FlashPesa Loan App is the newest mobile lending app in town that provides unsecured loans straight to M-Pesa accounts in a flash.
What is Flash Pesa Loan App?
FlashPesa app is a mobile loan product of a local Fintech company based in Nairobi Kenya. The loan app provides fast unsecured credit loans straight to your M-Pesa account.
The loan app offers flash loans of between Ksh 2,000 and Ksh 50,000 at an interest rate of 12% APR ( Annual Percentage Rate) with zero service fees.
Users are only required to download and install the loan app and thereafter fill a questionnaire and then apply for a loan. So how does FlashPesa app work? Let’s see
How does FlashPesa Loan App Works?
FlashPesa loan app collects data from you such as your phone make and type, M-Pesa transaction messages, phone records, and contact details among other things.
The loan app then uses this information to build your credit score and also to make a lending decision.
Related: Stawika loan app application and download.
You can quickly register on the FlashPesa application by downloading the app on the Google Play store or the Apple Store and enter the required details.
- The app offers loans ranging from Ksh 2,000 to Ksh 50,000.
- Flexible loan duration periods of 91 days to 180 days.
- Variable interest rates with the highest being 24% APR
For example: If your loan amount is Ksh 1,500 and the loan repayment term is 180 days. Your interest rate will therefore be be Ksh 1,500 x 0.00067 x 180 = Ksh 181
Loan Requirement and Eligibility.
FlashPesa loans do not require security or collaterals such as payslips, logbook or title deeds. You are only required to be between the age of 20-55 years old. And have a constant source of income, registered phone number and lastly, your National ID number.
In addition to the above FlashPesa loan application process usually takes a few minutes to process.
FlashPesa App Download and Application.
In order for you to apply for a loan on FlashPesa;
- Open Google Play Store or Click here to download the app directly.
- Create your account – To create an account, you need your phone number and ID number.
- Apply for a Loan – Once you have successfully created an account, you can now successfully apply for a loan from your app.
FlashPesa offers loans ranging from Ksh 2,000 up to Ksh 50,000. The loan amount will be charged an origination fee of15% for a term of 15 days. (We don’t know what exactly that means).
Related: 10+ loan apps in Kenya without security.
How to Repay FlashPesa Loan via M-Pesa?
- Open your M-Pesa SIM toolkit and navigate the “Lipa Na M-Pesa” Menu option.
- Select the Paybill menu item.
- Next, enter the FlashPesa Paybill number 911280.
- Under the account number section, use your M-Pesa number.
- Next, enter your repayment amount and follow the M-Pesa system prompts to complete your transaction.
Note: You can also pay for someone else provided that you use the mobile number used to sign up for the loan as the account number.
How to Contact FlashPesa.
You can contact the FlashPesa support team via the following option.
- Phone: 0769159484
- Email: [email protected]
- Whatsapp: 0769159474
Given these points, you may also like the following similar loan apps in Kenya.