As you may have known, Ipesa loan app is one of the best loan apps in Kenya, owned and managed by Osome Fintech Company. This company is recommended by most of its users and has seen positive comments.
At the time of writing, the Ipesa loan app has a rating of 4.5 / 5.0 on the Google play store with over 38,500 positive comments and over 1,000,000 downloads. M-Pesa users in Kenya may get credit quickly and easily using the app, making it a popular choice for many Kenyans who have limited access to conventional borrowing options.
Don’t worry if you need Ksh 10,000 right now but don’t have any collateral or savings account to meet the cost. You can get up to KSh 50000 with an iPesa loan on your phone in as little as one minute!
This post explains how the IPesa loan app works, how to download the app, loan limit, loan requirement, interest rate, repayment duration, and other useful information. Without further ado, let’s dive in.
Read Also: Mokash Loan App
Ipesa loan requirement
All you need to be able to use borrow loans with the Ipesa loan app is your Safaricom Phone number; you must be at least 18 years old and must have a valid national identity card.
These are only the requirement, including downloading and installing the Ipesa loan app on your phone, registering, and granting it access to your phone data.
How to download Ipesa loan App
To download the Ipesa loan app,
- Go to the Google Play Store and search for Ipesa.
- The first app should be the Ipesa official app, install the app.
- After installation is complete, open the app for the first time.
- You will be taken to the registration page. To begin registration, input your Safaricom phone number and click on “Click to get”.
- After a short time, you will receive an OTP code via SMS, type the code in the necessary box in the next page.
- After inserting the code, you should be redirected to the homepage.
That’s all to it. Your phone number and an OTP code will always be required to log in at any time.
Ipesa Interest rate
Ipesa receives an interest of 36% on every amount loan, excluding the penalty charge for late repayment.
For example, If the loan amount is Ksh 2000, the loan term is 180 days, and the interest rate is 36%, your total interest should be 2000 Ksh x 36% = Ksh 700. That means you will repay a total sum of Ksh 2700.
Ipesa Amount Limit
In terms of eligibility, Ipesa loan apps loans range from a minimum of KSh 500 to a maximum of KSh 50,000. The amount limit you get depends on how often you have borrowed and use the app. If you always pay back your money on time, your limit will be increased to KSh 50,000 in no time.
Ipesa repayment Duration
The ipesa loans offered must be repaid within 90-180 days of issuance. Any loans not repaid within this period will incur extra charges.
Ipesa late repayment Penalties
If you did not pay your Ipesa loan within the stipulated time, this would result in a 2% per day cost and the inability to get subsequent or larger IPesa loans.
Ipesa Loan over Payment
Excess funds will be reversed to your M-PESA account within 15 days after all payments have been reconciled.
How Ipesa App Works
The iPesa App works similarly to any other loan app on the market. It works by scanning your phone and collecting information such as your phone number, contact information, and other facts to evaluate your creditworthiness and, as a result, the maximum amount of money you can borrow.
They need this information to trace the person who borrowed the loan and prevent themselves from anybody who might want to swindle their money. Before you can use the app, you have to grant your phone permission to download data from your phone. Some of the information the app collects from your phone includes;
- Contacts—look over your contacts and make changes if necessary.
- Location: There are two types of location, network-based estimated location and precise location (GPS and network-based)
- Phone: Read the status and identity of your phone.
- Photos/Media/Files: Read the contents of your USB storage and alter or delete the contents of your USB storage with Photos/Media/Files.
- Storage: Read and change the contents of your USB storage, as well as remove the contents of your USB storage.
- Camera: Take photographs and movies with your camera.
- Wi-Fi: Information about Wi-Fi connections – see a list of Wi-Fi connections
- Device ID and Call information: Read phone status and identification by looking up the device ID and call details.
- Obtain information via the internet
- Examine your network connections.
- Wi-Fi connection and disconnection
- Access to the entire network
- Prevent the device from falling asleep.
Ipesa Loan Contacts
- Customer Care: 0757 222 979
- Facebook page: https://www.facebook.com/iPesaKenya/
- office address: ADLIFE PLAZA, CHANIA AVENUE, NAIROBI