iPesa Loan app: Contacts, USSD, Paybill, Registration

What we know about iPesa loan app

[Update: 15.11.2021]

With all the pains that the Covid-19 pandemic has brought with it, it has become harder for us to handle day to day responsibilities like bill payments, school fees and household expenses to name a few. So we rely on mobile lenders for cash flow. But then again, Can we trust mobile loan apps? which ones are credible and which are not? Here is a review on iPesa before you commit.

iPesa is a Kenyan based financial technology mobile money lender. The relatively new app is owned by the 0some Fintech company and managed by X credit. According to the latest 2021 google reviews, best to do your research before borrowing. Below is what we have gathered about iPesa.

How much can you borrow from iPesa and what is the exact cost of a loan?

There isn’t much information about iPesa available online. What we can gather is that they offer loans from Ksh 500 up to Ksh 50,000. Users can enjoy increasing loan limits based on their loan repayment history.

Loan eligibility is determined by using the data on your phone. This includes your personal information like SMS and call history. The iPesa App uses this information to decide on a loan limit that best suits you.

They don’t charge any service fee but their loans for short term repayment periods i.e. 91 days incur an interest rate of 18%, while higher loan period terms like 180 days incur an interest rate of 36% APR.

The interest rate for late repayments with iPesa currently stands at 2% per day. The best advice here is to pay all loans on time as they affect future borrowing with other lenders.

How do I get a loan from iPesa??

You will need the following requirements to apply for a loan from iPesa;

National ID.
Registered and active Safaricom phone number.
Smartphone to access the iPesa app.

Follow these steps below to get started;

Download the iPesa app on your Google Play Store through this link here.
Launch the app on your phone.
Register with the required details and using your Safaricom number.
Allow the iPesa application to access contact and SMS information on your phone to determine your loan eligibility.
A one-time password will be messaged to you to verify your account.
Apply for the loan amount you desire according to your loan limit.

Be sure to provide the correct information when keying in your details. Lending companies always use this information to determine your credit score. Providing the wrong information will result in your application being denied.

Once you complete the process, the cash is disbursed directly to your M-PESA account.

Where Can You Download iPesa Loan App??

The iPesa App is available only on Google Play Store.

The app is not available on Apple stores nor does it support feature phones ‘Kabambe’ as there isn’t a USSD code for iPesa.

Android users can download the app from Google Play Store as it has a relatively low download size.

How does iPesa determine your eligibility?

Once you submit the details, the app will determine your loan limit based on the details you provide. Other factors taken into consideration include:

SMS data from the phone includes all M-PESA messages as well as other mobile wallets. SMS data from other lenders and financial institutions will also be put into consideration.
Contacts data including the number of contacts, how they are saved, how frequently contacted they are, etc.

Once your loan limit is confirmed,

Log into your iPesa application to check your loan limit.
Select the amount of loan you wish to borrow, preferable an amount lower than or equal to the loan limit.
Select the loan repayment period.
Next, click on the “Apply Now” menu button at the bottom of the App.

Disbursement and Repaying your iPesa loan.

iPesa disburses money to your Mpesa account once you are approved. If you want to repay your iPesa loan, you will use the pay bill number 192010.

Navigate to M-Pesa in your Safaricom menu on your phone.
Select Lipa na M-Pesa.
Choose the Paybill option.
Enter the Paybill number 192010.
For account number, enter your MPesa number on which you received your iPesa loan.
Enter repayment amount.
Enter your M-Pesa pin.
Confirm and press “OK”

If you fail to pay your loan on time you risk being charged a heavy interest of 2% per day. Defaulting on the loan will impact the chances of you getting any loans from any financial institutions in the future.

How fast can you get your loan from iPesa?

In a few minutes, you will receive an SMS notification indicating the receipts of your loan via M-pesa.

The more accurate information you give while registering, the more likely you are to receive your loan.

Interest Rate for iPesa loans

The service fee charge for iPesa is 5 to 10%. Their loan interest rates can go up to 15% for a term of 14 days. Multiply the original amount borrowed or the amount you wish to borrow by 15% to get the initial payback amount of your iPesa loan.

How does iPesa determine your credit score?

To determine your overall credit score, iPesa will request or data in your handset. That is SMS, M-Pesa transactions, contact information and your loan repayment history.

If you are not eligible for a loan, clear your outstanding debts with other lenders and keep trying to apply.

Promotions and Rewards from iPesa loan app

iPesa repayment coupons are available to their users for Ksh. 500 and Ksh 1000. There is up to a 51% coupon discount.

Follow them on Facebook for updates on loan offers.

Is your information secure with iPesa?

iPesa uses encryption to protect your data from being accessed by third parties. iPesa does not share your data unless required. Like reporting a defaulted loan to the Metropol or CRB. In case you want to be disassociated with iPesa, one can simply uninstall their app to stop accessing their services.

See iPesa FAQ sections for more information on their app.