Have you ever found yourself in a financial challenge and thought about how to access instant loans? Worry no more, as FlashPesa offers financial solutions via its mobile app.”FlashPesa -How to apply using USSD Code and Mobile App” is a simple guide to keep users informed and equipped.
FlashPesa is owned by Ambush Capital, a locally operated firm with a mission to create a positive impact in the lives of Kenyans.
This is achieved through the provision of quick access to funds.
Users can access up to Ksh 80,000 on their smartphone — anytime and anywhere.
Mobile lending apps have significantly changed the way loans are accessed compared to the traditional approach employed by banks.
Loans are accessible via the user-friendly mobile applications available on the Google Play Store.
FlashPesa Loan App Features and Legality
Registered Company
FlashPesa is owned by Ambush Capital, a company that is registered in Kenya and regulated by the Central Bank of Kenya.
Customer Reviews
Positive reviews on Google Play and FlashPesa’s website indicate that many users find the app reliable and convenient for accessing quick loans.
Transparency
FlashPesa is transparent about its fees and interest rates, with no hidden charges, and provides a clear loan receipt.
Loan Amounts and Terms
They offer loans ranging from KES 1,000 to KES 80,000, with loan terms from 91 to 365 days.
Fees and APR
FlashPesa charges a one-time origination fee, which is a percentage of the loan amount, and states that it does not charge interest. The maximum APR, which includes the origination fee, is 36%.
Eligibility
To be eligible for a loan, you must be at least 22 years old and provide proof of your source of income.
How FlashPesa Loan App Works
Mobile loan apps streamline the borrowing process by enabling users to apply for, receive, and settle loans directly on their smartphones.
Machine learning technology enables seamless capturing of user details.
Below is a summary of the operations involved:
1. App Download and Registration:
Users can download the app from the Google App Store and then proceed to register for an account. One needs to provide personal information, demographic details, and employment details, among others.
At times, access to a person’s phone data (such as contacts or SMS) is required to verify identity and assess creditworthiness.
2. Loan Application:
Users indicate the desired loan amount and repayment terms.
Moreover, they may need to provide additional information, such as bank account details, financial statements, and other relevant documents, depending on the loan amount requested.
3. Loan Assessment and Approval:
The mobile app utilizes algorithms and potentially machine learning technology to assess a user’s creditworthiness based on the provided information and access to relevant data.
This assessment may involve analyzing financial transactions, payment history, and other relevant data points. The app then approves or rejects the loan application.
4. Loan Disbursement:
Once approved, the money is sent directly to the customer’s account, mostly through a registered M-Pesa number.
5. Loan Repayment:
Repayments are made through the app, often using the same mobile money platform or other integrated payment methods. This ensures that clients have a good credit rating and also increases their credit limit.
The app may offer features like automated repayments or reminders to ensure timely payments.
Requirements for Applying for FlashPesa Loan
To apply for a FlashPesa loan, you need to be at least 22 years old and employed. You’ll also need to have a good credit history, which is evaluated by checking your Credit Reference Bureau (CRB) report.
Here’s a more detailed breakdown of the area to be considered:
- Age: You must be at least 22 years old. 2.
- Employment: You need to be employed and have a reliable source of income.
- Credit History: FlashPesa will assess your creditworthiness by checking your CRB report.
- Personal Information: You will need to provide your full name, ID number, and employment information.
- References: These are names and contact information for people who know you.
- App Profile: A completely filled profile on the FlashPesa App is required.
- M-Pesa Statement: FlashPesa may use your M-Pesa statement to analyze your spending patterns and creditworthiness
FlashPesa Loan Levels
There are several levels of application for FlashPesa loans. Below are a few examples;
Level 1: Once you qualify for your first FlashPesa, the limit is Ksh1,000 for all first-time applicants. The applicable interest rate is 25%, and the loan has a term of 15 days.
Level 2: Once you have cleared your first loan, you will qualify for a loan of at least Ksh2,000, which also incurs a 25% service fee. The loan tenure remains 15 days.
Level 3: With your third application, you will qualify for a Ksh 3,000 loan. However, the interest charged will be 22% while the loan tenure remains 15 days.
More information and details on the application levels can be found on their website.
How to Register using the FlashPesa Loan App
- Go to your Smartphone, search for the Google Play Store, and search for the FlashPesa App.
- Tap the install icon to initiate the download and installation process.
- Launch the app once installed, and enter your phone number (M-Pesa number)
- Enter the verification code sent via SMS
- Create your password
- Click Allow Access for the app permissions
- Fill in your profile, and submit
How to Cancel the FlashPesa Loan Application
To cancel a FlashPesa loan application, you’ll need to contact FlashPesa’s customer support as soon as possible.
You can reach them via email at support@flashpesa.co.ke or by phone at +254 769159474.
In cases where the loan has already been approved, you are required to follow specific cancellation procedures, which may include completing a formal request and settling any applicable fees or interest.
BONUS TIP: The easiest way to cancel a FlashPesa mobile loan application is to do nothing, and the loan cancellation will be automatically processed.
How to verify the status of my FlashPesa Loan
1. SMS Notification: FlashPesa will send an SMS notification to the phone number you provided during the application process upon approval.
2. App Notifications: You will also receive notifications through the FlashPesa mobile app.
3. Customer Service:
- Email: Contact their support team at support@flashpesa.co.ke.
- Phone: Call them at 0769 159474.
- App: Access the customer service section within the FlashPesa app.
4. Website: The FlashPesa website provides information about the application process and eligibility criteria.
5. Credit Reference Bureau (CRB): FlashPesa will assess your creditworthiness by checking your credit record with licensed CRBs in Kenya, with your consent.
FlashPesa Loan Limit and Interest Rate
FlashPesa offers a minimum loan of Ksh1,000 and a maximum of Ksh50,000.
The interest rate ranges from 15% to 24%, with an additional 1% processing fee, and the maximum loan repayment period is 61 days.
How to Pay FlashPesa Loan using the M-Pesa
To pay your FlashPesa loan via M-Pesa, navigate to the M-Pesa menu on your phone, select “Lipa na M-PESA,” and then choose “Pay Bill.” Enter the business number 911280, and your phone number as the account number. Enter the amount you want to pay and your M-PESA PIN to complete the transaction.
Here’s a more detailed breakdown:
- Go to M-Pesa: Access the M-Pesa menu on your Safaricom line.
- Select Lipa na M-PESA: Choose the “Lipa na M-PESA” option.
- Select Pay Bill: Select the “Pay Bill” option.
- Enter Business Number: Enter the FlashPesa paybill number, which is 911280.
- Enter Account Number: Use your phone number as the account number.
- Enter Amount: Input the amount you wish to pay towards your loan.
- Enter PIN: Enter your M-PESA PIN to authorize the transaction.
- Confirm: Review the details entered and proceed to confirm the payment.
Partial payments can also be made before the due date. Additionally, FlashPesa offers repayment options through their app.
FlashPesa Default Fees
The FlashPesa digital loan comes with a 2% daily fee (on the outstanding balance) in the event of a default. It means that if you have a loan of Ksh6,000 and you were able to pay back Ksh2,000, the default fee will be 2% of Ksh4,000 (the outstanding balance).
Consequences for Defaulting and Late Repayments
Defaulting is a serious issue when dealing with lending entities or platforms.
They attract charges, penalties, or the risk of being listed on the Credit Reference Bureau (CRB). Listing means that your credit score and reputation will be tarnished, and will limit future opportunities for accessing loans.
Users who make late repayments may end up paying higher interest rates due to late payment fees.
Frequently Asked Questions
Yes, FlashPesa is a digital credit provider operating in Kenya, owned by the Kenyan company Ambush Capital. It offers loans through its mobile app, providing a way for Kenyans to access funds quickly. While it’s a legitimate service, as evidenced by its registration and customer reviews, it’s crucial to understand the terms and conditions before borrowing.
They are reachable through the following;
Website: Visit the FlashPesa website for contact information and potentially a contact form.
Email: Send your claim or query to support@flashpesa.co.ke.
Social Media: Reach out to them on their Facebook page.
WhatsApp: Contact them on WhatsApp using the number +254769159474.
Physical Address: You can visit their office at Kaka House, Manua Close, Westlands, Nairobi City, Kenya.
The application process is instant, with just one click. You just need to sign up and begin the registration process.
Through making regular and prompt loan repayments via pay bill or the FlashPesa Mobile App.
Conclusion
The general public needs loans that are easily accessible and processed quickly. FlashPesa comes in handy to rescue the traditional banking culture of processing loans and appraisals.
The innovation has improved the financial sector loaning process. The FlashPesa app is available on the Google Play Store.
One can access up to a maximum of Ksh 80,000 via a smartphone and later make repayments promptly. FlashPesa is part of a group of other mobile lending apps in Kenya that are making an impact on the country’s economy.
Content Strategist with copywriting skills cultivated over five years. I have accomplished multiple projects that have yielded valuable results. I am enthralled by business, fintech, and global eco-politics practices that ensure sustainability.
