The Timiza loan app is an Absa Bank product offering Kenyans mobile loans. Timiza aims “to provide a simple and convenient means of accessing credit for the masses.”
The Timiza loan app offers various benefits, such as instant approvals, low interest rates, quick repayments, convenience through mobile phone apps, and manageable repayment methods.
Today, I will show you how to access mobile loans from the Timiza Loan app easily. I will also show you how to download the Timiza app.
Timiza Loan App Download
Here is how to download and install the Timiza loan app:
- Timiza App is available on both Google PlayStore and IOS App store
- Visit the store based on your phone, Android-based, or iPhone.
- Search for Timiza (Just the word Timiza is enough). Make sure it is from Absa Bank Kenya PLC.
- Download the app and install it on your phone.
That’s it; we are done with the Timiza loan app. Download and install it.
Let’s move to the next step
How to Register on Timiza App
Now that you’ve downloaded the app to your smartphone, the next step is to register.
To do this, Open the Timiza App on your phone and follow the prompts to register for the Timiza App. The process is straightforward and should take less than 5 minutes to complete.
As you can see, there is no need to visit Timiza Branch or their bank to register. It would help to have your mobile phone and the Timiza App from Absa Bank.
How to Apply for a Timiza Loan
After registering on the Timiza App, this is how to apply for your first loan. Before getting any loan from the Timiza loan app, you must qualify, which are the requirements.
What are the requirements for eligibility for a Timiza Loan?
To be eligible for Timiza Loans, each applicant must:
- Be an M-PESA subscriber for more than six months
- Actively use other Safaricom services such as voice, data, and M-PESA.
- Have a good rating at the CRB (How to check CRB Status)
You can check your Timiza loan limit on the phone if you meet the above requirements. Then, you can apply for a loan.
There are two ways in which you can use to apply for Timiza loans:
- Through the Timiza Loan App
- Via Timiza USSD code.
Here is how to use each of them.
How to apply for a Loan on the app
To apply for Timiza loans through the Timiza App:
- Open Timiza App
- On the Timiza homepage, select ‘My loans’ to see your loan limits.
- Now tap on “Request a Loan” to request Timiza Loans.
- Enter your desired amount (within your limit) and tap “Continue.”
- After a few seconds, Timiza will notify you if the loan has been approved.
- They will send it to your Timiza Account.
To get the money to M-Pesa, you must withdraw it to Mpesa; it is not automatic.
How to apply for a loan with a USSD code
As mentioned above, another way of applying for Timiza loans is via the Timiza USSD code. Here is how:
- On your phone, Dial Timiza USSD code *848#
- The following prompt will ask for your Timiza PIN; enter it.
- There will be several options; select option 4: loan and send.
- In the next screen, choose “Request Loan.”
- Next, enter cash and the amount you wish to borrow in the final step.
- Timiza will send you a confirmation and your money.
That is how you apply for a loan from Timiza.
Timiza Loan Charges and Terms
Timiza loans have a 30-day term with a five percent one-time facility fee. They also charge an additional five percent if the loan is not repaid within thirty days.
Their loans are up to Kes 150,000, paid within one month.
Also, it is worth noting that all Timiza fees have included a 20% Government excise duty.
How to Repay Timiza Loan
Repaying the loan on time contributes to a good borrowing record and increases the user’s loan limit.
Below is a guide on how to repay the Timiza Loan.
- Go to Mpesa Menu
- Choose “Lipa Na Mpesa.”
- Select Pay Bill
- Enter 300067 as the PayBill number
- Key in Account Number (Phone Number used to open Timiza account)
- Enter Amount
- Enter Mpesa Pin
- Press Okay to authorize the transaction
Knowing what the Timiza app is about from this article, you can now use it for its rightful purpose. It would help to note that the money should be used correctly when borrowing from the app since you must repay it with interest.