FlashPesa Loan App, a product of Ambush Capital Ltd, is an instant mobile loan application designed to cater to the financial needs of Kenyans. Available exclusively in Kenya, the app has gained substantial popularity, evident from its high download numbers and impressive ratings on the Google Play Store.
FlashPesa Loan App stands out in the crowded Kenyan digital lending space for its straightforward application process, relatively competitive interest rates, and the range of loan amounts available. Users can borrow between Ksh 2,000 and Ksh 50,000, making it a versatile option for various financial requirements.
How To Download FlashPesa Loan App
Getting started with FlashPesa is a straightforward process. Here is how to go about downloading and setting up FlashPesa Loan App in Kenya:
Step 1: Downloading the App
The first step to accessing FlashPesa’s services is to download the app. It’s available on the Google Play Store for Android users. To download, visit the Google Play Store and search ‘FlashPesa’. Once found, click the download button to install the app on your smartphone.
Step 2: Creating an Account
After downloading the app, the next step is to create your account. This process involves filling in several essential questions for setting up your profile. The questions are straightforward and are designed to gather necessary information about you for loan processing.
Step 3: Required Documentation
To successfully create an account on FlashPesa, you must provide some essential documentation. This includes a valid Kenyan Identification card and registered M-Pesa mobile number. The M-Pesa number is crucial as it is the medium through which loans are disbursed and repayments are made.
Step 4: Account Verification
Once you’ve filled in your details and provided the necessary documentation, the final step in the account setup is verification. FlashPesa will send a verification code to your phone to complete the registration process. This step is critical to ensure the security of your account and to confirm your identity.
FlashPesa Loan App Features and Terms
Loan Amount Range
FlashPesa caters to various financial requirements by offering loans ranging from Ksh 2,000 to Ksh 50,000. This range allows users to select an amount that best suits their immediate financial needs, whether for emergency expenses, business capital, or personal use. The flexibility in loan amounts makes FlashPesa a versatile option for borrowers with different financial capacities.
One of the critical aspects of any loan is the interest rate. FlashPesa offers loans at an Annual Percentage Rate (APR) ranging from 12% to 24%. This rate is relatively competitive compared to other digital lenders in Kenya, some of which charge higher rates. Users must understand that the interest rate may vary depending on the loan amount and term selected.
The loan terms offered by FlashPesa are flexible, ranging from 61 to 180 days. This allows users to choose a repayment period that aligns with their financial planning and capacity. The varied loan terms also mean that users can opt for shorter or longer periods based on their repayment ability.
Repayment of loans is conveniently done through M-Pesa, a widely used mobile money service in Kenya. Users can repay their loans via the app or the ‘Lipa na M-Pesa’ feature. The process involves selecting the paybill option, entering the paybill number 911280, and using their phone number as the account number.
FlashPesa Loan App Application Process
To apply for a loan with FlashPesa, users must complete their app profile. The application is then a simple matter of filling in the desired loan amount, the duration for which the loan is needed, and the purpose of the loan. The process is designed to be instant, providing users with a quick response. The decision to grant a loan is based on various factors, including personal information and credit history.
It’s important to note that improving your credit score by repaying loans on time and ensuring you are not listed on the Credit Reference Bureau (CRB) can increase your chances of loan approval. Loan limits start at Ksh 2,000 and can grow as you repay your loans on time, with the maximum amount being Ksh 50,000.
FAQs about FlashPesa Loan App Kenya
What is FlashPesa?
- FlashPesa is a mobile loan app in Kenya offering fast, accessible loans of up to 50,000 KES instantly to M-Pesa users.
How can I update my FlashPesa account details?
- You can change your account details by contacting FlashPesa support at 0769159474 or firstname.lastname@example.org.
What should I do if my SIM is unsupported by FlashPesa?
- FlashPesa only supports Safaricom phone numbers registered for M-Pesa services. Unsupported SIMs may be due to non-registration with M-Pesa.
After receiving a loan, can I change my national ID number in the FlashPesa system?
- No, you cannot change your ID number in the FlashPesa system, as it is tied to the name with which it was registered.
What factors influence FlashPesa’s lending decisions?
- FlashPesa’s lending decisions are based on several factors, including personal information and credit history, ensuring the financial safety of clients.
Can I apply for a loan amount higher than my FlashPesa limit?
- No, you can only apply for an amount up to the limit you qualify for, with the minimum being Ksh 2,000.
What happens if I miss a FlashPesa loan repayment?
- Missing a repayment can result in being listed with a Credit Reference Bureau (CRB) after a certain period.
How can I clear a defaulted loan with FlashPesa?
- Once you clear your defaulted loan, it will be removed from the system, allowing you to apply for new loans.