The Timiza Loan app is one of the best and most sought after loan apps in Kenya, with over 1,000,000+ downloads since its launch in 2021. The loan app is easily available, only requiring an Android 6.0 and up to efficiently run. Timiza loans range from KSh 50 to KSh 1,000,000, with the credit score primarily determined by the borrower’s repayment history.
With the Timiza loan app, you can get instant loans, transfer funds, pay bills, or purchase insurance. But there’s more—when you’re registered with Timiza, you can also save and earn returns with the Zidisha savings account. Plus, with the Timiza Goal Savings Account, you can enjoy a competitive interest rate of 9% per annum, paid monthly into your wallet or account.
What are the requirements for a customer to have a Timiza Account?
- Be a registered Safaricom Subscriber.
- Be a registered Safaricom M-PESA customer.
- Have an active Safaricom M-PESA account/line.
- Hold a Kenyan National Identification Document (ID). Kindly note that Kenyan passports are not allowed.
Who is eligible for a Timiza Loan?
To qualify for a Timiza loan, you must be an M-PESA subscriber for over 6 months and actively use other Safaricom services, such as voice, data, and M-PESA. Additionally, you’ll need a positive rating from the Credit Reference Bureau (CRB) and a good standing with Safaricom’s Okoa Jahazi service.
What are the features of the Timiza Loan?
- A Timiza loan carries a one-time interest charge of 1.083% and a facilitation fee of 5% on the borrowed amount for a 30-day term.
- The loan is disbursed to your Timiza account, not directly to M-PESA. You can access the funds by transferring from your Timiza account to M-PESA. A withdrawal from your Timiza wallet to M-PESA incurs a charge of KSh 32. Additionally, The M-PESA account must be the one registered with your Timiza account.
How to Apply for your first Timiza Loan?
- Launch the Timiza Loan app on your phone.
- Enter your PIN to log in.
- Your Timiza loan limit will be displayed on the home screen.
- Tap on “My Loans.”
- Select “Request Loan.”
- Enter the amount you wish to borrow.
- Click “Continue.”
- Timiza will verify if your loan application is successful.
- Wait for a confirmation message indicating whether you’ve qualified for the loan.
NOTE: If you qualify, your loan limit will be displayed when you log into your Timiza account, allowing you to borrow instantly.
How to Apply for the Timiza Loan through an USSD?
- Dial *848# on your mobile phone and ensure you’re registered for a Timiza account.
- Enter your Timiza PIN.
- Select option 4: “Loan.”
- Select option 1: “Request Loan.”
- Select option 1: “Get Cash.”
- Enter the amount you want to borrow.
- Confirm the loan amount.
- Timiza will send a confirmation SMS.
NOTE: You need airtime to use this service.
Read: The Top 10 Loan Apps With the Lowest Interest Rates in Kenya
How to Grow your Timiza Loan Limit?
- Increase activity on your Timiza account by using various services available, such as depositing cash, purchasing airtime, paying utility bills, or subscribing to insurance.
- Open and grow your savings with the Zidisha savings account on Timiza.
- Increase your usage of M-PESA services.
How to Pay your Timiza Loan?
- On your M-PESA menu, select “Lipa na M-PESA.”
- Choose “Paybill.”
- Enter 300067 as the business number.
- Use your Timiza registered phone number as the account number.
- Enter the amount you wish to repay.
- Input your M-PESA PIN.
Alternatively, dial *848#, enter your Timiza PIN, select the “Loan” option, and choose “Pay Loan.”
NOTE: If you fail to repay the Timiza loan in full within the agreed timeframe, a roll-over fee of 5% of the outstanding amount will be applied. The repayment period will be extended by an additional 30 days. Your Timiza account may be terminated if the loan is not repaid within the agreed period.