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Watu Credit Loan App: How to Apply 

By Oluchukwu Ikemefuna

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Ever had a time when you needed some extra cash? Maybe an unplanned bill arrived, or you have an awesome opportunity that you don’t want to miss out on but need some money upfront.  That’s where the Watu Credit Loan App comes in. 

You may be familiar with Watu through their “Watu Simu” program, which is designed to help people finance smartphone. Now, they are introducing a convenient way to apply for loans right from your phone. The Watu Credit Loan App can serve both new customers and those with experience in Watu Simu.

Watu Credit Loan App provides loans under their Watu Simu service, allowing you to borrow up to KES 50,000. The app also has very competitive interest rates so you don’t end up paying more than what is necessary.

Besides loan applications, you can also run the Watu Credit Loan balance check directly through the app. This will help keep track of your repayment schedule and avoid any late fees or penalties.

In this article, we’ll take you through the process of applying for a loan using the app, and even show you how to run the Watu Credit loan balance check if you’ve already borrowed from Watu. Let’s get started!

About Watu Credit  

Watu Credit is a dynamic, rapidly expanding non-bank credit company that employs technology to offer both secured and unsecured loans, primarily via mobile applications. Watu Credit, headquartered in Mombasa (Nyali), aspires to be Africa’s premier provider of a diverse range of inclusive financial solutions supplied quickly, efficiently, and professionally via technology. 

The company began operations in July 2015 with a clear objective of becoming the greatest provider of short and medium-term loan solutions suited to the specific needs of target clients and provided via mobile technology. 

The company offers asset financing (motorcycles and three-wheelers) as well as group lending solutions (short-term and business loans), and it is actively expanding with 19 branches in Kenya and wants to expand into Uganda and Nigeria. Watu Credit takes pride in providing cashless loan disbursement and collection services, as well as 24-hour access to account balances. 

The company is a specialty asset finance company that focuses on social enterprise. Watu Credit is continually reinventing itself, trying to increase its market position while also empowering a disadvantaged and low-income part of the developing world’s population.

Read Also – Shika Loan App: How to Apply

Key Features of the Watu Credit Loan App

The app has some unique features that set it apart from the other lending apps on the marketplace. The following are the primary features of this app:

1. Quick and simple application process 

Watu Credit Loan App is a simple application process. Your application can be completed in a few minutes by providing basic information such as your name, ID number, and mobile number. After submitting your application, you will receive a response within minutes.

2. Flexible Repayment Terms 

Watu Credit Loan App offers customizable payment periods, allowing you to choose the repayment period that works best for your financial situation. You may also choose to pay back on a weekly or monthly basis, whichever is more convenient for you.

3. Competitive Interest Rates

The Watu Credit Loan App offers cheap interest rates, making it an affordable solution for debtors. The interest rates are generally computed depending on the loan amount and the repayment duration, ensuring that you only pay what you can afford.

4. No collateral is required.

Unlike traditional loans, the Watu Credit Loan App doesn’t demand collateral. This strategy allows you to apply for a loan even if you have no assets to submit as collateral.

5. Excellent customer service.

The Watu Credit Loan App provides great customer service, guaranteeing that you receive assistance when you need it. The customer support representatives are available 24 hours a day, seven days a week via phone, email, and live chat.

Does Watu Credit Provide Cash Loans?

Watu Credit’s processes are automated. The company provides credit to enable customers to acquire Tuk-tuks and Boda Boda. Watu Credit specializes in asset finance. 

This implies they fund the acquisition of two- and three-wheeled automobiles. As a result, Watu Credit does not provide traditional cash loans.

To obtain a Boda Boda with Watu Credit, you must submit a down payment of Ksh20,000. The down payment for a Tuk-tuk is Ksh50,000.

Also Read – Top 15 Mobile Loan Apps in Kenya For Instant Loan

Requirements for Watu Credit Loan Application

To qualify for a loan with Watu, you must have:

  1. The borrower and guarantor must have valid national IDs and a KRA PIN certificate.
  1. The usual age ranges from 20 to 65 years. However, children between the ages of 18 and 19 must accompany their parents.
  1. They require one guarantor aged 20 and higher.
  1. A down payment of Ksh 10,000 is required for motorcycle finance and Ksh 50,000 for tuk-tuk financing.
  1. A legitimate Safaricom phone number for six months.

If you meet all of the standards listed above, Watu Credit will quickly approve you for a Boda Boda loan. If the approval process takes longer, the loan officer will offer a day when you can pick up your asset. 

Before you leave with your asset, make sure you have a copy of the loan agreement, as it will help you if you disagree with the lender later.

What is Watu Simu?

Watu Simu is a Kenyan program that offers financing solutions to help people buy smartphones at lower prices. Instead of paying the whole amount upfront, Watu Simu allows you to divide the cost of a smartphone into regular installments.

This is how Watu Simu operates in detail:

  1. Financing Partner: They work with phone dealers in Kenya to provide such programs. There are clues that these intentions are not confined to Samsung phones, but Samsung is their primary partner.
  1. Affordable installments: The most distinguishing aspect is the breakdown of the total amount into smaller weekly installments. This allows users to budget for the cost of a smartphone in addition to their other expenses.
  1. Geographical Restriction: Watu Simu currently only provides services in Kenya. This concentrated approach allows them to tailor their solutions to the specific needs and laws of the Kenyan market. If you live in Kenya and want to get a new phone on a budget, you should choose Watu Simu.

Read Also – Okash Loan App Download

How to Apply for a Loan Through Watu Credit Loan App

To apply for a loan using the Watu Credit Loan App, complete these steps:

  1. Download the application: Visit the Google Play Store and download the Watu Credit Loan App.
  1. Install and Open: After downloading, install it on your phone and launch it.
  1. Create an Account: If you don’t already have one, create one. You may be requested to supply private information such as your name, phone number, email address, and even identity documents.
  1. Log in: After setting up your account, enter your credentials.
  1. Navigate to Loan Application: Find the “Apply for a Loan” feature or something similar within the app.
  1. Fill out the Application: Complete the loan application form. You may be required to supply information such as employment data, monthly wages, preferred loan quantity, and compensation terms.
  1. Submit Documents: Some loan applications may require you to provide some assisting files, such as identity documents, proof of income, and even images of yourself, for verification purposes. Make sure to give all required documentation appropriately.
  1. Review and Submit: Before sending your utility, double-check all of the information you provided to ensure it is correct and complete.
  1. Wait for Approval: After submitting your application, wait for the lender to review it. Approval times vary depending on the lender and the application’s process. Receive the asset and ride home.

How to Check Your Watu Credit Loan Balance  

To check your Watu Credit loan balance, phone *876# and follow the directions to access Watu Credit’s online services.

Steps to Check Your Watu Credit Loan Balance:

1. Enter the USSD code *876# on your phone.

2. Choose the “My Loan” option.

3. Then choose Check Balance.

When checking the balance, your mobile service provider’s usual SMS/call fees may apply.

How to Check Watu Credit Loan Balance via SMS

You can check your Watu Credit balance by sending an SMS to Watu Credit Customer Care at 0800 202 777, where a member of their team will give you your loan balance. Alternatively, you can stop by any of their branches across the country.

Also Read – Tala Loan app: How to Apply for a Loan

How to Pay Watu Credit Loan

You may quickly pay your Watu Credit loan with the pay bill number 650880. The company does not take cash payments. To pay your loan debt, enter Watu Credit Paybill number 650880 and your phone number as the account number.

Steps for paying Watu Credit Loan using Paybill Number 650880:

  1. Go to the MPESA Toolkit.
  1. Select Lipa na MPESA, and then Paybill Option.
  1. Enter the Paybill Number: 650880
  1. Enter your National ID Number as your account number.
  1. Enter the amount to repay.
  1. Enter your MPESA pin.
  1. Confirm that all of the information is correct before pressing the send button.
  1. To submit it, simply press the submit option.
  1. You will receive a notice confirming that your loan was successfully repaid. 

That is how to repay the Watu Credit loan. If you have any problems, please contact their customer service personnel for assistance.

How to Contact Watu Credit

There are a few ways you can contact Watu Credit. You can contact Watu Credit using the following information:

  • Phone Numbers: +254 790 000 999 or +25 709 739 000, +254 719 111 000.
  • Email address: info@watucredit.com.

Final Thoughts

Watu Credit Limited is a microfinance institute that specializes in sustainable and inclusive lending. Their objective includes sharing and contributing to the economy’s long-term development.

They give access to finance for micro, small, and medium-sized firms. When they serve clients well, they bring a targeted value, as well as the ideals of independence, integrity, and openness. 

If Watu’s loan app was useful to you, that’s excellent. You may quickly check your loan balance straight on the Watu Credit loan app, with no need to call or visit branches. Always remember that Watu Credit is here to help, so if you’re considering another loan, the application process should be familiar by now!

Frequently Asked Questions

What is the Watu Credit pay bill?

650880 is the pay bill number for Watu Credit. Watu Credit does not accept cash.

How long does it take to receive my motorcycle/tuk-tuk once I have completed the application process?

Applying for and receiving a motorcycle or tuk-tuk takes only two hours. However, if unforeseen circumstances necessitate a delay, the front office person in charge will notify you of the date.

How can I check the status of my Watu credit loan?

To check your loan balance with Watu, phone *876# and follow the prompts. Please be aware that your mobile service provider’s usual SMS/call fees may apply. You can check the account status at any time of day or night.

What is the penalty for what credit?

If the Borrower fails to repay the Loan and/or Interest, or any other sum due or payable to the Lender, the Borrower will be assessed a 0.5% daily penalty on any outstanding balance.

How can I contact Watu Simu?

If you have any questions about your phone service, please call Watu Simu Customer Care at 0800 722 245. The team will guide you to the nearest authorized service location where you can receive assistance with phone service/maintenance. My phone is either lost or stolen.

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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