PesaZone which is owned by PesaPro Limited, is one of the most popular mobile loan apps operational in Kenya. The mobile lender has been facilitating users with small unsecured loans since 2015 and currently has more than 100,000 downloads on Google’s Android Play Store.
PesaZone allows you to borrow loans from as low as 200 Kenyan Shillings to 25,000 Kenyan Shillings and sends the money straight to your M-Pesa account as soon as the loan has been processed.
How To Apply For PesaZone Loans
PesaZone does not require any guarantors, paperwork, security or visits to their office from anyone interested in getting a loan from them. However, to increase your chances of qualifying for a loan from PesaZone the first time, ensure that you do NOT delete your M-Pesa transactions history, as it is one of the best ways that PesaZone will use to determine your eligibility (it goes through your M-Pesa records for the past 60 days.)
To get started, simply:
- Download the PesaZone app from Google Play Store for Android.
- After downloading the PesaZone app, you will be asked to fill in your identification details which are your full names, your National ID number, your Safaricom phone number, your Date of Birth (DOB) as well as a 4 digit PIN. You will also be asked for permission to collect your personal phone data including your SMS history and you M-Pesa transactions history which will be used by PesaZone to determine your credit score. PesaZone may or may not use reports from the Credit Reference Bureau (CRB) as well to determine your credit score.
- As soon as PesaZone has determined and confirmed that you qualify for a loan, you will immediately be prompted to pay a one time activation fee of 1 Kenyan Shilling via your M-Pesa. The one time fee is non refundable.
- Once done, your loan limit will then be displayed. You can then use the loan limit to determine the amount of the loan you would like to be awarded.
- You can move the slider to adjust the amount for the loan.
- Once done, select your loan repayment period which could be 2 weeks or more.
- After that, the terms and conditions of your loan will be displayed. The terms and conditions will include the weekly interest rate(s) as well.
As stated earlier on in this article, highlighted before, the highest loan amount from PesaZone is 25,000 Kenyan Shillings.
How To Repay PesaZone Loan Via M-Pesa
To repay your PesaZone Loan via M-Pesa simply:
- Go to your M-Pesa Menu.
- Once there, select ‘Lipa na M-Pesa’.
- Next, select ‘Paybill’ and type in 754285 as the Business Number.
- Type in the phone number you registered as the phone number for your PesaZone number.
- Next, type in the amount you want to pay.
- Type in your M-Pesa pin and select ‘OK’.
- You will then receive a transaction confirmation message from M-Pesa.
To avoid getting black listed by the Credit Reference Bureau (CRB), the commencement of recovery measures by the mobile lender, as well as other penalties, please ensure that you repay your PesaZone loan on time and in line with the repayment instalments stated on the terms and conditions of your loan.
Paying your loan on time, also increases your borrowing limit with PesaZone.
