iPesa is a mobile loan app designed to provide quick and convenient access to financial assistance for individuals in Kenya. With over 1 million downloads and a 4.5 out of 5-star rating, the iPesa loan app offers a streamlined solution for those facing unexpected expenses or in need of short-term financial support.
iPesa Loan Details
– iPesa offers loan amounts of Ksh 500 to Ksh 50,000.
–iPesa offers a one-time repayment at the end of the loan term or monthly installments spread over the loan period.
–The shortest loan term for an iPesa loan is 91 days, while the longest is 180 days.
–The interest rates for an iPesa loan range from 36% to 72% annually.
–iPesa charges no service fee for its loans.
–You must be at least 18 years old to qualify for an iPesa loan.
How to Apply for a Loan with iPesa
1.Register with your M-Pesa number.
2.Apply for the exact loan amount you need.
3.Get approved and receive the money.
4.Repay on time to get a credit limit of Ksh 50,000.
How to Repay Your iPesa Loan
1. Go to the M-Pesa menu on your phone and select “Lipa Na Mpesa.”
2.Choose “Paybill” and enter the iPesa loan app paybill number (618755).
3.Enter your M-Pesa number (the one you used to register with iPesa) as the account number.
4.Input the exact loan amount you’re repaying.
5.Enter your M-Pesa PIN and confirm the payment details before tapping “OK” to complete the repayment process.
Note: If you are very late on your iPesa loan payments, the firm reports to the First Central Credit Bureau, which may affect your ability to borrow from other lenders.
Read Also: 10 Best Loan Apps in Kenya 2024
Privacy and Security
iPesa takes data privacy seriously. They use the data on your phone, including your SMS history, solely to verify your identity and assess your creditworthiness. All data is encrypted, and personal information is never shared with third parties.