Await the mpesa confirmation notification indicating payment has been received.

  How to pay your Timiza loan

 As mentioned earlier, when applying for your Timiza Loan, you must pay the loan back after a certain period. Failure to which Timiza Via ABSA will award you with several penalties, one of them being listed on CRB. Therefore it is advisable to repay your loan on time to avoid issues later on.

When paying your Timiza Loan, it is advisable to have enough float in your account to finish the repayment procedure successfully. Here are the various steps that you can use to repay your loan.

Method 1: Using Timiza, pay bill  number 300067

  •  This step is straightforward to follow. Only do the following:
  • You can use Mpesa App or use the normal Mpesa on your phone
  • Go to Lipa na mpesa.
  • Select the PayBill option
  • Type in Timiza paybill number as 300067.
  • Enter your account number and the phone number that received the loan during the application.
  • Press OK after entering the amount you want to send to your Timiza account.
  • Enter your pin, and Safaricom will send you a message to confirm the transaction in your Inbox.

 Method 2: Timiza App

  •  Log in to your Timiza account using the app.
  • Choose my loans
  • Click on "Repay Loan" now.
  • Choose the account from which the money will be debited, such as MPESA
  • Enter your Timza Pin for the transaction to go through, and Click on continue.

 Other Features of the Timiza Loan App

 The Timiza Loan App from ABSA Bank is a true definition of a current product. Why so? The application itself is not just limited to being a Loan a[p service as it you with a couple of valuable features that you can take advantage of:

  • It can be used as a savings account
  • It can be used to ask for mini statements and balance inquiries.
  • It can be used for paying bills such as GOTV, DSTV, KPLC, etc.
  • It can be used to make airtime purchase
  • It can be used to look up the currency conversion rates.
  • It can be used to obtain insurance.
  • It can be used to hire a cab using a tiny Cab.

 Timiza Customer Care and Contacts

Below are ways that you can use to reach out to the Timiza help desk in case of an issue surrounding Timiza. To be on the safe side, here is the official contact Information from Timiza:

Telephone number: 0722130120 | 0732 130120

Website: https://www.absabank.co.ke/personal/ways-to-bank/timiza/

Email: barclays.kenya@barclays.com

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