The Timiza loans app is an Absa Bank development that offers mobile loans to Kenyans. Timiza’s objective is “to provide a simple and convenient means of accessing credit for the groups.”
The Timiza loan app presents various benefits such as instant permissions, low-interest rates, fast repayments, convenience through their mobile phone apps, and manageable repayment methods.
Today, I will tell you how to efficiently access mobile loans from the Timiza Loans app in 2022. I will also show you how on to download the Timiza app to get begun.
Timiza Loan App Download 2022
Here is how to download & install the Timiza loan app:
Timiza App is unrestricted on both Google PlayStore &IOS App store
Visit the store based on your mobile phone, android established or iPhone.
Explore for Timiza (Just the word Timiza is sufficiently). Make sure it is from the Absa Bank Kenya PLC.
Download the app & install it on your phone.
That’s it; we are accomplished with the Timiza loan app download and install it.
Let’s move to the next stage
How to Register on Timiza App
Now that you’ve properly downloaded the app to your smar-tphone, the next step is to register.
To do this, Unlock the Timiza App on your phone and follow the prompts to enroll in the Timiza App. The process is clear, and it should take you less than 5 minutes to finish.
As you can see, there is no requirement to visit Timiza Branch or their bank to register. All you require now is your mobile phone and the Timiza App from Absa Bank.
How to Apply for a Timiza Loan
After recording for Timiza App, this is how to devote for your first loan. Before you acquire any loan from the Timiza loan app, you must authorize, and these are the requirements.
What are the requirements to Qualify for a Timiza Loan?
To be qualified for Timiza Loans, individually applicant must:
Be an M-PESA user for more than six months
Vigorously use other Safaricom benefits such as voice, data, and M-PESA.
Have a satisfactory rating at the CRB.
If you meet these conditions, you can check your Timiza loan limit on the smartphone. Then you can apply for a loan.
There are two main ways which you can use to apply for Timiza loans:
Via the Timiza Loan App
Through Timiza USSD code.
Here is how to utilize each of them.
How to apply for Loans on the app
To apply for Timiza loans via the Timiza App:
Open Timiza App
On the Timiza homepage, pick ‘My loans’ to see your loan limits.
Now tap on “Request a Loan” to bid Timiza Loans.
Enter the preferred amount for which you want (within your limit) and tap “Resume.”
After a few seconds, Timiza will inform you if the loan has been authorized.
They will dispatch it to your Timiza Account.
To get the funds to M-Pesa, you have to withdraw it to M-pesa; it is not automated.
How to apply for loans with a USSD code
As noted above, another way of applying for Timiza loans is through the Timiza USSD code. Here is how:
On your mobile phone, Dial Timiza USSD code *848#
The next prompt will request for your Timiza PIN; enter it.
There will be several choices; select option 4: loan then send.
In the next screen, select “Request Loan.”
Next, enter cash, enter the amount you desire to borrow in the final step.
Timiza will send you a verification and your money.
That is how you successfully apply for a loan from Timiza.
Timiza Loan Charges and Terms
Timiza loans have a 30 day period with a five percent one-time facility fee. They also charge an extra 5% if the loan is not refunded within thirty days.
Their loans are up to Ksh 150,000 paid within one month.
Also, it is worth mentioning that all Timiza fees have contained 20% Government excise duty.
How to Repay Timiza Loan
Repaying the loan in time contributes to a good borrowing record and improves the user’s loan limit.
Below is a perfect guide on how to repay the Timiza Loan.
Go to M-pesa Menu
Select “Lipa Na Mpesa.”
Select Pay Bill
Enter 300067 as the PayBill number
Key in your Account Number (Phone Number used to open Timiza account)
Enter M-pesa Pin
Press Okay to confirm the transaction
Knowing what the Timiza app is almost from this article, you can now use it for its appropriate purpose. However, it would help to note that the money should be used propperly when borrowing from the app since you must refund it with interest.