Timiza
Timiza, is a digital banking platform launched by Barclays Bank Kenya.
With Timiza, users can get loans of up to 150,000 Kenyan Shillings. The specific loan amount however, depends on your M-pesa transaction history.
The loan amount will be charged an interest of 6.17% which comprises of a 5 percent processing fee and a 1.17 percent interest.
The loan must be paid within 30 days.
Users can register by dialing *848# with a Safaricom line or by simply downloading the app from the Google Play Store.
The platform also offers micro-loans to Kenyans.
MCo-op Cash loans
MCo-op Cash which is a product of the Co-operative Bank of Kenya (Co-op Bank), is an app that allows Co-op Bank customers to access bank services and also loans.
You can borrow from 3,000 Kenyan Shillings to a maximum of 100,000 Kenyan Shillings.
The charges on the loans are as follows:
- 1 Month individual loans – 1.166 percent.
- 3 Month individual loans – 3.498 percent.
- Business Loan – 1.166 percent.
- Insurance on 3 Month Loan – 0.102 percent.
To get a loan however, you will need to be a Co-op Bank customer and also have to have the MCo-op Cash app from either the Google Play Store or the iOS App Store.
Eazzy Loan
Eazzy Loan, is a service provided by Equitel. The mobile banking platform, was launched by Equity last year (2018).
To get access to Eazzy Loan, you need to first open an Equity account, after which you are eligible to get an Equitel line.
Once you get the Equitel line SIM card, go to the sim toolkit, select ‘My Money’ and then ‘Loans’.
Once there, you need to follow the prompt in order to be able to get a loan.
Since it is a product designed by Equity bank, the expectation is that you need to have saved with them for a period of time before they can advance a loan to you.
The Eazzy loan also includes an interest rate of 2 percent to 10 percent of the loan amount on a flat rate, per month.
The minimum loan amount is 1,000 Kenyan Shillings and the maximum loan period is 12 months.
In case you delay to make a payment you will be charged a fee of 6% per annum above the normal interest rates on the outstanding amount.
Safaricom Fuliza
To use, Safaricom Fuliza, you have to sign up via the MySafaricom app and opt in under the Fuliza tab in M-Pesa. You can also sign up via USSD by dialing *243#.
The amounts offered will depend on your usage of M-Pesa.
Once you get the loan, you will be able to use it to pay bills and also buy goods and services.
The charges for the overdraft are a 1% access fee and a maintenance fee on the outstanding balance. What this means is that the sooner you pay back the loan, the better.
That is, if you don’t want to pay expensive charges.
Here are the maintenance fees for some amounts:
0 to 100 Kenyan Shillings – A one time fee of 2 Kenyan Shillings.
100 to 500 Kenyan Shillings – 5 Kenyan Shillings per day.
501 to 1,000 Kenyan Shillings – 10 Kenyan Shillings per day.
1,001 to 1,500 Kenyan Shillings – 20 Kenyan Shillings per day.
1,501 to 2,500 Kenyan Shillings – 25 Kenyan Shillings per day.
2,501 to 70,000 Kenyan Shillings – 30 Kenyan Shillings per day.
More ways to get quick easy loans, coming soon. *wink
