iPesa Loan App Review, USSD Code, How to Apply, Interest Rate, Repay, Penalties, Contacts

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As you may be aware, Osome Fintech Company owns and manages the iPesa loan app, one of Kenya’s best loan apps. The majority of its users endorse this company, and it has received favorable feedback.

The iPesa loan app has a 4.5 / 5.0 rating in the Google Play store, with over 38,500 favorable comments and over 1,000,000 downloads at the time of writing. M-Pesa users in Kenya may acquire credit fast by simply using the app, making it a popular choice for many Kenyans who don’t have access to traditional lending choices.

Don’t worry if you urgently require Ksh 10,000 but lack the necessary collateral or savings account. With an iPesa loan on your phone, you can get up to KSh 50000 in as little as one minute!

This article covers how the IPesa loan app works, how to download it, the loan limit, loan requirements, interest rate, repayment period, and other essential details. Let’s dive in without further ado.

iPesa Loan Requirement

To utilize the iPesa loan app, all you need is your Safaricom phone number, as well as being at least 18 years old and possessing a valid national identity card.

These are the sole requirements, including downloading and installing the iPesa loan app on your phone, registering, and allowing it to access your phone data.

How do I get the Ipesa Loan App?

  • To get the Ipesa loan app, click here.
  • Alternatively, you can Search for Ipesa in the Google Play Store.
  • The first app that pops up should be the right app, install it.
  • Open the app for the first time once it has been installed.
  • You’ll be redirected to the sign-up page. To get started, enter your Safaricom phone number and then click “Click to Get.”
  • You will receive an OTP code through SMS in a short time; type the code in the required field on the next page.
  • You should be redirected to the homepage after inputting the code.

That’s all there is to it. To log in at any time, you’ll need your phone number and an OTP code.

Ipesa Interest Rate

Ipesa receives a 36 percent interest rate on all loans, excluding the penalty for late repayment. This interest rate is high compared to many other loan apps.

If the loan amount is Ksh 10000, the duration is 180 days, and the interest rate is 36%, your total interest should be 10000 Ksh x 36% = Ksh 3600. That means you’ll have to pay Ksh 13600 in total.

Ipesa Loan Amount Limit

Ipesa loan apps have a minimum of KSh 500 and a maximum of KSh 50,000 in terms of eligibility. The amount limit you receive is determined by how frequently you borrow and utilize the app. Your limit will be increased to KSh 50,000 in no time if you constantly pay back your money on time.

Duration of Ipesa Repayment

The Ipesa loans must be paid back between 90-180 days of the date of disbursement. You can as well choose the duration yourself. Any debts not repaid within this time frame will be subject to additional fees.

Note that the longer the duration, the higher the amount to be paid back.

Penalties for Ipesa Loan Late payments

If you do not pay your Ipesa loan within the specified time, you will be charged 2% per day and will be unable to obtain subsequent or larger IPesa loans.

Overpayment on an Ipesa Loan

After all payments have been reconciled, the Ipesa loan app will refund excess money to your M-PESA account within 15 days.

How Does the Ipesa Loan App Work?

The iPesa App functions in the same way as any other loan app on the market. It works by scanning your phone and collecting data such as your phone number, contact information, and other necessary details to assess your creditworthiness and, as a result, the maximum amount of money you can borrow.

They require this information to track out the individual who took out the loan and protect themselves from anyone attempting to defraud them. You must first give your phone permission to download data before you can use the app. The app gets the following information from your phone:

  • Contacts: Look over your contacts and make any required adjustments.
  • Network-based estimated location and precise location are the two forms of location (GPS and network-based)
  • Phone: Check your phone’s status and identity.
  • With Photos/Media/Files, the app can read the contents of your USB storage and change or delete the contents of your USB storage.
  • Storage: You can read and change the contents of your USB storage, as well as remove it.
  • Camera: The app can use your camera to take photos and videos.
  • Wi-Fi Connections: Information on Wi-Fi connections view a list of Wi-Fi hotspots
  • Information about the device and the call: Look up the device ID and call details to find out about the phone’s status and identification.

Other examples include

  • Use the internet to gather information.
  • Examine the connections on your network.
  • Connection and disconnection from Wi-Fi
  • The ability to access the entire network
  • Ensure that the device does not go asleep.

Ipesa Loans Contacts

  • Customer Service: +44 (0)7757 222 979
  • iPesa Kenya’s Facebook page may be found at https://www.facebook.com/iPesaKenya/.
  • ADLIFE PLAZA, CHANIA AVENUE, NAIROBI is the address of the company’s headquarters.

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