One very common practice in Kenya, is mobile lending. Its popularity and easy accessibility, has led to a boom in the number of mobile loan apps available in the country, as a direct response to the ever growing demand present here.
One of those mobile loan apps available in Kenya, is Shika
Shika is a credit or loan provider that operates in Kenya. The Shika Loan app developed by Alternative Circle, gives users access to loans whenever they need them and does so in less than 3 minutes. Once a user is registered, the requested loan will be processed and sent to his or her M-Pesa mobile account wallet.
The Shika loan application was launched in 2016 and has gone on to amass more than 50,000 downloads on the Google Play Store. It was created to cater for the needs of individuals who need instant loans at the comfort of their mobile devices.
This article will show you everything you need to know regarding Shika loans, including the features of the Shika loan app, how to apply for a Shika Loan, as well as how to repay a Shika loan.
What You Should Know About Shika Loan As Well As The App Itself
Below are certain things you should know about the Shika loan app i.e, the features:
- The Shika loan app gives users a loan limit of 500 Kenyan Shillings, to 2,000 Kenyan Shillings.
- The Shika loan app is only available to android device users in Kenya.
- To access a Shika loan, you must have a Safaricom SIM card.
- Once your Shika loan is approved, the requested loan amount will be sent directly to your M-Pesa mobile account wallet within three (3) minutes.
- The maximum repayment period for a loan with Shika is thirty (30) days.
- All Shika loans come with a facilitation fee of 15% of the approved amount.
- Late repayment of your Shika loan, will result in a 10% rollover fee to the loan amount that you owe.
- Loan repayment delays that go on for more than 60 days will result in the Shika loan receiver being listed in the Credit Reference Bureau (CRB) as a defaulter.
How To Apply For A Shika Loan
- Go to Google Play Store on your android device and search for Shika Loan App. Alternatively, you can download the Shika Mobile app via this link: https://play.google.com/store/apps/details?id=com.alternative_circle.shika&hl=en_US
- Once done downloading the Shika Loan application on your smartphone, install and launch the application.
- After launching the Shika Loan app, select the ‘Sign Up’ option.
- Next, type in your details as required. The information you provide, should include your full name, your Safaricom phone number as well as your ID number.
- Once done, proceed to generate a PIN for the Shika loan app. Shika systems will immediately take a look at your credit history in order to analyze and give you a loan limit.
- To request a Shika loan, simply go to the ‘Request Loan’ section.
- Type in the loan amount you want. Make sure it is within your loan limit before confirming the amount.
- Wait for your Shika loan to be processed.
Once your loan has been approved, Shika will send the approved account directly to you via your M-Pesa mobile account wallet.
How To Repay Your Shika Loan
To repay your Shika loan, simply:
- Log into your Shika loan app.
- Once there, select the ‘Repay Loan’ option.
- Next, select the ‘Copy’ option. By doing this, you will be redirected to the Safaricom Sim Toolkit on your mobile device.
- After that, open up your M-Pesa
- Select the ‘Lipa Na Mpesa’ option.
- Next type in 811655 as the business number in the Business Number field. This is the Shika loan Paybill number.
- Once done, type in your Safaricom phone number as the account number in the Account Number field.
- Next, type in the Loan amount you would like to pay.
- Type in your M-Pesa PIN.
- Once done, submit.
Upon submission of your loan repayment, you will receive a notification from Shika as well as M-Pesa, confirming that your repayment transaction was successful and that your Shika loan has been settled.
If you need further assistance from Shika however, you can also reach them via the following platforms:
- Phone call or SMS SMS: 0742143999
- Email: care@shika-app.com
You can also visit their physical offices in Nairobi, at Westlands in Orbit Place, 4th.
