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Apesa Loan: how to Activate and Access
With more loan apps rising in Kenya today, it can be challenging to pick just one to rely on. The best approach is always to read up on each and weigh the pros and cons, and by this, we mean requirement, loan limit, and repayment length.
If you have been following us here for a while, you have noticed that we have covered almost all of that.
In this article, we discuss the Apesa loan app, which revolutionizes money borrowing through extended repayment periods at incredibly affordable interest rates. If you are wondering how to access and activate it, please read to the end.
Overview of the Apesa Loan App
Developed by APESA Kenya Limited, Apesa App is a trusted loan provider designed specifically for Kenyans. The loan app offers low-interest loans for individuals with good credit scores.
With Apesa App, users can benefit from same-day approval, and access funds swiftly when they need them the most. This loan app also offers multiple repayment methods, enabling borrowers to choose the most suitable option.
The good news for first-time users of the Apesa Loan app is the KSh120 coupon Apesa offers, which is quite uncommon with other loan apps.
Please note that the Apesa Loan App caters exclusively to Kenyan citizens. If you live outside of Kenya, it is recommended to explore loan providers.
Benefits of the Apesa Loan App
Aside from the coupon, there are many more benefits Apesa offers to users. Here is why Kenyans prefer to use Apesa:
Quick loan approval
Loan apps promise to bridge the gap between borrowers and access to loans. By skipping the lengthy paperwork and long queues, you save time. However, some loan apps may take a while to process your loan due to certain due diligence.
They may ask you to submit documents and take time to prove your creditworthiness. This is where Apesa differs, you can get same-day approval for loan applications, and receive funds promptly when needed.
Flexible repayment
It is always advisable to go for loan apps with flexible repayment plans that will give you enough time to pay off your loan. This will help avoid late repayment penalties, blacklisting, or reductions in loan limits.
Some may even go as far as reporting you to the CRB. With Apesa, users can choose repayment periods ranging from 91 to 365 days. This time gives you room to plan your finances and resolve your loan conveniently.
Competitive interest rates
Apesa also offers an appealing annual interest fee of 18%. Compared to other loan apps and banks, this is quite fair.
No hidden charges
Transparency is key with the Apesa App, as there are no hidden fees or prepayments. Borrowers can rest assured that they are aware of the necessary charges upfront.
Convenient repayment methods
Apesa loans are easy to borrow and repay. The app supports various repayment methods, like bank transfers, online banking, and MPesa.
Requirements for Getting Apesa Loan App
To access loans Apesa Loans, users must meet the following requirements:
- Be a Kenyan citizen
- Be at least 20 years old
- Have a good credit score
Eligibility
Apesa Loan App determines users’ eligibility based on their creditworthiness and adherence to the specified requirements. Once eligible, users can access a loan limit based on their financial profile.
How to Apply for Apesa Loan
Once your eligibility has been confirmed and you meet the requirements specified above, then borrowing from Apesa is as easy as pie. Simply follow the steps below:
- Download and launch the Apesa Loan App: Search for the loan app on your Google Play Store, download it, and launch it.
- Create your account: Sign up by filling in the necessary details asked within the app to set up your account.
- Loan application: Once you’re done, it’s time to apply for your loan within the app.
- Select loan amount: Apesa allows you to borrow Ksh 50,000, so choose the desired loan amount within the available range.
- Choose repayment period: With the option of 91–365 days, choose a repayment period that suits you.
- Loan approval and disbursement: After approval, the loan amount will be disbursed to your M-Pesa account.
Interests
Apesa App offers loans at an attractive interest rate of 18% per year, providing borrowers with a cost-effective borrowing solution.
Frequently Asked Questions
What is the loan limit, and how can I increase it?
The Apesa loan limit is different from person to person, given the creditworthiness and history of repayments of members. New users will see the loan limit started with a lower amount, while repeated borrowing and timely repayments raise the overall limit little by little over time. And as one would expect, good financial practices coupled with timely repayments would do just that in slowly raising your loan limit.
How can I repay my Apesa Loan?
To repay your Loan, open the app and select the “Repay Loan” option. Payment is usually made via M-Pesa or any other mobile payment service that may be connected to the application. Repayment should be made on or before the due date to avoid a late fee penalty and to retain a good credit status, which will also affect your loan limit.
Can I take more than one Apesa Loan at a time?
With Apesa, you can only have one active loan at any given time. You will only be allowed to request another after the previously granted one is fully repaid. Upon repayment, you become qualified for another and, with frequent repayments, entitled to higher limits.
What if I am not able to pay on time?
If for any reason you are unable to repay your Apesa Loan by the due date, there may be a charge for late fees or a penalty, and it may affect your line of credit or credit score. Of course, it is always better to contact the support at Apesa if you can’t pay on time; they will probably offer advice or alternative options to help you through your situation.
Can I get an Apesa Loan if my credit history is bad?
Thus, even though Apesa considers bad credit, the loan amount may be lower or lead to higher interest rates. That is why building good repayment history with on-time payments through Apesa and other apps relevant to it will improve creditworthiness in the future.
Conclusion
Borrowing and repaying loans should not be stressful, and this is where Apesa offers a better solution.
It has a quick approval process, flexible repayment options, and transparent terms, it caters to the diverse financial needs of its users.
Whether for emergencies, education expenses, or home renovations, the Loan App provides a convenient avenue for securing timely financial assistance.
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Reference
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