Timiza Loan Kenya

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Timiza Loan Kenya – Timiza Loan App, a pioneering mobile money lending platform in Kenya, offers a convenient and affordable way to access personal loans. Developed by Absa Bank Kenya (formerly Barclays Bank), this app goes beyond lending, providing services like bill payments, airtime top-ups, insurance purchases, forex trading, and paying for Little Cab. visit Is Secret Email System Legit?

A quick overview of Timiza Loan Kenya

Timiza Loan, launched by Absa Bank Kenya (formerly Barclays Bank Kenya) in 2018, is a comprehensive mobile banking solution. This versatile platform not only functions as a mobile loan app but also allows users to save money, earn interest, pay utilities, buy insurance, and conduct other banking activities directly from their phones​​​​​​​​.

The app has gained significant popularity owing to its user-friendly interface, attractive interest rates, and the unique feature of offering loans to non-ABSA members. It offers a broad range of financial services including instant loans, money transfer, bill payments, airtime purchase, and insurance services​​​​.

In terms of its loan features, Timiza offers loans ranging from KES 1,000 to KES 150,000. These loans attract an interest rate of 1.17% and include a facilitation fee of 5%. The repayment period for these loans is 30 days. For any technical support or inquiries, users can contact Timiza through the app itself​​. seeIs Shopify Legit?

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The eligibility criteria for Timiza Loan Kenya

The eligibility criteria for a Timiza Loan in Kenya are detailed and specific. To qualify, each applicant must:

  1. M-PESA Subscription: Be an active M-PESA subscriber for at least six months.
  2. Active Use of Safaricom Services: Regularly use other Safaricom services such as voice, data, and M-PESA.
  3. Good Credit Rating: Maintain a good credit rating with the Credit Reference Bureau (CRB). This means the applicant should not have any negative credit reports or be blacklisted.
  4. Active Timiza Account Holder: Possess an active Timiza account.
  5. National ID: Have a Kenyan National ID.
  6. Avoid Being Blacklisted: Not be blacklisted by Safaricom services such as Okoa Jahazi, which could affect loan eligibility.

It’s also important to note that active usage of Safaricom services, including airtime, data, and loan and savings facilities, can increase the chances of loan approval.

Once these requirements are met, applicants can check their Timiza loan limit on their phone and proceed to apply for a loan. There are two primary ways to apply for Timiza loans:

  1. Through the Timiza Loan App: Downloading and using the dedicated Timiza app.
  2. Via Timiza USSD Code: Utilizing the USSD code service for those without smartphone access​​​​.

Key Features of the Timiza Loan kenya

  • App Name: Timiza
  • Bank: Absa Bank Kenya
  • Company: Absa Group Limited
  • Year Launched: 2021
  • Downloads: 500k+
  • Loan Limits: Up to KES 150,000
  • Interest Rate: 1.083% (one-off)
  • Facilitation Fees: 5%
  • Loan Tenure: 30 days

Step-by-step instructions on how to apply for a Timiza loan kenya

Applying for a Timiza loan in Kenya can be done either through the Timiza app or by using a USSD code. Here are the step-by-step processes for each method: visitHow to Write an Application Letter as a Merchandiser in Zambia

Applying via the Timiza App

  1. Install the App: Ensure you have Timiza installed from the Google Playstore.
  2. Open the App: Launch the app on your phone.
  3. Log In: Use your PIN to log in.
  4. Check Loan Limit: Your loan limit will be displayed on the home screen.
  5. Select ‘My Loans’: Navigate to the ‘My Loans’ section.
  6. Request Loan: Choose the ‘Request Loan’ option.
  7. Enter Loan Amount: Input the amount you wish to borrow.
  8. Continue: Press ‘Continue’.
  9. Confirmation: Timiza will confirm that the loan application was successful.
  10. Await SMS Confirmation: Wait for a confirmation SMS from Timiza confirming your qualification for the loan​​.

Applying via USSD Code

  1. Dial USSD Code: Dial *848# on your mobile phone (make sure you are registered for a Timiza account).
  2. Enter PIN: Input your Timiza PIN and press send.
  3. Select ‘Loan’: Choose option 3 for ‘Loan’ and send.
  4. Request Loan: Select option 1 to ‘request loan’ and send.
  5. Choose ‘Get Cash’: Select option 1 for ‘Get Cash’ and send.
  6. Enter Loan Amount: Input the amount you want and send.
  7. Confirm Loan Amount: Confirm the amount and select ‘accept’, then send.
  8. Await Confirmation SMS: You will receive a confirmation SMS from Timiza​​.

These methods provide a straightforward way to apply for a loan with Timiza in Kenya, offering convenience and quick access to financial assistance.

The interest rate and duration for Timiza Loan Kenya

The interest rates and duration for Timiza Loans in Kenya vary slightly across different sources. Here’s a summary based on the information available:

  1. Interest Rate: The interest rate for Timiza loans is generally reported as 7.25% per 30-day loan. This rate is competitive and is a key feature of the loan product offered by Timiza, which is backed by Absa Bank Kenya​​​​. However, another source mentions a slightly different structure, with an interest rate of 1.083% plus a facility charge of 5% on the amount borrowed​​. There’s also a reference to an interest rate of 6.17%​​.
  2. Loan Duration: The repayment duration for Timiza loans ranges from 7 to 30 days​​​​. This short-term loan structure is consistent across the cited sources, making Timiza a suitable option for those in need of quick financial assistance with a rapid turnaround for repayment.
  3. Additional Charges: It’s important to note that failure to repay the loan within the stipulated 30 days may attract additional fees. For example, there might be a rollover fee of 5% for late repayment​​.
  4. Loan Amount: The loan limit ranges from KES 1,000 to KES 150,000, accommodating a wide range of borrowing needs​​​​.

These details highlight the flexibility and accessibility of Timiza loans, although applicants should verify the current rates and terms directly with Timiza or Absa Bank Kenya, as these can vary or be updated over time. visitHow To Write An Application Letter For Zambia Correctional Service

The repayment process on Timiza Loans Kenya

The repayment process for Timiza loans in Kenya can be completed either through the Timiza app or using the USSD service. Here are the detailed steps for both methods:

Repayment Using the Timiza App

  1. Open the App: Launch the Timiza app on your phone.
  2. Login: Enter your 4-digit PIN.
  3. Select ‘My Loans’: Go to the ‘My Loans’ section.
  4. Choose ‘Repay Loan’: Select the option to repay the loan.
  5. Select Repayment Amount: Choose between full or partial loan repayment.
  6. Choose Payment Account: Select whether to pay from your Timiza account or M-PESA.
  7. Transaction Process: If paying from the Timiza account, enter your transaction PIN and continue; if from M-PESA, a pop-up will appear.
  8. Confirm with M-PESA PIN: For M-PESA payments, enter your M-PESA PIN.
  9. Await Confirmation: Receive a confirmation message from Timiza or M-PESA​​.

Repayment Using USSD (*848#)

  1. Dial USSD Code: Dial *848# and press call.
  2. Login: Enter your 4-digit PIN.
  3. Select ‘Loan’: Go to the ‘Loan’ option.
  4. Choose ‘Pay Loan’: Select to pay the loan.
  5. Loan Balance Inquiry: Check your Timiza loan balance.
  6. Select Repayment Amount: Choose to repay the full amount.
  7. Choose Payment Account: Opt to pay from either M-PESA or Timiza account.
  8. Confirm Transaction: Follow the prompts to confirm the payment.
  9. M-PESA Confirmation: For M-PESA payments, a pop-up will appear for PIN entry.
  10. Complete Transaction: Finalize the transaction and wait for confirmation​​.

Personal Experience with the Timiza Loan kenya

Initially, my attempts to use Timiza resulted in a ‘No Account To Link’ message and a ‘ZERO’ loan limit, leading me to believe that a linked bank account and savings were prerequisites. However, a retry after two months without any linked bank account or savings surprised me with a loan limit of Ksh 16,200.

Timiza Loan Kenya Contact Details

Telephone Support

For direct and immediate assistance, you can reach out to Timiza Loan customer care via the following numbers:

  • Landline: +254 (20) 3900000 – Ideal for those who prefer to use a landline for inquiries or assistance.
  • Mobile Support:
    • Safaricom Users: +254 (722) 130120
    • Airtel Users: +254 (732) 130120

These lines are staffed with knowledgeable customer care representatives who are ready to assist with your needs.

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