In Kenya, where access to quick cash is essential, Berry stands out as a simple and swift cash app. With its low-cost loans and flexible repayment schedules, Berry provides a convenient solution for individuals in need of immediate financial assistance.
By downloading the Berry Loan App, users can access cash quickly and have it deposited directly into their M-pesa accounts. In this article, we will explore the features, loan process, repayment options, terms, and privacy measures associated with the Berry Loan App.
How to Get a Berry Loan
To access a loan through the Berry Loan App, follow these simple steps:
Download the App: Start by downloading the Berry Loan App from the Google Play Store. The app is compatible with Android devices that support API 21 and above.
Registration: Once the app is downloaded, proceed to register by providing the required information. This typically includes personal details such as your name and phone number.
Loan Approval: After registering, Berry’s secure system quickly verifies your identity. Upon successful verification, you will receive an instant loan approval decision, ensuring a swift process.
Loan Disbursement: Once approved, the loan amount requested will be directly deposited into your M-pesa account. This eliminates the need for additional steps or visits to physical locations, allowing you to access the funds conveniently.
How to Repay a Berry Loan
Repaying your Berry loan is a straightforward process. You have two options for making loan repayments:
Using the Berry Loan App: Open the Berry Loan App and click on the “Pay Now” option. The app’s payment procedure is designed to be self-explanatory and will guide you through the repayment process, ensuring a hassle-free experience.
Using M-Pesa: Alternatively, you can repay your Berry loan using the M-Pesa service. Follow these steps:
- Go to your Safaricom menu and select M-Pesa.
- From the M-Pesa menu, choose “Lipa na M-Pesa.”
- Select the “Pay Bill” option.
- Enter the business number 977888.
- Use your registered phone number as the account number.
- Enter the repayment amount.
- Enter your M-Pesa PIN to confirm the payment.
- Verify that all details are correct and press OK to complete the repayment.
Both repayment options provide convenience and flexibility, allowing you to choose the method that suits you best.
Berry Loan Terms and Fees
Berry Loan App offers loans with varying amounts and transparent fees. Here are some important details regarding the loan terms and fees:
Loan Amounts: Berry Loan App provides loan amounts ranging from KES 1,000 to KES 50,000. This wide range allows borrowers to select an amount that meets their specific financial needs.
Monthly Facilitation Fee: When obtaining a loan through Berry, a facilitation fee is charged each month. This fee ranges from 9% to 25% of the loan’s principal amount. The specific fee applied depends on factors such as the loan amount and repayment term.
Annual Percentage Rate (APR): The APR for Berry loans ranges from 27% to 260%. The specific APR is determined based on the loan amount and repayment term.
To provide clarity, let’s consider a sample loan scenario:
- Loan Amount: KES 1,000
- Interest Calculation: (1000 * 25) / 100 = KES 250
- Expected Payback Amount for 65 days: 1000 KES + 250 KES = KES 1250
It is important to note that Berry Loan App does not charge more than the facilitation fee. However, if the loan is not repaid within the grace period, a one-time late payment fee of 10% will be applied to the payable amount. It is crucial to adhere to the repayment schedule to avoid any additional fees or charges.
Berry Loan App ensures that the loan amount does not compound or accrue additional interest. This transparent approach enables borrowers to have a clear understanding of the total payable amount from the beginning, allowing for better financial planning and management.
Terms and Conditions
Berry Loan App operates with flexibility and affordability, offering low facilitation fees that range from 9% to 25% of the loan’s principal amount. To ensure transparency, Berry provides a breakdown of all the relevant information to the customer before accepting the loan offer. Here are some important terms and conditions:
Minimum Loan Amount: The minimum loan amount available through Berry Loan App is KES 1,000.
Maximum Loan Amount: The maximum loan amount available through Berry Loan App is KES 50,000.
Facilitation Fee: Berry charges a facilitation fee ranging from 9% to 25% of the loan’s principal amount. This fee is included in the total payable amount.
Grace Period: Berry provides a grace period of 7 days after the loan’s due date. This extension allows customers additional time to make their repayments without incurring any late payment fees.
Late Payment Fee: Only after the grace period (7 days) has elapsed, a one-time late payment fee of 10% will be charged on the payable amount. No other fees will be charged after this time.
Conclusion
Berry Loan App offers a simple and swift cash solution for individuals in Kenya who require quick access to funds. With its user-friendly interface, instant loan approvals, and transparent fee structure, Berry Loan App provides a convenient way to meet financial needs. The flexibility in loan amounts and repayment terms ensures that borrowers can tailor their loans to their specific requirements.
