Only a few options are available when you require a quick cash loan. One option is to apply for a personal loan through a traditional bank, which may be lengthy, including a great deal of paperwork and many document submissions.
Another option is to take out a credit card loan; however, the interest rates are exceedingly expensive. Another alternative is to ask your friends or relatives for money, although this might be embarrassing. And not everyone in Kenya is fortunate enough to receive a salary advance loan from their work. As a result, personal loan apps are the most outstanding alternative for a rapid cash loan in Kenya.
Having a personal loan app is excellent, but you can request loans via USSD codes or SMS if you don’t have an android phone.
The Internet has changed the way Kenyans do business. You can now order everything from vegetables to a Smart TV from the comfort of your own home. The scenario is similar if you require quick and easy immediate personal loans in Kenya.
This article shows you how to get quick loans using USSD codes and all the Kenya mobile loans available via USSD codes or SMS.
Without further ado, let’s dive in.
List of USSD codes in Kenya
The complete USSD codes for loans in Kenya are listed here. Bank USSD codes, telecommunication USSD codes, and other financial organization USSD codes are included in the list.
- Bayes (*879*99#)
- HF Whizzy (*618#)
- KCB M-PESA (*844#)
- ExtendMoney (*676#)
- Kopa Doh (*610#)
- Hela247 (*871#)
- M-Fanisi (*281#)
- Cash Xpress (*241#)
- Okoa Sasa (*884#)
- Okoa Mia (*628#))
- Okoa Theo (*660#)
- Okolea (*842#)
- Pesa Peta (*269#)
- Pesa Chapchap (*339#)
- Pewa (*133#)
- Pezecha (Text “Pezecha” to “22235”)
- Sotiwa (*243*90#)
- Timiza (*848#)
- Zazipay (*322#)
- Zenka (*841#)
What is USSD
USSD is the abbreviation for Unstructured Supplementary Service Data. It may seem complicated and can quickly get technical, but there are two crucial elements to understand for financial inclusion. When you dial a number that begins with * and ends with #, you use USSD.
Second, USSD is currently the best communications technology available to provide mobile financial services to low-income customers. You can use USSD for various purposes, including mobile loans request, mobile money, content, information, and network setup. In this scenario, we will see how USSD can be used in banking services.
What is USSD Banking?
USSD Banking allows users to transact with their phones without connecting to the Internet. Users who do not have a smartphone or data/internet connection can use mobile banking services by dialing the code * 99 #. Money transfers, checking account balances, and producing bank statements are all possible uses of USSD-based mobile banking services. The main objective of the innovative * 99 # payment service is to enable the financial inclusion and integration of the sub-banking and economically disadvantaged parts of the business into the traditional banking system.
How to Apply For Loans Using USSD Codes in Kenya
Borrowing loans using the USSD code is simple, but there are a few things you need to do before you can take advantage of this benefit.
- First of all, you need to know the loan provider, the interest rate, the loan repayment term, the loan limit, and the terms and conditions.
- Sign up with the loan provider. You may not need to register with your bank or network provider, but you may need to register with microfinance or other loan providers. Depending on the loan source, this could also be accomplished through the use of USSD codes.
- Get the functional USSD code needed to make a loan request.
- Enter the code
- Follow the directions on the screen.
- Allow time for approval.
- Get your loan from your M-PESA account.
Requirements for Getting Loans Using a USSD Code
As previously said, you must first register with one of the loan platforms before you can begin loaning money. Registration can also be done via phone, but there are a few requirements before you can grant your loan.
You do not need to create an account with any banks or network providers you already have an account with. However, registration is required for some financial companies that do not have any information about you. The majority of these financial institutions require the following;
- Your Name
- Must be 18 years and above
- Most have a Safaricom phone number
- M-Pesa account
Make sure you check the interest rate offered by the loan provider and stay away from anyone that may charge you a lot.