Vooma Loan : How To Apply

Vooma Loan is a trusted online lending platform offering swift solutions to financial needs.

With its user-friendly interface and streamlined process, Vooma Loan provides accessible personal loans to individuals in search of immediate financial assistance.

In this post, we’ll be reviewing all you need to know about Vooma loan and its application.

1The Vooma App

2How to Sign in Using Vooma App

3What Services does Vooma Offer?

4What is Vooma Loan?

5Who is Eligible for Vooma Loan?

6What is Vooma Loan Limit and Interest Rate?

7How can I check my Vooma Loan Limit and Interest Rate?

8The Vooma USSD

9How to transfer money from Vooma to M-Pesa using USSD and App

10How to Deposit Money into Vooma Loan Wallet

11How to Send Money to your Vooma Wallet via M-Pesa

12How to Pay Back Vooma Loan Via M-Pesa

13Vooma Customer Care Services

14FAQs.

15Conclusion

16References

17Recommendations

The Vooma App

The Vooma app, offered by KCB Bank Kenya, is a mobile wallet service designed for easy and secure digital transactions directly from your phone.

It goes beyond simply being a loan application tool.

Listed below is what you can do with the Vooma app:

Mobile Payments:

You can easily pay for goods and services at merchants using Vooma Pay Bill. You can also pay for popular utility bills like Kenya Power prepaid tokens.

Send and Receive Money:

Users can transfer money to other Vooma users for free, regardless of their mobile network. You can even send money to those who aren’t registered to Vooma yet.

Loan Access:

One can apply for and manage Vooma Loans directly through the app. The application process is quick and convenient, with loan decisions received within seconds.

Save Money:

The app allows you to save money, though details on specific savings features aren’t readily available.

The Vooma app simply functions as a comprehensive mobile financial tool for Kenyans, enabling payments, money transfers, saving options, and access to instant credit through Vooma Loans.

Before you can start using the Vooma app, you need to sign up. Below are easy steps to get you registered and ready to go:

First, open the Play Store on your smartphone and find Vooma.
Tap the install button to download and install the app.
After it’s installed, open the app and select Log In.
Put in your phone number and agree to the terms of service, then tap Proceed.
Allow the app to access permissions by tapping allow.
Enter your ID, first name, last name, and tap Register.
Create a PIN for your account and tap Proceed.
Wait for your phone number to be verified.
Once verified, a welcome screen will show up.

That’s it! You’re all set to start using your App.

What Services does Vooma Offer?

A lot of things can be achieved with Vooma.You can :

Pay off your bills using Paybill or Till Number.
Take out cash straight from your Vooma account at an Agent or ATM.
Set up a plan to save money.
Get a loan if you need cash.
Send money to lots of different bank accounts like Equity, KCB, ABC, Bank of Africa, Absa, Cooperative, Family Bank, Faulu Bank, and more.
Add money to your Vooma wallet from M-Pesa, KCB Account, or Credit Card (Visa or Mastercard).
Buy things you need.
Get airtime for your phone.
Check out deals and offers from companies like Jumia.
Send money to mobile money services like M-Pesa and T-Kash.
Send money from your Vooma account to another Vooma Account.

You can also use USSD code *844# to access these services with your phone.

What is Vooma Loan?

Vooma Loan is a mobile-based loan product provided by KCB Bank Kenya, allowing existing account holders to access instant credit via their mobile phones.

It offers features such as applying for and managing loans through the KCB App or USSD code (*522#), fast approval decisions, flexible repayment options, borrowing limits ranging from KES 1,001 to KES 300,000, and repayment periods from 1 day to 1 year.

To be eligible, one must have a KCB Bank account for at least six months with a positive banking history and be registered for mobile banking.

The benefits include convenience, speed, and flexibility in loan management.

It’s also important to consider eligibility requirements, inquire about interest rates directly from the bank, and borrow responsibly.

Who is Eligible for Vooma Loan?

To access the Vooma App, you need a national ID or Kenyan Passport, along with a registered mobile number from Safaricom, Airtel, or Telkom.

The following requirements must be met to be eligible for a Vooma loan:

You must have an active KCB bank account with KCB mobile banking activated.
Maintain the account for at least 6 months.
Make at least 4 deposits during this period.
Ensure the account is regularly operated and not overdrawn.
Be prepared for potential KYC checks by a bank representative.

What is Vooma Loan Limit and Interest Rate?

Vooma Loan lets you borrow money ranging from KSh1,000 to KSh300,000, and you have to pay it back within a month. There’s a processing fee of 7.02% for each 30-day loan.

Your Vooma Loan limit is the most you can borrow at once. It’s different for everyone and depends on things like how good you are at paying back loans and how much money you make.

This helps make sure you borrow responsibly while still getting the money you need. Vooma looks at these things to decide how much you can borrow, so you get the right amount for your situation.

The interest rate on Vooma Loan is how much it costs you to borrow money from them. This rate can change based on things like how much you borrow, how long you take to pay it back, and how good you are at paying back loans.

Vooma wants to make sure their interest rates are fair and easy to understand. They tell you upfront how much it will cost you to borrow money so you can decide if it’s right for you.

Vooma Loan also gives you different options for borrowing money, flexible ways to pay it back, and fair prices, so you can reach your money goals without breaking the bank.

How can I check my Vooma Loan Limit and Interest Rate?

Before asking for a Vooma loan ,you have to have an understanding of how much you can borrow and the interest you’ll be charged.

To help you go through this process easily, we’ve provided simple steps below to check your loan limit and interest rate through the Vooma app or website.

By knowing these details upfront, you can make informed decisions about managing your finances effectively.They are:

Open the Vooma app on your phone.
Log in with your details.
Look for the part in the app that tells you about your borrowing limit and interest.
There, you’ll find out the most you can borrow and how much interest you’ll be charged.
If you can’t find this info on the app, contact Vooma support for help.
You might also find this info by logging in to your Vooma account on their website.

It’s also important to know that being aware of your loan limit and interest helps you plan how to borrow and pay back your loan smartly.

The Vooma USSD

The vooma USSD “*844#” is a code that can be used to activate certain transactions on Vooma. Some of these transactions include:

1.How to apply for Vooma loan via USSD

Vooma loan USSD “*844#” can be used to apply for a loan in Vooma.To use this service, you need to have airtime on your phone.Then you can proceed to:

Dial *844# on your phone.
Choose Loans and Savings which is option 6 from the menu that pops out.
Select Vooma Loans which is the first option.
Then, Pick your loan limit.
Enter your Vooma PIN.
You’ll get your loan limit sent to you by text message.
You can now borrow a loan based on the limit you received.
Then, just follow the instructions. You’ll need to give details like your ID, how much you want to borrow, and how long you’ll need to pay it back.
Take a look at the terms and conditions they show you.
When you’re ready, confirm that you want to apply for the loan.
Now, you wait for a message to say if they approved your loan or not.
If they approve, the money will go straight into your mobile money account.

Spend the money wisely and make sure to pay it back on time. That way, you’ll keep things good with Vooma for future borrowing.

2. How to buy Airtime using the Vooma USSD

Safaricom, Airtel and Telkom services can be bought through Vooma. Below are steps to guide you when buying airtime from these services:

Dial *844# on your phone.
Choose option 5 to buy airtime.
Select option 2 to use your VOOMA wallet for payment.
Decide if you’re buying airtime for yourself (option 1) or someone else (option 2).
Pick the network provider you are recharging.
Enter the phone number and the amount of airtime you want to buy.
Type in your VOOMA PIN for security.
Press 1 to confirm the transaction.

How to transfer money from Vooma to M-Pesa using USSD and App

1.Via USSD

To transfer money from Vooma to M-Pesa via USSD is a straightforward process that allows you to conveniently send funds to your M-Pesa account from your Vooma wallet.

By following a few simple steps through the USSD menu, you can securely complete the transaction and receive a confirmation notification once it’s done. Below are the steps to guide you through the process effortlessly:

Dial *844# on your phone.
Select the option that says “Pay.”
Choose “Send Money” from the menu.
Then, select “To M-Pesa” as your destination.
Enter the phone number you want to send money to.
Next, type in the amount you want to send.
Enter your Vooma PIN to confirm the transaction.
You’ll receive a notification confirming the transaction once it’s completed.

2. Via App

Before transferring money from your Vooma account to M-Pesa using the app, it’s important to follow these steps to ensure a smooth transaction from start to finish.

Open the app and log in.
Tap on “Send Money.”
Choose M-Pesa from the options.
Type in the phone number and how much money you want to send, then press submit.
Enter your PIN to confirm and send the money.

How to Deposit Money into Vooma Loan Wallet

Open your mobile money menu, like M-Pesa for Safaricom users.
Choose the “Lipa na M-Pesa” option.
Select “Pay Bill.”
Type in the Vooma Loan pay bill number. (You might need to check with Vooma for this number).
Use your Vooma Loan account number as your account number. Usually, this is your registered phone number with Vooma.
Enter the amount you want to deposit into your Vooma loan wallet.
Confirm the transaction by entering your M-Pesa PIN.
Double-check the details and confirm to finish the deposit.
Once successful, you’ll get a confirmation message from M-Pesa.
The deposited money will show up in your Vooma loan wallet, ready for loan repayment or other transactions.

How to Send Money to your Vooma Wallet via M-Pesa

Follow these easy steps to deposit money into your Vooma Wallet using M-Pesa:

Open M-PESA on your phone.
Choose “Lipa na MPESA.”
Select “Paybill.”
Enter the business number: 800200 (VOOMA Paybill number).
Use your phone number as the Account number.
Enter the amount you want to deposit.
Complete the transaction with your M-PESA pin.
Wait for a confirmation message.

How to Pay Back Vooma Loan Via M-Pesa

To pay back your money using M-PESA,

Open M-Pesa on your phone.
Choose “Pay with M-Pesa.”
Pick “Pay a Bill.”
Type in the Vooma Loan’s bill number. (Ask Vooma if you’re not sure.)
Put in your Vooma Loan account number, usually your phone number.
Enter the amount you want to pay back.
Confirm with your M-Pesa PIN.
Double-check the details and confirm to finish.
You’ll get a message confirming the payment.
The money will be taken from your M-Pesa and put towards your Vooma loan to lower what you owe.

Vooma Customer Care Services

If you need assistance or have any inquiries regarding VOOMA services, there are several ways you can get in touch with their customer support team.

Whether it’s a question about your account or you need help with a transaction, reaching out is simple.

To reach VOOMA customer support, you can call them at these phone numbers: +254 711 087 000 or +254 732 187 000. You can also email them at centreinternal@kcbgroup.com or send them a text message at 22522.

FAQs.

What is the Vooma app?

The Vooma app is a mobile wallet service provided by KCB Bank Kenya, facilitating digital transactions directly from your phone.

What can I do with the Vooma app?

With the Vooma app, you can make mobile payments, send and receive money, access Vooma Loans, and potentially save money.

How do I sign up for the Vooma app?

To sign up, download the Vooma app from the Play Store, enter your details including phone number and ID, create a PIN, and wait for verification.

What services does Vooma offer?

Vooma offers a range of services including bill payments, cash withdrawals, savings options, loan access, mobile money transfers, airtime purchases, and access to deals from partner companies.

Who is eligible for a Vooma Loan?

To be eligible, you must have an active KCB bank account with mobile banking activated, maintain the account for at least 6 months, make at least 4 deposits during this period, and ensure the account is regularly operated without being overdrawn.

What is the Vooma Loan limit and interest rate?

Vooma Loan lets you borrow from KSh1,000 to KSh300,000 with a processing fee of 7.02% for each 30-day loan. The interest rate depends on factors like the amount borrowed and repayment duration.

How can I check my Vooma Loan limit and interest rate?

You can check your loan limit and interest rate by logging into the Vooma app or website and accessing the relevant section. Alternatively, contact Vooma support for assistance.

How do I apply for Vooma Loan via USSD?

Dial *844# on your phone, choose Loans and Savings, select Vooma Loans, pick your loan limit, enter your Vooma PIN, follow the instructions, and wait for loan approval.

Conclusion

The Vooma app, provided by KCB Bank Kenya, serves as a versatile financial companion for Kenyans, offering a wide range of services beyond mere loan applications.

With features like mobile payments, money transfers, savings options, and access to instant credit through Vooma Loans, it empowers users to manage their finances conveniently and securely.

Whether it’s paying bills, sending money, accessing loans, or even purchasing goods and services, Vooma provides a comprehensive solution accessible through both the app and USSD code *844#.

One can boldly say that Vooma stands as a reliable ally in achieving financial goals and enhancing financial well-being for its users across Kenya.