iPesa is a mobile loan-based financial service provided that is owned by Osome Fintech Company. To access the loan you need just have an internet-enabled phone and meet the eligibility criteria.
iPesa loans range from Ksh 500 (Five hundred only) to Ksh 50,000 (Fifty thousand only) with a loan repayment period of 91 days (3 months) to 180 days (6 months).
iPesa loans have an interest rate that ranges from 36% to 72% depending on the amount applied and the duration of repayment of the loan.
The loans also attract a service fee of 36% of the amount applied. The cost of the loan can be evaluated by an example below:
If the loan amount is 2500 Ksh, the loan term is 180days, and the service fee rate is 36%, the total service fee should be 2500 Ksh * 36% = 900Ksh. The total amount must be paid: 2500+2500*36%=KES3400.
How To Apply For Ipesa Loan
To access ipesa loan, you need to follow these steps:
- Download the ipesa app from the google playstore
- Fill in the registration form and provide as much accurate information as possible.
- Provide an M-pesa registered phone as the loan will be dispatched to the M-pesa account.
- After registration, apply for the loan you need.
- The loan will be approved within seconds and dispatched to your M-pesa account.
When applying for the loan for the first time, you will qualify for a lower amount but the loan amount will be increased depending on your repayment history.
What Is The Paybill Number For Ipesa?
The ipesa paybill number is 192 010. Here is how to repay iPesa 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 192 010
- For the account number, enter your M-Pesa number on which you received your OKash 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 Information Does Ipesa Loan App Collect?
iPesa makes getting a personal loan simple by using the data on your phone including your SMS history to verify your identity and create a credit score. The data is encrypted to protect your privacy. The company says they do not share your information with third parties.
Contact iPesa through:
Facebook page: https://www.facebook.com/ipesakenya/
office address: ADLIFE PLAZA, CHANIA AVENUE, NAIROBI
Final Thoughts
You can browse this loan apps here to get more options available to you. We need to caution here that mobile app loans are very expensive and need only be used where there is an emergency and the amount of money needed is small and the loan will be repaid soonest.
