In today’s fast-paced world, financial emergencies can arise unexpectedly, leaving individuals in need of immediate funds. Whether you’re a business owner seeking capital to expand your enterprise or a consumer looking to address personal expenses, TruePesa is the ideal solution for your financial needs. TruePesa is a trusted loan app that offers instant loans to assist individuals in Kenya in times of financial distress. In this article, we will explore the features, eligibility requirements, and application process of TruePesa, highlighting its reliability and convenience.
Eligibility Requirements
To access the loan services provided by TruePesa, applicants must meet the following eligibility criteria:
Kenyan Citizenship: TruePesa extends its services exclusively to Kenyan citizens, ensuring that the loans are accessible to those residing within the country.
Age Requirement: Applicants must be between 18 and 65 years old, ensuring that both young entrepreneurs and experienced professionals have the opportunity to benefit from TruePesa’s financial assistance.
Regular Source of Income: TruePesa requires applicants to have a consistent and verifiable source of income. This criterion ensures that borrowers have the means to repay the loan within the designated tenure.
Product Features
TruePesa provides a range of features that cater to the diverse financial requirements of its users. The key features include:
Loan Amount: TruePesa offers loans ranging from Kes2,000 to Kes80,000, providing borrowers with flexibility and the ability to address various financial needs, whether big or small.
Loan Tenure: The loan tenure provided by TruePesa ranges from 91 days to 365 days.
This duration allows borrowers to select a repayment period that suits their financial capabilities, enabling comfortable and timely loan repayments.
Annual Percentage Rate (APR): TruePesa offers competitive APRs ranging from 12% to 25%. This interest rate ensures that borrowers have access to affordable loans, reducing the burden of repayment while availing themselves of the necessary funds.
Service Fee: TruePesa charges a service fee of 2% to 8% on the loan amount. The service fee covers administrative costs and ensures the smooth processing of loan applications.
Loan Example
To illustrate the cost structure of TruePesa’s loans, let’s consider an example:
Suppose a borrower requires a loan of Kes5,000 with an APR of 14% per annum and a tenure of 180 days. Additionally, the service fee is set at 5%.
Interest Calculation: Interest = Kes5,000 * 14% / 365 * 180 = Kes345
Service Fee Calculation: Service fee = 5,000 * 5% = Kes250
Total Repayment Amount: Total repayment = 5,000 + 345 + 250 = Kes5,595
In this scenario, the borrower would receive Kes5,000 and be required to repay Kes5,595 within the designated repayment period, covering the principal, interest, and service fee.
Application Process
TruePesa offers a streamlined application process to ensure a hassle-free experience for its users. The steps involved in applying for a loan on TruePesa are as follows:
Sign up: Begin by downloading the TruePesa app from your preferred app store. Once installed, sign up using your Kenyan phone number and create a secure password to protect your account.
Fill in Basic Details: After signing up, provide the required basic details, including personal information, employment details, and income source. Accurate information is essential to determine your eligibility and loan amount.
Apply for a Loan: Once your profile is completeand all the necessary information is provided, proceed to the loan application section within the TruePesa app. Select the desired loan amount within the available range of Kes2,000 to Kes80,000 and choose the preferred loan tenure between 91 days and 365 days.
Loan Disbursement: If your loan application is approved, TruePesa will disburse the loan amount directly to your registered bank account or mobile money wallet. The loan amount will be available for immediate use, allowing you to address your financial needs promptly.
Repayment: TruePesa provides flexible repayment options to ensure convenience for borrowers. Loan repayments can be made through various methods, including mobile money transfers, bank deposits, or automatic deductions from your registered bank account. It is essential to make timely repayments to maintain a good credit history and strengthen your future loan eligibility.
Conclusion
In conclusion, TruePesa stands as a reliable loan app that provides instant financial assistance to individuals in Kenya. With a user-friendly interface, transparent terms and conditions, and responsible lending practices, TruePesa offers a convenient and trustworthy platform for accessing loans.
The eligibility requirements, flexible loan features, and streamlined application process make it accessible to a wide range of borrowers. Whether you need funds to grow your business, address personal expenses, or handle unexpected emergencies, TruePesa is poised to assist you in your financial journey.
Learn more about other loans apps in Kenya here.
