- Loan amounts Shs500 -Shs50000
- Loan Repayment terms up to 52weeks
- Annual interest ranges from 10%-182.5% with an equivalent monthly interest of 0.8%-15.2%depending on your loan option.
- No extra fees or commissions & no collateral necessary.
- Standard SMS.payment system (M-PESA) commision and data charges by your mobile carrier may apply.
- Approved loans are disbursed to your m-pesa account.
Loan application process
- To get started, download AfrikaLoan from Google Play Store. Download Link.
- Make sure your phone is an Android phone with version 4.1 and above.
- You will be required to fill in your personal information i.e Full names as registered on your national ID, email and your national ID number.
- Apply loan.
- AfrikaLoan takes 5 minutes to process your application.
- Phone’s data history such as messages will be used to determine if you qualify for a loan. This includes messages sent to your various mobile money providers and any financial services providers.
How to repay Afrika loan Below is a simple guide on how to pay
- Go to your Mpesa Menu
- Select Lipa na Mpesa
- Select Paybill
- Enter 697566 as the business number
- Enter your phone number as the Account Number
- Enter the amount you want to repay
- Enter your Mpesa pin and press OK
- You will receive a transaction confirmation message from Mpesa.
How do I qualify for a loan?
In order to qualify for a loan, you will have to be an active Mpesa user for at least 6 months.
Afrika Loan Penalties
You risk being listed by CRB if you fail to pay for a loan in 90 consecutive days.