The advent of mobile loan apps has enabled many more Kenyans to access credit where credit was previously a preserve of the rich, and the employed.
Opesa loans are accessible to all Kenyans aged 20years to 55 years old as long as one has a source of income and there is no consideration of profession, career, income, or security for one to be granted the loan.
How To Apply For Opesa Loan?
To access the Opesa loan, one needs to have an internet-enabled form since you will be applying for the loan via the app that can only be operated through the internet. You cannot apply for Opesa loan through SMS.
First, you need to download the Opesa loan app from the google play store. Once you have opened the app, you will be required to register the account and all you have to do is follow the instructions and answer the questions asked. Make sure you provide the information as correctly as possible.
Apply for the loan amount that you need with the lowest limit being Ksh 2,000 and the highest being Ksh 500,000. The amount of loan you qualify for will depend on your credit score and will improve as you take and repay more loans.
What Is The Cost Of Opesa Loan?
Opesa loans have an annual interest rate of 36% or 0.1% per day on the amount outstanding. The loans have a tenure of 92 days (3 months) to 365 days (1 year.) The loan repayment is divided into 2 terms for the loan period and interest for the first period will be fixed on the first half of the loan, while the other half has a fixed rate of interest.
For example, 92 – day loan payment terms have a service fee of 9.2%. For the loan processed with a principal amount of 2,000, the service fee would be Ksh 184 (The repayment is divided into two terms.
The first term is 46 days, Ksh. 1,092 needs to be repaid with a daily interest rate of 0.1%, and the second term is 46 days, Ksh1,092 needs to be repaid with a daily interest rate of 0.1%.), the total amount due would be Ksh 2,184.
Like all other mobile app loans, the Opesa loan has some costs. There is a service fee that ranges from Ksh 100 to Ksh 600. It is a one-time charge.
How Much Loan Do You Get From Opesa Loan App?
Once you fill in the data when you download the app, OPesa uses data from your phone including your handset details and financial transaction messages (e.g.from M-Pesa, M-Shwari), and your reason for borrowing.
This information combined with your OPesa repayment history helps to build an individualized credit score and determine the loan offer suitable for you.
You will have to provide an emergency contact when applying for Opesa loan. Your emergency contact is the person that can prove your reliability, credibility, and honesty. The person may be contacted when they decide on the loan to give you. The emergency contact person will also be contacted in case you default on repayment of the loan.
How to repay Opesa loan
As you are aware, once you borrow the funds you will have to repay the principal plus the interest thereof. You will receive a message on your phone two days before the due date reminding you to repay the loan. You can repay the loan through the App or M-Pesa. Early loan repayment is accepted.
What Is The Opesa Loan Paybill Number?
OPesa paybill number is 606 280. Follow the steps below to repay your OPesa loan with M-PESA.
- Navigate to M-PESA in your Safaricom menu on your phone
- Select Lipa na M-PESA
- Choose Paybill
- Enter the Paybill number 606 280
- For account number, enter your MPesa number on which you received your OPesa loan
- Enter your repayment amount
- Enter your M-PESA pin
- Confirm that all details are correct and press ‘OK’.
You can repay the Opesa loan for someone else through the M-Pesa Paybill. You just need to input the account as the mobile number of the person who took the loan.
What Are The Penalties For Late Payment Of Opesa Loan?
Sometimes, we may have difficulties in repaying the loan on the due dates. This will attract a penalty in form of interest.
Late loan repayments automatically incur a late fee of 2.4% per day. It is therefore advised that one does not exceed the repayment period. Further, this could reduce your future borrowing score.
If you overpay your loan, Opesa will do a reconciliation of your account. After reconciliation of all payments you have made with the loans you have taken, excess funds will be reversed to your M-Pesa account within 15 days.
Opesa Loan Coupons
The Opesa coupon is a reward for loyal customers. Opesa currently has two kinds of coupons, namely discount coupons, and one-time credit limit increase coupons.
The discount coupon is used to reduce your total amount to be repaid. To use the discount coupon, you will need to select one of the discount coupons you have when you apply for a loan. Your repayment amount will be automatically reduced for this time.
Your one-time credit limit coupon is used to increase your loan amount. It is helpful when you have an emergency. This coupon is one time only. To use the coupon, you will need to select one of your one-time limit increase coupons when you apply for a loan. Your loan amount will then be automatically increased by adding the limit of the coupon.
Opesa Contacts.
In case of a query, clarification, or suggestion, you can reach Opesa through [email protected] and +254-207650999. Facebook: @OPesaOfficial while the physical address is Ring Road Parklands, Building: Apollo Center, Sarit Centre Nairobi
You can browse through other mobile loan apps in Kenya on this website.
