What We Know About Saida Loan App

[Update 27.7.2021]

Saida is a money lending company that offers loans to its clients and gives them the ability to save, pay bills, and more. The Saida loan app features can help you track how you spend your money and acts like a somewhat mobile wallet. It’s not on the top lists of most commonly used mobile apps in Kenya, but since its inception, Saida has tried to improve its services to keep its‘ head above water.’

Where can you download the Saida Loan app?

Saida loan application can be downloaded from the Google Play store or the Saida Website that has a link for direct APK downloads.

Saida services are not available on Apple Stores.USSD options for Saida are also not available. 

How can you get a loan from Saida Loan App?

Standard application procedures apply nowadays for almost all lending companies. The requirements are similar if not all the same, with a few tweaks here and there.

What do you need to apply for a loan with Saida?

  1. Own an Android smartphone, 
  2. Be at least 18 years,
  3. Have a valid national ID,
  4. Be a registered Safaricom/Mpesa Subscriber.

What next after I have all the above?

Well, you need to download the application first. Make sure you have a good internet connection and enough storage capacity.

Second. Fill in the blanks and answer a few questions.

Thirdly, allow phone access and let said see how you have been making calls, what your transaction history looks like, Data of some other sorts that they see relevant to determine your eligibility.

When all that is done, Saida notifies you of the amount you can get. Apply for what works for you, and then they send the money and explain the repayment terms.

How much is the Exact Cost of a loan with Saida & a representative example?

Saida gives instant mobile loans from  KSh 600 – Ksh 25,000 with period terms ranging from 2.5 months to 6months. Here is an example of how Saida loans will cost.

If you borrow Ksh 1,000 for a 7.5% fee for 2.5 months, you will repay Ksh 1,075 within 2.5 months.

Please note, loan interests for Saida are usually charged upfront. At the same time, you will be charged a service fee ranging from 0-25% per month of the amount lent to you based on credit scoring. Basically what we are saying here is, the exact cost of the loan might vary according to users rating on their creditworthiness.

Eligibility and Requirements to Get a loan from Saida.

Saida will check how you have been using your phone to make calls and sift through your data to assist in determining your credits score. 

What data? Mostly SMSs on how you use mobile money services such as M-Pesa, any transactional messages, contacts, digital content information, weblogs, traffic data and so on.

To qualify for Saida loans,

  • You must be an active mobile money user of either M-Pesa or Airtel money.
  • Should have actively used other Safaricom or Airtel services before your loan application like mobile money, data services, SMS, and voice services.
  • Have an income enough to pay back your loan and your living expenses.
  • Have the financial discipline of saving, investing and paying your obligations on time. i.e. a good credit history with other lenders.
  • Should not be negatively listed with CRB.
  • Must be 18 years old with a valid national ID to register on Saida.

Disbursement and Repayments at Saida

Once Saida checks and qualifies you to borrow from them, monies will be sent to your Mpesa in 15 min tops. 

If you didn’t get approved, upload more data to the Saida app by pressing the “import” option and following prompts. Alternatively, you can ask a friend who is already using the app to be your guarantor. 

Sometimes, the new in-app payment innovation backfires. If this happens, manually try to repay your loan debts to avoid penalties. The same applies to Saida. To make your repayment for Saida loans, use the pay bill 854400. 

Your account number as always is the phone number used to register for the loan.

What are the penalties for Late Repayments at Saida?

If you are late by more than 60 days, a penalty of 10% will be applied to the overdue amount. No other penalties will accrue after that.

Other than that, a loan of 3 months extension will be given to you with a payment plan, of course,  should you be unable to meet your repayment deadline.

Promotions, offers and Rewards from Saida.

We could not find any promotions or rewards offered by Saida apart from the in-app features. i.e:

1. Easy Bill Payments

You can make instant payments to the following billers.

  •  Kenya Power – Postpaid, Tokens – you get a 1% cash bonus. Tokens are instant!
  • You can also check your outstanding Kenya Power bill for postpaid or confirm your meter number to avoid mistakes.
  • Nairobi Water, DsTV, GoTV, Zuku Internet & Zuku Home
  1. Buying Airtime

You can buy Airtel Airtime, Safaricom Airtime or Telkom Airtime for yourself or someone else. You earn a 2% cash bonus when you buy airtime. If you struggle to buy Airtel or Telcom Airtime, give them a try.

  1. Painless Transfers
  • Easily send money to your friends and contacts to their MPesa.
  • Most times, it is cheaper than what you are used to.
  • You can add a message to let the person know why you sent the money.
  1. Budgeting

Create a budget, add some money, and Saida will automatically help you stay within your budget. 

  1. Savings

Create saving goals, start saving; we will cheer you on and reach your goals. Our savings are offered in partnership with Fund Managers regulated by the Capital Markets Authority. We invite a select number of customers to save

  1. Advances & Loans

Use Saida frequently, and you will unlock our credit facilities. Your usage may qualify you for cash loans repayable in 2.5 months. Using Saida for 1 month is enough to build a credit limit. We do not offer instant loans the day you download the app.

Saida loan app

 

Saida loan app

What is the interest rates for Saida?.

Saida loan interest depends on the amount borrowed and the repayment period chosen. From an average interest rate of about 7.5 %, your Saida loan interest can go slightly above or below 7.5% – 10%

Saida loan app

Is your information secure with Saida?

As documented in the privacy policy,  Saida assures data security with breach only when a customer defaults on the loan after the extended period.

See Saida FAQ sections for more information on their loans.

Contacts for Saida 

Saida can be contacted through various platforms. Here are the ones we could find.

Should you have a persistent query, reach Saida through [email protected] for assistance or [email protected]

To get a better understanding of the type of products and services offered by Saida. Visit the Website.

The social media handle for Saida on Facebook is @SaidaCapital. Twitter and Instagram handles are inaccessible.

Perhaps, if you are an existing user on the platform, try the Help button in the app or a direct message from the app.

 

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