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Timiza Loan App: How to Get a Loan from Timiza

By Oluchukwu Ikemefuna

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More quick loan apps are rising every day, and it is difficult to choose the right one.

Although many promise to skip long paperwork, you still need some identification and requirements to meet up with. This is where the Timiza loan app stands out. 

Timiza Logo
Timiza Official Logo
Source: Timiza’s Website

Developed by Barclays Kenya, the Timiza mobile loan app is transforming how Kenyans access loans. The conditions of Timiza are quite simple: have a smartphone.

With a smartphone, you can access the Timiza loan no matter where you are in the country. And the good thing is that you don’t need a bank account to operate Timiza.

You can borrow, save money, repay loans, pay your bills, get a can, and do much more at the snap of your finger. 

This article dives into the ins and outs of the Timiza loan app. Let’s get into it.

About Timiza App

Barclays Bank launched the Timiza app in 2018 to reach Kenya’s expanding mobile money market. Through a smartphone app, it facilitates consumers’ access to unsecured loans. 

The app has received over a million downloads, and with it, you can borrow up to one million Kenyan shillings.

Numerous services, including bill payment, insurance, and money transfers from your Absa bank account, are available through the Timiza app. But we will just be discussing the loan product in this post.

What is Timiza Loan?

With Timiza Loans, you can get credit quickly and without all of the paperwork involved in applying for a loan. 

First, obtaining a Timiza loan does not require completing an application.

You can access a Timiza loan by phone. This means you may obtain your loan without having to go to an overcrowded and busy banking hall. 

The money will be transferred into your Timiza account after your loan application is accepted and processed. You can then access the money by transferring it to your M-PESA account. 

This M-PESA account should be the one registered under your Timiza account. 

Services by Timiza

The Timiza Digital Loan App offers a plethora of options beyond only enabling rapid loan borrowing. Among the services are

  • Savings via the Timiza Savings Account
  • Utility bill payment services e.g. Pay KPLC/ZUKU/DSTV/GOTV bills
  • Insurance (personal accident and last expense)
  • Buy airtime 
  • Withdraw to your M-PESA account
  • Deposit into your Timiza account
  • Send money to other Timiza users for free

What are the Requirements for Eligibility for a Timiza Loan?

To be eligible for a Timiza loan from Barclays, you need to meet a few requirements:

  1. Active M-Pesa Membership: Before applying for the loan, you had to be a paying member of M-Pesa for a minimum of six months.
  2. Timiza Transaction History: You need to confirm that you’ve been using Timiza for transactions.
  3. Utilization of Safaricom Services: Verify that you have been actively utilizing other Safaricom services before applying for the loan. This covers services including M-Pesa, broadband, and voice.

Why You May Not Be Able to Access the Timiza loan

There are several reasons why you might not be able to access a Barclays Timiza loan:

  1. Listing by Credit Reference Bureaus (CRBs): You could not be qualified for a Timiza loan if CRBs have listed you because of past loan defaults or unpaid obligations.
  2. Low credit rating: If you have a low credit rating, it indicates to the lender that you may have difficulty repaying the loan, making you ineligible for a Timiza loan.
  3. Existing Barclays Timiza loan: You might not be able to apply for another loan until your present Timiza loan is closed or completely repaid.

Conditions Associated with Timiza Loan 

Here are some of the most important terms and conditions associated with the Barclays Timiza Loan 

  1. You will receive a text message containing your loan/credit limit—the maximum amount you can borrow—when you open a Barclays Timiza account.
  2. If your loan limit is Ksh 0 at first, you can boost it by using M-Pesa more frequently, making more transactions, and saving money to improve your credit score.
  3. There are loans available for both emergency use and in-store financing. The Barclays Timiza Menu app allows you to apply for these loans.
  4. You can choose the repayment time, but it has to be within thirty days.
  5. The bank will deposit the funds, less transaction costs and interest, into your Barclays Timiza Deposit Account after your loan is approved.
  6. The amount of interest charged will not be above the legal maximum, which is often four percent more than the advertised rate set by the Central Bank of Kenya.
  7. Repayment options for the loan include bank branches, Timiza Accounts, and M-Pesa.
  8. If repayment is not made within the agreed timeframe, the bank reserves the right to roll over the unpaid balance for a further thirty days, at the bank’s discretionary roll-over fee.
  9. Your Timiza account may be terminated if you are unable to make the repayment. To pay off the outstanding debt, the bank might potentially take money out of your other Barclays Timiza accounts.
  10. Based on regulations from the Central Bank and its policies, the bank maintains the right to change loan terms, including interest rates and fees.
  11. Following banking regulations, information concerning your Timiza account and loan may be disclosed to authorities, regulators, or credit reference bureaus.
  12. The extra money you pay back on your loan will be credited to your Timiza account.
  13. You can repay someone else’s Timiza loan by sending cash to their account.

Application for a Timiza Loan Through the SMS Service 

Applying for a Timiza loan via SMS can be done by dialing *848# on the Safaricom line linked to your Timiza Account and following the instructions. 

How to Apply for a Timiza Loan Through the Mobile App

The procedures to apply for a Timiza loan using the Timiza app are as follows: 

Source: Timize X’s account
  1. Installing the Timiza app on your Android phone:
  • Search for Timiza in the Google Play Store
  • Select Install 
  • Click Open after installation
  • Permit the Timiza app to read messages, make calls, and manage calls.
  • To register, enter your Safaricom line and ID number.

After that, you will set a PIN to log into the application. 

Enter the required login details to access the application. You will notice that the app shows your credit limit and loan amount.

3. Choose “My Loans.”

4. Choose “Request Loan.”

5. Type in the amount you want to take out.

6. Choose “Continue.” 

How to Pay your Timiza loan

The account number is the Safaricom phone number, and you can use MPESA business number 300067 to pay back the Timiza loan.

Or you could just dial *848#. Enter the pin, choose Pay Loan, and then select the loan choice.

Pay Using the MPESA Business Number

Using the MPESA business number, pay as follows:

  1. Go to MPESA.
  2. Choose Lipa na MPESA
  3. Click on the Paybill tab.
  4. Type in 300067 as the business number.
  5. Type the account number into the phone number you registered with Timiza.
  6. Type the amount of your payment.
  7. Type in the MPESA pin.
  8. Verify the information is accurate, then click OK.

How Much One Can Get From Timiza?

The types of loans available at TIMIZA are emergency loans and in-store financing loans. To access these loans, one should navigate through the ABSA Timiza Menu on their phone, and use the ‘Request Loan’ menu

You are free to set a loan repayment period that works for you. However, note that the loan repayment period cannot be less than thirty days.

The bank may decide to accept or reject your loan request without reason. The bank will accept or decline your loan application via SMS sent to the mobile phone number associated with your ABSA Timiza Account

If the bank accepts your loan application, it will disburse the amount to you. The minimum amount disbursed is usually 50 shillings while the maximum amount is usually 1,000,000 shillings.

How to Save with Timiza Using M-Pesa pay bill 300067

  • Open M-Pesa on your phone.
  • Select Lipa na M-Pesa.
  • Now select the pay bill option.
  • Enter the Timiza pay bill number 300067.
  • Next, enter your account number.
  • Now enter the amount you want to transfer to your Timiza account and press OK.
  • Enter your M-PESA PIN and press OK.

Benefits of Saving with Timiza

  • Earn up to 5% return per year on a balance from KES100.
  • The more you save, the higher your chances of growing your loan limit.
  • Interest earned on balances from KES100.
  • If you make no more than 3 withdrawals per quarter, you can earn a bonus of up to 4%
  • Do free transfers to and from your Timiza account.
  • No minimum balance is required.

Benefits of Using Timiza Loan App

  1. Its loan limitations are higher.
  2. Fund transfers are available from M-PESA to Timiza and vice versa.
  3. The facility fees are the lowest in the market at 5%.
  4. Reduced costs and a unique offering for loyal and satisfied borrowers
  5. Rewards for prompt payments, trustworthy transactions, and loyalty
  6. Save money with the Zidisha savings account and apply for loans instantly via phone
  7. Deposit money in Timiza.
  8. Pay DSTV, GOTV, KPLC, and Zuku bills 
  9. Purchase insurance
  10. Purchase time on Airtime
  11. Obtain insurance for last-minute expenses and personal accidents.
  12. Use the mobile app to request a cab

How to Grow Your Timiza Limit

Timiza offers loans from a minimum of Ksh1,000 up to a maximum of Ksh150,000. To increase your Timiza loan limit, consider the following steps:

  1. Increase Timiza Activities: Engage more with the Timiza app by paying utility bills, making cash deposits, purchasing airtime, and regularly saving in the embedded savings account.
  2. Utilize M-PESA and Safaricom Services: Increase your activity on M-PESA and other Safaricom services, including timely repayment of loans.
  3. Timely Loan Repayment: Pay off your previous Timiza loans on time, and if possible, consider early repayment as it is considered beneficial.
  4. Maintain Positive CRB Standing: Ensure you maintain a positive standing with Credit Reference Bureaus (CRBs) by managing your debts responsibly and avoiding defaults.

What You Need to Register for the Timiza Loan App

To register for the Timiza Digital Loan App, you only need to provide two pieces of information:

1. National Identification (ID) Card Number: This serves as your identification within the app.

2. Mobile Number Registered with M-PESA: The phone number linked to your M-PESA account is necessary for communication and transaction purposes.

No other documents or personal information, such as ID photos, employer contact information, guarantor information, or selfies of your face, are required of you. The Timiza Digital Loan App is easier to use thanks to its expedited registration process.

Conclusion

To sum up, the Timiza Loan App from Barclays Kenya is assisting those who frequently struggle to obtain banking services, in addition to transforming the way loans operate. 

You no longer need to bother with lengthy paperwork or wait a long time to receive the money you require. With the help of this useful tool, you may take advantage of chances and overcome obstacles stress-free.

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Peremoboere Numa
Peremoboere Numa

Pere is a versatile SEO writer with a Master's degree in English, who is dedicated to creating engaging and impactful content.

She excels in weaving content that not only informs, enlightens and impacts but but also optimize its online presence to rank on major web sites.

Pere brings a unique blend of linguistic proficiency and SEO knowledge, ensuring that each piece she crafts leave a lasting impact.

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