Jumbo Pesa is a mobile lending service which provides quick short term loans of between 500 Kenyan Shillings to up to 5,000 Kenyan Shillings through its mobile app, at interest rates which range from from 18% to 180% with an equivalent monthly interest of 1.5% to 15%. With their quick application process, you can apply for a loan anytime and get it (upon approval) within minutes.
Users can also get loans of up to 50,000 Kenyans Shillings but only after building up their loan limits through timely loan repayments.
JumboPesa charges a service fee of 10% to 15%.
How To Get Started with Jumbo Pesa
To get started with Jumbo Pesa, you must have an Android device which could either be a smartphone or tablet and also be an active user of Safaricom’s M-Pesa service. Once you have both, simply:
- Go to Google Play Store on your Android device to download the Jumbo Pesa App.
- Once the app has been downloaded and installed, proceed to creating your account.
- Next, verify your phone number.
Once done, your Jumbo Pesa Account will be active.
How To Get A Loan From Jumbo Pesa
To get a Jumbo Pesa loan, simply:
- Log into the Jumbo Pesa app on your Android device.
- Once there, select ‘Apply For a Loan’.
- Next, select ‘Reason For The Loan’ and give yours.
- Once done, select ‘Amount’.
- Select ‘Duration’.
- After the above steps, confirm your Jumbo Pesa loan application and then wait.
Approved loans are usually disbursed within five (5) minutes or less, to your M-Pesa account.
Jumbo Pesa loans have a payback period of 7 days to 14 days.
How To Repay Your Jumbo Pesa Loan Through M-Pesa
To repay your Jumbo Pesa Loan through M-Pesa, simply:
1. Go to your M-Pesa Menu on your mobile device.
2. Once there, select the ‘Lipa na Mpesa’ option.
3. Next, select ‘Paybill’.
4. Type in ‘206512’ as the Business number.
5. For account number, type in your phone number.
6. Next, type in the amount you would like to repay.
7. Once done, type in your unique M-Pesa PIN number and select ‘OK’.
A transaction confirmation message will be sent to you from M-Pesa.
