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iPesa Loan App:  How to Download and Apply For Loan

By Oluchukwu Ikemefuna

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In today’s fast-paced world, managing funds can be difficult. That’s where the iPesa Loan App comes in, providing a lifeline to individuals in need of immediate cash. But how do you borrow from iPesa? It’s easier than you might imagine. 

The iPesa loan app, regarded as one of Kenya’s best mobile lending applications, is the most recent loan app to hit the market, offering quick and easy M-pesa financing. The Ipesa app is currently the most popular lending app in Kenya, according to the Google Play Store. So, if you’re thinking, “How do I borrow from iPesa?” The answer is only a download away!

This article will explain how the loan app works, as well as how to download and apply for a loan. It is a useful solution for M-Pesa customers who have trouble obtaining formal loans. We will go over the app’s features, how to download it, and how to return the loans. Let’s get started.

Overview of the iPesa Loan App and How it Works

How to Borrow from iPesa

iPesa Loan is one of Xcredit Kenya’s most recent credit apps. It has more than 500,000 downloads and a 3.9-star rating. The Play Store has almost 40,000 app reviews. The App’s current software version is 1.0.35 with a file size of 6.1 MB.

It provides qualifying individuals with fast, dependable, and convenient emergency financing. It is one of the country’s top financial apps, with numerous excellent evaluations. Because iPesa does not have a USSD code, you will need a smartphone to access the loans through the app.

The iPesa lending app works by using a machine-learning algorithm to determine your creditworthiness. It analyzes your device’s messages and other information to estimate your ability to repay loans on time. If you do not feel comfortable using this service Reading such information on your smartphone does not qualify you for financing. 

Related – Opesa Loan: How to Access it

Key Features of the iPesa Loan App

The iPesa loan app provides a variety of features that make it one of the most popular mobile lending apps for microloans. Let’s have a deeper look at these capabilities.

1. Quick Loan Application Process

The iPesa Loan App provides an effective and convenient loan application process. You may download the app from the Google Play or App Store, fill out the necessary information, and submit your application. The software will then analyze your data and let you know if you qualify for the loan.

2. Flexible Loan Amounts

The iPesa Loan App allows you to borrow loans of varying sizes. You can borrow as little as 500 Kenya Shillings or as much as 50,000 Kenya Shillings. This implies you can acquire a loan for an emergency, to make a payment, or for another urgent financial need.

3. Quick Fund Transfer

One of the most notable features of the iPesa Loan App is the quick transmission of payments. Once your loan is approved, the funds will be transferred immediately to your cellular money account within minutes. This allows you to access the cash as soon as you need them, without any delays.

4. Competitive Interest Rates 

The iPe­sa Loan App provides lower interest rates than conventional lenders. This implies you could acquire a loan at a reasonable rate, saving you money in the end. The interest rates are also explicit, so you know exactly how much you’ll need to repay.

5. Repayment Flexibility

The App provides multiple repayment options, allowing you to choose the plan that works best for you. You can repay the entire loan at once or in smaller installments over time. The software also provides reminders to help you keep on track with your bills.

6. Easy Loan Renewal

Renewing your loan is simple with the iPesa Loan App. You can easily renew your loan if you have repaid at least 50% of the original amount. This means you can continue borrowing from the app as needed.

Also Read – How to Download the Zenka Loan App

How to Download iPesa Loan App

iPesa Loan

Based on the information shown above, it is evident that the only method to obtain credit from this lender is to install their official application. The software is only available through the Google Play Store and the App Store. 

To install this application, you will require the following: 

  1. Active internet connection. 
  2. Basic phone abilities. 
  3. Enough phone storage to support a new program. 
  4. A smartphone running Android or iOS.
  5. M-Pesa Account.

iPesa app download for Android 

  1. Launch the Google Play Store application: Tap the circle or square button in the bottom-middle of your screen to launch your program. To open it, simply tap on its symbol. 
  1. Sign in: If you’ve never used the service before, you’ll need to use your email and password for authentication. 
  1. Search for “iPesa”: In the Search Tab, enter the keyword that is displayed. To start the process, press the enter key. Be patient while your request is being processed. 
  1. Tap the app icon: A new window will open. You’ll see information about the program, such as the description size. 
  1. Start the installation: Tap on the “Install” button, which is normally green and appears next to the software icon. You should then accept the permissions requested in the window to begin the process. Be patient while the Play Store downloads it. 

 iPesa app download for iPhone. 

  1. Open the App Store: It is typically a blue app with an icon of a white “A” encircled by a circle. 
  1. Tap “Search”: The button is situated near the bottom of the screen. You may also utilize the category feature to locate the app. 
  1. Click on the search bar: It will display at the top as soon as you finish step 2. Enter “iPesa” and hit “Search”: It will provide a window with a list of apps connected to your inquiry. 
  1. Tap “Get”: This will be on the right side of the app.
  1. Install: A green button will appear in the same area where Get did. Press it to go to the next stage. 
  1. Authenticate: Verify the installation with your touch ID, password, or face ID. 
  1. Be patient: When the download is complete, locate the app on your home screen. 

Apple is quite strict about allowing third-party installations. As a result, you should follow the procedures outlined above. 

Also Read – Detailed List of Loan Apps Approved by CBN 

How Do I Borrow from the iPesa Loan App?

iPesa Loan App

Now that you’ve successfully installed the app on your smartphone, the following step should be to apply for an iPesa loan. To address your question: How do I borrow from iPesa, follow these steps:

  1. Open the iPesa app and log in with your details. 
  1. As a new iPesa user, you’ll need to provide some information. 
  1. Enter your personal information, such as name, gender, education level, and email address. 
  1. Next, provide your employment status and income information. Enter your family’s information, including marital status, residence, and emergency contacts. 
  1. Then, your borrowing limit will be calculated and displayed on the screen.
  1. Choose the amount you wish to apply for. 
  1. Select the payback period, then Apply. Confirm the amount applied for, repayment duration, and costs, then select Submit. 
  1. In a short period, you will receive the loan in your MPesa, minus the fees deducted upfront.

Eligibility Criteria for iPesa Loan 

It’s vital to recognize the eligibility standards to ensure you stand a chance for a smooth and successful loan application. Let’s explore the eligibility standards for iPesa loans.

To be eligible for an iPesa loan, you must meet the following criteria:

1. Be a Kenyan Resident

iPesa loans are most effective to be given to Kenyan residents. You need to have a valid Kenyan country ID to be taken into consideration for a loan.

2. Be Over 18 Years of Age

You ought to be over 18 years of age to be taken into consideration for an iPesa loan. This is due to the fact you need to be legally able to signal a loan settlement.

3. Have a Steady Source of Income

iPesa requires debtors to have a regular source of profits to make certain that they’re able to repay the loan. This may be in the form of earnings, business income, or some other valid source of profits.

4. Have a Good Credit Score

Having an excellent credit score increases your probability of being eligible for an iPesa loan. IPesa uses credit score ratings to decide the chance degree of each borrower, and those with accurate credit score ratings are taken into consideration less volatile and more likely to pay off the loan.

Read Also – Timiza Loan App: How to Get a Loan from Timiza

iPesa Interest Rate and Repayment Period

The iPesa Interest rate is determined by your payback history as well as the cost of the loan. Depending on the circumstances, the company charges a 12% APR and a 0% service fee. When various variables are considered, the organization may charge a 15% interest rate for 14 days. 

You solely must bear any M-Pesa transaction fees linked with withdrawal and reimbursement. The iPesa loan payment should be completed within 91 days for short-term credit and 180 days for long-term credit. 

How to Repay Your iPesa Loan 

Repaying your iPesa loan is important for your financial stability and trustworthiness. iPesa provides flexible repayment choices to guarantee borrowers have a hassle-free experience. 

Clear your loan by following the steps outlined below: 

  1. Launch the SIM toolkit app: Go to your app list and scroll till you see it. Open it to go to the next stage. 
  1. Choose your favorite SIM card: If your device supports two lines, choose which one you want to utilize. 
  1. Choose “M-PESA”: This will be the second choice in the window. 
  1. Go to “Lipa na M-PESA.”: A new page will be published. When you arrive, you will see this option. 
  1. Tap “Paybill”: Do not utilize the Buy Goods tool since you may wind up paying to the incorrect account. 
  1. Use iPesa’s pay bill number: This is usually 192010. 

Remember that late loan repayment incurs a daily rollover fee of 2% of the borrowed amount.

iPesa Contacts

You can contact iPesa customer support in one of the following ways: 

  • Physical Address: Adlife Plaza, Chania Avenue, Nairobi. 
  • Email: help@ipesa.cc OR service@ipesa.cc. Phone Number: +05488888888. 
  • Website address: www.ipesa.cc

Final Thoughts 

If you need a loan, the IPesa loan app can help. Borrow between 500 Ksh and 50,000 Ksh and have it put immediately into your M-Pesa account. 

Download the app, enter your M-Pesa number, and select your desired loan amount. Short approvals mean you can get the cash you need in minutes. iPesa provides a convenient alternative but borrows responsibly. 

Make sure you can return the loan within the payback period (91 to 180 days) to avoid additional fees. Borrowing only what you can afford to repay on time will also help you build a good credit score and boost your chances of being approved for larger loans in the future.

Frequently Asked Questions

What amount can I borrow?

Currently, loan amounts range between Ksh 5,000 and Ksh 500,000. If you return debts on time, the amount you can borrow increases.

What networks does Ipesa support?

iPesa currently supports Safaricom and hopes to increase its coverage shortly.

How does Ipesa determine its financing decisions?

Ipesa makes loan judgments based on phone data, such as handset details and financial transaction SMS messages. iPesa combines this with your Ipesa repayment history to create a personalized credit score, which influences the loan offers you receive.

Why was my loan request rejected?

Don’t be concerned if your application is not accepted! It may take multiple efforts to qualify for a loan. We recommend you continue saving data on your phone and reapply after the specified time frame.

My repayment was not reflected. What shall I do?

If you do not receive confirmation from iPesa that your payback was received within a few hours, please send iPesa the transaction confirmation message you received along with the number you used to make the payment via “Customer Care”.

Reference

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Onyinyechi Ikemefuna
Onyinyechi Ikemefuna

Ikemefuna Onyinyechi Patience, a skilled Content Writer hailing from Anambra State Nigeria, holds a Higher National Degree in microbiology from Federal Polytechnic Oko, Anambra. Armed with robust research and SEO expertise, she excels in crafting articles spanning technology, finance, healthcare, education, and lifestyle. Her work stands out for its ability to authentically inspire and engage while inciting action. Beyond her writing prowess, Ikemefuna finds joy in reading, exploring movies, and delving into continuous research, contributing to her growth as a proficient writer.

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