With a minimum loan amount of 2000 Ksh and a maximum loan amount of 100,000 Ksh, Pesa Now aims to provide accessible financial support to those who need it the most. This article explores the features and benefits of the Pesa Now loan app, including the loan terms, interest rates, repayment options, and eligibility criteria.
Loan Amount and Term:
Pesa Now offers a flexible range of loan amounts, starting from a minimum of 2000 Ksh to a maximum of 100,000 Ksh. This allows borrowers to select an amount that suits their specific financial needs. Additionally, the loan term ranges from a minimum of 91 days (3 months) to a maximum of 180 days (6 months). This flexible loan term enables borrowers to choose a repayment period that aligns with their financial capabilities.
Interest Rates and Fees:
To ensure affordability and transparency, Pesa Now adheres to a maximum interest rate of 36% APR or 3% per month. This interest rate is calculated based on the principal loan amount. For instance, if a borrower takes a loan of 30,000 Ksh with a loan term of 91 days, the total interest payable would be 30,000 Ksh * 3% = 900 Ksh. This interest amount is further divided into monthly installments, which in this case would be 900 Ksh / 3 = 300 Ksh.
It’s worth mentioning that Pesa Now doesn’t charge any service fees. This means that borrowers can enjoy the benefits of quick and affordable loans without incurring any additional costs, apart from the interest charged.
Eligibility Criteria:
To access the Pesa Now loan app, individuals need to fulfill certain eligibility criteria. Firstly, the applicant must be at least 20 years old or above. This age requirement ensures that borrowers have a certain level of financial responsibility and stability. Secondly, applicants need to provide valid identification documents, such as a national ID card or passport, to verify their identity and eligibility for the loan.
Repayment Options:
Pesa Now provides flexible repayment options to borrowers. As an existing client, the borrower is required to pay both the principal loan amount and the accrued interest for the first three months. Using the example of a loan amount of 30,000 Ksh with a 91-day loan term and a 3% interest rate, the monthly repayment would amount to 10,000 Ksh (principal) + 300 Ksh (interest) = 10,300 Ksh.
For the subsequent three months, the borrower is expected to pay the same amount, resulting in a total repayment of 30,900 Ksh over the course of the loan term. This structured repayment schedule allows borrowers to plan their finances accordingly and meet their repayment obligations without unnecessary burden.
Benefits of Pesa Now Loan App:
Accessibility: The Pesa Now loan app provides easy access to financial support, eliminating the need for lengthy paperwork and physical visits to banks. With just a few clicks on their smartphones, borrowers can apply for a loan and receive funds directly in their bank accounts.
Quick Disbursement: Pesa Now understands the urgency of financial needs and strives to provide prompt loan disbursement. Upon approval of the loan application, borrowers can expect to receive the funds within a short period, enabling them to address their financial emergencies swiftly.
Transparency: Pesa Now promotes transparency by clearly stating the interest rates, fees and repayment terms upfront. Borrowers can make informed decisions regarding their loans, knowing exactly how much they will need to repay and within what timeframe. This transparency helps borrowers plan their finances effectively and avoid any surprises or hidden charges.
Affordability: With a maximum interest rate of 36% APR or 3% per month, Pesa Now aims to provide affordable loans to its customers. By offering competitive interest rates, borrowers can access the funds they need without being burdened by exorbitant interest charges.
User-Friendly Interface: The Pesa Now loan app features a user-friendly interface, making it easy for borrowers to navigate through the application process. The app is designed to provide a seamless and efficient experience, ensuring that borrowers can apply for loans quickly and conveniently.
Credit Score Building: Pesa Now recognizes the importance of building a positive credit history. By borrowing and repaying loans responsibly, borrowers can improve their credit scores over time. This can open doors to more favorable loan terms and financial opportunities in the future.
Customer Support: Pesa Now values customer satisfaction and provides reliable customer support to address any queries or concerns. Borrowers can reach out to the customer support team through various channels, such as phone, email, or in-app chat, ensuring a smooth and hassle-free experience.
Conclusion:
Pesa Now is a digital lending platform that strives to meet the financial needs of individuals facing urgent situations. By offering quick and affordable loans through their user-friendly loan app, Pesa Now aims to provide a seamless borrowing experience.
With flexible loan amounts, transparent interest rates, and convenient repayment options, borrowers can access the funds they need while effectively managing their finances. Whether it’s for unexpected expenses or fulfilling immediate financial obligations, Pesa Now stands as a reliable digital lending solution, providing accessible financial support to those in need.
