How to Borrow Quickly with the Timiza Loan

The Timiza Loan app is one of the most popular loan apps in Kenya, with over 1,000,000+ downloads since its launch in 2021. This app is available for Android devices (version 6.0 and up) and offers loans ranging from KSh 50 to KSh 1,000,000. The loan app is widely used for its quick processing time and the flexibility it provides users to access funds whenever needed.

What Are the Requirements for a Timiza Account?

To use the Timiza Loan app, you must meet the following requirements:

• Be a registered Safaricom Subscriber.
• Be an active Safaricom M-PESA customer.
• Hold a Kenyan National Identification Document (ID) (Kenyan passports are not allowed).
• Have an active Safaricom M-PESA account/line.

Who Is Eligible for a Timiza Loan?

To qualify for a Timiza loan, you must:

• Be a M-PESA subscriber for over 6 months.
• Actively use other Safaricom services, including voice, data, and M-PESA.
• Have a positive rating from the Credit Reference Bureau (CRB).
• Be in good standing with Safaricom’s Okoa Jahazi service.

Features of the Timiza Loan

Key features of the Timiza loan include:

• One-time interest charge: 1.083% for a 30-day term.
• Facilitation fee: 5% of the borrowed amount.
• The loan is disbursed to your Timiza account and not directly to M-PESA. You can transfer funds from your Timiza account to M-PESA.
• M-PESA withdrawal charge: KSh 32 for withdrawing from your Timiza wallet to M-PESA.
• The M-PESA account must be registered with your Timiza account.

How to Apply for Your First Timiza Loan

To apply for your first Timiza loan, follow these steps:

1. Launch the Timiza Loan app on your phone.
2. Enter your PIN to log in.
3. Your Timiza loan limit will be displayed on the home screen.
4. Tap on “My Loans” and select “Request Loan”.
5. Enter the amount you wish to borrow.
6. Click “Continue”.
7. Wait for confirmation indicating whether you qualify for the loan.

If approved, your loan limit will be displayed, and you can borrow instantly.

How to Apply for the Timiza Loan via USSD

Alternatively, you can apply for a loan through USSD:

1. Dial *848# on your phone and ensure you’re registered with Timiza.
2. Enter your Timiza PIN.
3. Select option 4: “Loan”.
4. Choose option 1: “Request Loan”.
5. Select option 1: “Get Cash”.
6. Enter the amount you want to borrow.
7. Confirm the loan amount.

Afterward, Timiza will send you a confirmation SMS.

How to Grow Your Timiza Loan Limit

You can increase your Timiza loan limit by:

• Using Timiza’s services, such as depositing cash, purchasing airtime, paying bills, or subscribing to insurance.
• Opening and growing your savings with the Zidisha savings account.
• Increasing your usage of M-PESA services.

How to Pay Your Timiza Loan

Using M-Pesa:

1. Open M-Pesa, go to Lipa na M-Pesa.
2. Select “Paybill” and enter 300067 as the business number.
3. Use your Timiza registered phone number as the account number.
4. Enter the amount you wish to repay.
5. Input your M-PESA PIN to complete the transaction.

Via the Timiza App:

1. Open the Timiza app.
2. Scroll down and click on “Repay”.
3. Select the repayment amount (or adjust it).
4. Click on “Repay now” and follow the payment link.

What Happens If You Don’t Repay Your Timiza Loan?

If you fail to repay your Timiza loan in full within the agreed timeframe:

• Late payment interest: 1% per day on the outstanding principal.
• You may be downgraded to lower loan limits or ineligible for future loans.
• Borrowers who do not repay on time may be referred to debt collectors and reported to Credit Reference Bureaus (CRBs).

Can Timiza Report You to CRB?

Yes, if you borrow more than Ksh 1,000 and fail to repay, your details may be reported to the CRB. However, licensed lenders must notify you before reporting your information.

Does Timiza Offer Loan Extensions?

Yes, Timiza offers loan extensions, allowing you to postpone your due date by:

• 7, 14, or 30 days.
• Extension fees apply, and these will be displayed before you request the extension.

How Many Times Can You Extend a Timiza Loan?

You can extend your loan for 7, 14, or 30 days, depending on what is offered for your account at the time. The extension fee will be displayed before you apply.

How to Get in Touch with Timiza

You can contact Timiza loan support by calling +254 (0) 207650878.

Conclusion

The Timiza loan app provides a quick and convenient way to access loans in Kenya, with a simple application process and flexible repayment options. Whether you’re dealing with an emergency or need extra funds, Timiza offers a reliable solution. Start using the app today and enjoy the benefits of quick, accessible loans with flexible repayment terms.