iPesa is one of the mobile lending apps that have made it easy for individuals in Kenya to access a loan, anytime, anywhere due to quick access to loans via M-Pesa. The loan service, describes itself as a bank in the pockets of its users, that is there for them at all Times.
For first time users, iPesa offers loans from 2,000 Kenyan Shillings to 10,000 Kenyan Shillings. If you however repay your loan(s) as scheduled, the amount that you will be able to borrow from iPesa, will increase. The maximum loan amount, is 50,000 Kenyan Shillings.
How To Get Started With iPesa Loans
To get started with iPesa, 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 iPesa App or simply visit this link: https://play.google.com/store/apps/details?id=com.xgo.credit
- Once the app has been downloaded and installed, proceed to creating your account.
- Next, verify your phone number.
Once done, your iPesa Account will be active and you will be able to receive iPesa loans straight to your M-Pesa line whenever they are approved.
How To Repay Your iPesa Loan Through M-Pesa
To repay your iPesa 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 the ‘Paybill’ option.
4. Type in ‘192010’ 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.
iPesa Late Loan Repayment Penalties
Late repayments of iPesa loans automatically incur an additional fee of 2% per day. As a result of this, it is therefore advisable that one does not exceed the due date.
Repaying your iPesa loan by its due date will also allow you to access larger loan amount. Late repayments further reduce your loan loan limit, thus affecting your ability to get subsequent or larger loans.
If one is very late on loan payments, iPesa will immediately report to the Credit Reference Bureau (CRB) which would result in blacklisting by the Credit Reference Bureau (CRB), further hindering your ability to borrow from other lenders.
For more information or further assistance please feel free to contact iPesa via their office in Nairobi, Kenya or their phone numbers: 0757 222 979, 05488888888 or email address: help@ipesa.cc.
