FlashPesa is a mobile phone-based app that provides credit facilities to Kenyans through the use of mobile phones. FlashPesa is owned and operated by Ambush Capital, a Nairobi-based fintech company.
Key Features Of Flashpesa Loan
FlashPesa loans are becoming increasingly popular and more and more people are taking the loans. Some of the features that make it more attractive include:
1. Loan Limits
FlashPesa loans have a lower limit of Ksh 2,000 (Two thousand) and an upper limit of Ksh 50,000 (Five thousand). This means the loan amount advanced is higher than some loan apps that advance Ksh 500 only.
The higher limits will enable you to meet more financial needs.
2. Loan Terms
FlashPesa loans have a longer repayment period starting 91 days (3 months) and up to 365 days (1 year). This has the effect of not putting so much pressure on the borrower to repay the loan.
3. Loan Interest
FlashPesa loan has an origination fee of Ksh 150 to Ksh 600. These fees are charged once and will depend on the amount of loan borrowed.
The FlashPesa loan is charged a maximum of 36% Annual Percentage Rate (APR). This includes the origination fee that is charged to the loan.
4. Access Limitation
FlashPesa loans can only be accessed by persons older than 22years and who are in employment. This is meant to curb situations where kids access loans and are unable to pay and are then listed with CRBs which will negatively affect their creditworthiness in the future.
How Is Flashpesa Loan Cost Calculated?
To understand how the FlashPesa loan credit s calculated, we can best illustrate this with an example below;
If you apply for a loan of Ksh 2,000 on 26th March with a repayment period of 91 days, the loan shall be due for repayment on 24th June. The loan shall be processed the same day you have applied and an origination fee of Ksh 150, the lowest shall be charged. The loan due on 24th June shall be Ksh 2,150 (2000+150).
How To Apply For Flashpesa Loan
When you want to access a FlashPesa loan, you need to download the FlashPesa loan App from the google play store.
You will need to open an account by answering a few questions. Make sure you provide as much correct information as possible as it is not possible to amend personal data in the future.
Apply the loan amount you wish to get. The data provided shall be used to evaluate you and set the credit limit you can access the first time. As you borrow and repay more loans, your credit limit shall continue to raise.
The loan is processed within seconds and sent directly to your M-pesa registered line. You cannot use any other line to receive the loan disbursement.
Flashpesa Paybill Number
You can easily repay the FlashPesa loan through the paybill number 911 280. You can make partial payments before the due date of the loan. This makes it easy to plan yourself. Here is how you repay the loan through the paybill number.
- Go to M-PESA in your Safaricom menu on your phone
- Select Lipa na M-PESA
- Choose Paybill
- Enter the Paybill number 911 280
- For the account number, enter your M-Pesa number on which you received your FlashPesa loan
- Enter your repayment amount
- Enter your M-PESA pin
- Confirm that all details are correct and press ‘OK’.
If you need a new loan after clearing the old loan, you can always apply immediately.
What Data Does Flashpesa App Collect?
The data that you provide when you register for FlashPesa account and your SMS, mobile usage data, mobile phone location, mobile network, and other factors are used to calculate your credit score.
Flash score uses data encryption to ensure the data is safe and they promise to never share your data with third parties.
What Are Flashpesa Contacts?
You can communicate feedback, questions, or concerns with FlashPesa through.
Facebook Page: https://www.facebook.com/FlashPesa
E-mail: [email protected]
Website: https://www.flashpesa.co.ke/
WhatsApp: +254769159474
Address: Kaka House, Manua Close, Westlands, Nairobi City, Kenya
Final Thoughts
Tips on managing mobile app loans
With the increased number of mobile loans apps, and with easy access to credit, it becomes problematic for some people and they find themselves bogged down by loans. Here are some tips on what to do:
- Only borrow what you are able to repay
- Only borrow what you need
- Only borrow when you are in a position to repay
- Your credit history is very important so remember to repay on time to avoid repercussions
- Do not borrow for merry-making
