Updated on July 8, 2024: Added an expanded section on the advantages and disadvantages of using USSD codes for loans, including privacy risks, harassment, trauma, chronic borrowing, and CRB blacklisting. Also included additional free USSD MPESA loan codes and a detailed FAQ section to address common queries.
Today’s article, we will identify 10 quick USSD loans to Mpesa that you can access without a smartphone.
In Kenya, Microlending the fastest and easiest way which people use to access money. Whether you need to get a quick loan to increase your biashara stock or to pay school fees, a USSD code will save you.
The good news is that you do not have to cram all these numbers. Just select one lender that you feel has your best interest at heart.
Once you have them, it will be very easy to cram just their USSD number. These days there is no limit to how quick your dreams can be made true. Especially if they cost less than Ksh. 10,000.
Instant USSD Loans in Kenya
1. Equity Bank
Equity bank has been named by Business daily as the best bank in Kenya. It does not charge excessive interest charges on its borrows neither does it have stringent conditions. If therefore you would like to access an instant USSD loan from Equity bank, it is very easy.
Just dial *247# and you will be redirected on the steps to take. You can also download the Eazy 247 app from both the play store and the App Store.
2. Timiza Loan
Timiza Loan is offered by Absa bank formerly known as Barclays bank. In order to access a loan from Timiza, dial *848# and follow the instructions provided.
3. Stanbic Bank
Stanbic Bank offers its customers quick USSD loans to their Mpesa. All that one needs to do is to dial *208# and you will be on your way to getting funded.
4. Eco Bank
Eco Bank Kenya understands perfectly well that you don’t have to own a smartphone in order to need a quick loan.
They have made it easy by providing a USSD number for each country they operate in. In Kenya, to access the quick USSD loan just dial *335#.
5. Mco-op cash Loan
If you own a business account with a Cooperative bank, you are able to access a quick USSD loan. One only has to dial *667#.
6. HF Whizz Loan App
HF Whizz loan app is made available by the Housing Finance Corporation (HFC). You can easily access a USSD loan by just dialling the following number on your mobile number *618#.
7. KCB Mobi Bank
KCB Bank Mobi loan ranks number 1 among the 10 quick USSD loans to Mpesa. Just dial *522# and enter your pin to proceed.
8. Jamii Bora Bank
Moreover, Jamii Bora Bank has also not been left behind on this wagon of offering loans to clients using USSD numbers.
Their USSD code is *344# and once you follow all instructions as provided, the money will be sent to your Mpesa. Please note this is applicable to their customers only.
9. Credit Bank
Through *669# any Credit Bank customer is able to easily access a loan to their Mpesa. Discover the world of infinite possibilities through the credit Bank.
10. Sidian Bank
Sidian Bank formerly known as K-rep bank is the last on this list of 10 quick USSD loans to Mpesa. Simply dial *527# and you will be all set.
Other Free USSD MPESA Loans
You can also use these MPESA USSD codes for quick loans:
- Pesa Pap (*325#)
- Okolea (*842#)
- Pesa Pata (*269#)
- Okoa Mia (*628#)
- Pesa Chap-Chap (*339#)
- HF Whizz (*325#)
- Kopa Doh (*610#)
- Okoa Sasa (*884#)
Note: The iPesa loan requires installing the iPesa loan app as is no available USSD code.
Advantages and Disadvantages of Using USSD Codes for Loans in Kenya
Advantages
USSD MPESA loans offer several benefits for borrowers:
- No Internet Required: Access loans without needing an internet connection, making it ideal for basic phones.
- No Collateral Needed: Loans are granted based on credit history without the need for collateral.
- Smartphone Not Necessary: USSD codes work on any mobile phone, including basic models.
- Fast Loan Access: Registered customers can receive loans within minutes.
- Growing Loan Limit: Timely repayment can lead to increased borrowing limits.
Disadvantages
Despite the advantages, USSD MPESA loans have some drawbacks:
- High Costs: Mobile loans can be expensive, with high facilitation fees, interest rates, and late payment charges.
- Short Repayment Period: Repayment periods are often unrealistic, ranging from 7 to 21 days.
- Phone Credit Required: Though internet is not needed, phone credit may be necessary, which can be costly.
- Small Loan Amounts: Initial loan amounts are usually low, between Ksh 500 and Ksh 10,000.
- Frequent Reminders: Annoying reminders about loan repayments can be intrusive and stressful.
The Dangers of MPESA Mobile Loans
Privacy Risk
Lenders often require access to your phone to monitor transactions, risking your privacy. They may even use your contact list for debt collection purposes.
Harassment and Debt Shaming
Defaulting on payments can lead to relentless threats via SMS or calls. Lenders may contact your acquaintances, leading to embarrassment and social stress.
Trauma
The harassment and debt shaming can be deeply traumatizing, especially for those already struggling with financial stress.
Chronic Borrowing
While lenders promise to increase loan limits, the high-interest rates can trap borrowers in a cycle of chronic debt.
CRB Blacklisting – Bad Credit Reputation
Failure to repay can result in being reported to the Credit Referencing Bureau (CRB), leading to a bad credit score and difficulty in obtaining future loans.
FAQs – Quick USSD Loans to Mpesa
What is the USSD code for M-PESA?
An MPESA code is a service powered by Safaricom for their MPESA customers in order for them to access services by dialing the code *334# to receive their MPESA statements. When you dial *334#, these are the service options that you will find; Option for sending money. Withdraw Cash.
Are USSD Codes for Loans in Kenya Worth It?
The truth is that despite the advantages of USSD MPESA loans, as discussed, they are not worth it. The concerns and dangers outweigh the benefits, and the risk of taking them is too much of a gamble. Remember, we are not just talking about the USSD loans only but also mobile loan apps in Kenya and other popularized quick loans.
How Do I Apply for a USSD Loan?
To apply, dial the specific USSD code provided by the lender, follow the prompts, and enter the required information. Approval is usually instant, and funds are transferred to your mobile money account.
Conclusion
Quick USSD loans to Mpesa provide a seamless and efficient way to access funds directly into your Mpesa account without the need for internet or a smartphone. This innovative solution offers fast, convenient, and accessible financial support, making it ideal for emergencies and everyday financial needs.
With just a simple USSD code, you can secure the funds you need, making financial management easier than ever. Embrace the convenience and speed of quick USSD loans to Mpesa and stay financially empowered.
