The loan apps market in Kenya has exploded recently with many players coming in, ipesa loan app being one of them. Developed by Xcredit Kenya limited, this loan app provides an easy way to apply for emergency mpesa loans instantly. All you need to is download the ipesa app on your phone, register for an ipesa account and apply for a loan.
Ever needed an instant loan that doesn’t come with a lot of hustle applying for in Kenya? Then the ipesa loan app is the one you should get. It allows you to apply and qualify for an online loan sent directly to your m-pesa account within minutes.
iPesa is one of the new loan apps in Kenya, officially being launched in 2018. Compare this to the more established loan apps in the Kenyan market like Tala and Branch, which were launched in 2016.
How iPesa works is by using data from your phone and other sources in order to make a lending decision. Together with the detailed registration process, ipesa is able to lend money quickly without the need for a physical registration form. Neither will you need to provide a physical copy of your ID or take a photo.
It really helps to give fast unsecured loans, because most of us have times when we need cash fast! Especially that time of the month people say ‘mwezi uko kwa kona‘. Indeed this are the times you need money urgently to pay for electricity, gas, rent or even a medical emergency.
No worries. Ipesa app is here to help. Qualify for a loan between 2,000 Ksh and 20,000 Ksh with this instant mpesa loan app. All you need is your smartphone and a safaricom line and you are ready to go. And of course you need to have a valid Kenyan ID.
To apply for an iPesa loan you will need to first download and install the ipesa app onto your mobile phone. Next, you will then register for an ipesa account which will then allow you to borrow a loan. Finally, after applying and qualifying for the loan, you will need to repay the ipesa loan.
Saidia will take you through the whole process of applying for an iPesa loan and also all the commonly asked questions regarding the lending app.
How to apply for an iPesa loan?
To apply for an iPesa loan follow these steps:
- Start by downloading the iPesa loan app from the playstore.
- Install the app on your phone.
- Open the app and register an account.
- Log in to the app with your account.
- Press apply now.
- Confirm the details of the loan under credit result.
- Press next step.
- You will be shown the details of your loan ‘Approved a loan up to Ksh 2500‘
- Press submit.
- Ipesa will review your loan application quickly.
- The loan application will be successful
- Ipesa will then send you the money through mpesa.
- You will receive a confirmation message from XGO_IPESA confirming the loan has been sent.
Start by downloading and installing the app. Then make sure you complete the iPesa registration form.
How to download the iPesa loan app on your phone
This is how to download the iPesa app:
- Open the Google play store on your phone
- Type iPesa loan app to search for apps
- Select iPesa – Reliable and Safe Credit loans to M-PESA
- Press install (Rating: 4.5 | Size: 5.7 mb)
- Next press accept to confirm rights iPesa needs to access on your phone (Contacts, Location, Photos/Media/Files, Camera. WiFi connection information, Device ID & call information, Other)
- Wait for iPesa to download and install on your phone.
- Press open to access the app and start borrowing money.
Downloading the iPesa app is a very easy process. However, to make sure it goes successfully, make sure you have met the minimum requirements for the app to work on your phone.
Requirements to download iPesa on your android phone
To be eligible to qualify for a loan on iPesa you will need the following:
- Have enough space to accommodate the app.
- Valid national ID meaning you must be 18 years and above.
- Android version 4.0.7 and above.
- You will need a google play store account. (How to open 1)
- Access to the internet either through data bundles or Wi-FI
Steps on how to register for an iPesa account
- Open the iPesa app
- Select new register.
- Under Please enter your mobile number input your Safaricom mobile number
- Press new register
- Wait for your SMS verification code to be sent to your phone.
- Next, enter verification code.
- Now, set a 4-digit password and confirm the password.
- Select Finish register.
After following these few steps, you will have successfully managed to register for an ipesa account. Next, it’s time to fill in the iPesa loan application. This online application form collects your details like, personal info, working info and family info.
Filling in the ipesa loan application step by step
Before you apply for your first iPesa loan, you will need to fill in an online application form. This form will help ipesa have a profile about you. The ipesa application form is divided into 3 parts, personal info, working info and family info.
The details you fill in here are:
Names: iPesa asks for;
- your first name
- middle name
- Last name
Date of birth: when were you born. This field as marked with an * because it’s necessary you feel it in.
Gender: A straight forward question that requires you to choose;
National ID: one of the requirements to apply for an ipesa loan is your Kenyan ID, and they ask for this here.
Region: Which region in Kenya do you stay? The options given for you to choose from are;
- Joma Bay
- Trans –Nzoia
Address: After you have filled in your region, the next part to complete is your postal address
Personal Email: Fill in your personal email address.
Marital status: yes, they go as far as asking where you stand i.e. are you single, taken or if you’ve lost someone recently. Here are the exact options you are required to fill.
- Widow / widower
Education Degree: Another field you must fill in when completing the ipesa application is your education level. This includes options such as:
- Primary school
- Middle/High school
Religion: This part of the application form seeks to find out what your religion is. Select from these options;
Do you have any outstanding loan: iPesa would like to know if you have borrowed money from another source. The choices are;
Once you are done filling in this section, then press next. We now move on to the next part of the loan application form which needs you to fill in your working info.
This section of the ipesa application form is to get information that is about your workplace.
The details you fill in here are:
Work status: how do you earn your income, that’s if you earn any. Are you a
- Self Employee
- No income
Frequency of Salary Paid: And how often is it that you get paid this income? Select the option that best describes you.
Monthly income: What this field requires to fill in the ipesa application form is how much money do you earn. The ranges offered are;
- Less than 5000 KES
- 5001 – 10000 KES
- 100001 – 15000 KES
- 150001 – 25000 KES
- Above 25000 KES
Payday: Here, ipesa wants you to fill in which day of the month the money is paid to you.
- This ranges from 1 – 31
After successfully completing the working info section in the ipesa loan application, you reach the final part you need to fill in, Family info
Luckily, this is the final section of the ipesa loan application. Finally! And also the shortest. In general, this part seeks to two emergency contacts who are family or friends.
- 1st Emergency contact (Family) and 2nd Emergency contact () and details;
- Home number
Relationship: how are you related to the person you put the number in.
The details you fill in here are;
- 1st Emergency contact (Family) their name, phone number and relationship
- 2nd Emergency contact (Family) their name, phone number and relationship
- Press next step.
Be sure to answer these questions as accurately as possible as ipesa can reference them to other databases to check the accuracy of your answers.
Qualifying for an iPesa loan
Once you have completed the ipesa loan application process, you will then see the amount you qualify for as a loan from the money lending app.
How to repay your iPesa loan
To repay your iPesa loan, follow these steps:
- Open the m-pesa menu on your phone.
- Select Lipa na m-pesa option
- Next, choose paybill option.
- Enter the paybill number 192010
- Followed by your account number 07xx xxx xxx. Your account number is your mobile phone number.
- Put in the amount of loan you want to repay
- Press OK
- Enter your m-pesa PIN.
- Confirm details and press ok.
- Wait for m-pesa to reply with a message.
- You will then receive an SMS from iPesa confirming that your loan payment has been successful.
As you have noticed, when repaying your ipesa loan, you will need to use the ipesa paybill no.
The iPesa paybill number is 192010 which is registered to XGO Kenya Limited. When you are making a payment using the paybill no, please note that you will charged a transaction cost by m-pesa. The amount charged varies depending on the money you will be paying.
How does ipesa work (Techniques ipesa uses to qualify you for a loan)
In order for ipesa to lend you money, the app uses modern technology to qualify you for a loan.
How does the app work?
Ipesa needs access to the data on your mobile phone. This data includes such things as SMS, call log and other information. Then, using technology such as machine learning and algorithms, the app creates a financial identity for you.
Using this financial identity, ipesa now has the information it needs to see whether or not you can qualify for a loan. It also shows them how able you are to repay a loan. Increase your chances of getting a loan [link: how to increase chances of qualifying for a loan]
What do you need to apply for an iPesa loan?
You don’t need much when applying for an iPesa loan. These are the qualifications you need.
- An active safaricom number.
- National ID
- iPesa needs to access the data on your phone.
iPesa Late repayment:
If you make a late loan payment for your iPesa loan, a late fee of 2% of the total amount you had borrowed per day is charged. For example, if your loan amount borrowed is Kes 2,500, then a 2% late fee will be 50 KSH a day.
Make sure to repay your loan as soon as possible, failure to do so will lead iPesa to request that you be blacklisted on CRB.
iPesa Loan limit:
What is the maximum amount you can borrow from the iPesa app?
Well, the loan limit on iPesa is a minimum of Ksh 500 and the maximum amount is Ksh 50,000.
However, please note that in order to qualify for the maximum amount, you will need to build up your trust with the loan app.
How to build your loan limit on iPesa:
Remember, there are many factors that go behind you being able to qualify for an iPesa loan. Here are a couple of tips to help you increase your loan limit as quickly as possible.
Repay your iPesa loan on time: For the most part, making your loan payments in time will go to show the iPesa algorithm that you are a trusted borrow. In turn, iPesa will reward you by increasing your loan limit.
Transact often using m-pesa: One-way iPesa qualifies you for a loan is by checking your messages. This includes transaction messages from m-pesa. The more transaction messages you have on m-pesa, the higher your chances of having your loan limit increased.
Avoid being listed on CRB: The credit reference bureau (CRB) lists loan defaulters in Kenya. Having your name on this list is very detrimental to your credit score. iPesa may reference your CRB credit score. As a result, if the credit score is low you may not qualify for a loan on the iPesa lending app let alone having your credit limit increase.
Contact iPesa customer care:
Need help with the iPesa loan app? Then you can get swift assistance from their customer care representatives.
Here is how to contact iPesa:
- Email Address: [email protected]
- Webiste: ipesa.cc/faq
- Mobile phone: 0757222979
- Landline: +05488888888
- Google Play store:
- Offices Address: ADLIFE PLAZA, CHANIA AVENUE, NAIROBI
In summary, this is what you need to know about the iPesa loan app. The mobile lending app is developed by XGO credit Kenya limited. With iPesa, the process of applying for an instant m-pesa loan is quick and easy. All you need to do is download and install the app on you android phone, fill in the ipesa registration form and then apply for a loan.
When it comes to repaying your ipesa loan, you will need to know the ipesa paybill number so that you can repay your loan through m-pesa.
And with that, you have a complete guide of the ipesa loan app, how to download it, install it, register for an account, apply for a loan and finally repay the loan.