How to Get a Loan From Timiza App in 2021

I am going to share with you how you can download and get a loan from Timiza App. This article gives the unique features you need to know about the Timiza app, one of Kenya’s leading mobile loan apps.

There have been many innovations in technology in recent years; this is majorly characterized by the increased use of smartphones within the country.

Today, customers can access different banking services anytime and at any place through mobile phones. With this in mind, Barclays Bank (Now ABSA) came up with the Timiza App as its initial step to implement its practical banking strategy.

Timiza, a Swahili term that means “to accomplish,” has features that are very different from other mobile banking apps seen before.

Getting Started with Timiza App

With the Timiza app, it is not a must that one opens a real account in the bank. The app provides a virtual account with which one can conduct all the transactions they need. One can deposit funds or receive loans into the virtual account and make withdrawals through Mpesa.

However, there is an option where one can link the mobile application with their actual bank account if they already have an account with Barclays bank.

This app also allows users to transfer funds from one Timiza account to another at friendly charges.

Timiza Loan App Services / Features

Timiza app offers lots of services; with the App installed on your phone, you can do the following;

1. Payment of utility bills

Timiza application allows one to pay for electricity, water, and other utility bills directly from the virtual account. If there is no money in the virtual account, one can make the payments directly from their bank accounts. Plans are underway to introduce the Timiza Virtual card, which will allow customers to pay for online services using the app.

Also, using the Timiza app allows customers to pay for insurance coverage. Customers can get personal accident covers and funeral covers of up to 100,000 and 40,000, respectively, from the app.

2. No collateral needed when borrowing

When requesting a loan on the application, no guarantee is required as creditworthiness is calculated using Mpesa transaction records. To get the loans, all one needs is to download the app, fill in their details, and apply.

3. Loan limits of up to 150,000

Depending on the credit rating, one can access loans of up to 150,000. These loans are to be repaid within thirty days with a processing fee of 5% and a monthly fee of 1.7%

4. The app allows saving

The user can make savings on the app. By moving money to the segment “wallet” on the app, one can save any amount they want for any period they choose.

5. Access to Taxi Hailing services

Customers can access taxi services as a result of the partnership between Barclays and Safaricom’s Little cab. With the Timiza app, customers can order a ride from Little cab and make payments for the trip using the app.

6. The app is limited to Android and Safaricom users

Currently, the only available version of the Timiza application is for Android devices. However, plans are underway to develop an iOS-compatible version for Apple users. Another restriction on the app is that only Safaricom users can access the loans via Mpesa.

Timiza app download and registration

To qualify for a Timiza loan, one needs to have an active Mpesa line that has been used for more than six months.

The loan limit will be determined by the Mpesa transactions record and the applicant’s CRB status. Find below a step by step procedure for applying for the loan.

  1. Register for the service – To register, one needs to dial *848# on their Safaricom line or download the app from the google play store.
  2. Create an account – After installing the app, you need to provide personal details, including the Mpesa number, to make transactions.
  3. Apply for the loan – After creating an account, the loan limit will be displayed on the app. one can only borrow as much as their loan limit. The loan is then credited to the Timiza account, after which the user can transfer to their Mpesa account.

How to repay Timiza Loan

Repaying the loan n time contributes to a good borrowing record and therefore 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 all about from this article, you can now use it for its rightful purpose. It would help if you took note that the money should be used for the right purpose when borrowing from the app since it has to be repaid with interest. Those who are listed as defaulters by the CRB cannot access the loan.