“Bayes Loan -How to apply using USSD Code and Mobile App” is a simple guide to keep users informed.
Bayes App Loan offers mobile loans at competitive interest rates and provides easy access.
Friendly and straightforward loaning process with no hidden fees or charges.
Bayes mobile loans are reviewed and approved based on the borrower’s creditworthiness.
The registration and loan application process is simple, after which the customer receives the money in real-time.
A set of unique characteristics and their loan products sets them apart and makes them perform better than their competitors in the market.
Bayes ensures users have a healthy financial life, accompanying their investments with a tap of a button.
How to Apply Bayes loans using the USSD Code
Clients can get affordable mobile loans up to Kshs 50,000 based on the credit limit determined.
This is achieved through responsible borrowing and making timely repayments.
Bayes aims at achieving efficiency, transparency, and control in their service delivery.
Bayes clients can access their accounts via USSD code *218*88#.
Repayments can be made through Paybill number 599862 or through the Bayes Mobile App.
How the Bayes Loan App Works
The Bayes loan app facilitates customers to settle bills, send money, pay suppliers, purchase airtime, and borrow money from a single interface.
In addition to accessing quick microloans, Bayes users can easily track their spending.
In scenarios such as challenging economic times, it’s high time you try out Bayes.
Bayes Loan App Features
Bayes Loan is a mobile app that provides quick loans to individuals in Kenya, with disbursement directly to M-PESA.
Key features include a fully digital and paperless application process, no credit report requirement, and instant loan disbursement after approval.
Bayes Loan also offers flexible repayment options, loan extensions, and gradually increasing credit limits based on repayment history.
Benefits of using Bayes Loan App:
- Unmatched Convenience
- Friendly and straightforward loaning process
- No hidden fees or charges, meaning no surprises
How to download the Bayes Loan App
Download the Bayes Loan app, then follow the guidelines shared below:
- Search for the Google Play Store on your mobile device.
- Go to the search bar section and type “Bayes- Loan App”.
- Proceed to download and install the Bayes-Loan App.
How to Apply for a Bayes Loan to an M-Pesa Account
Users can access loans on the Bayes platform by either dialing a USSD code *218*88# or downloading the Bayes loan app from the Google Play Store.
However, ensure your smartphone is Android-supported to download the app successfully.
How to Cancel a Bayes Loan Application Made
To cancel a Bayes loan application, please get in touch with Bayes customer service as soon as possible.
One can reach them via customer care email at customercare@bayes.co.ke or by calling their phone number: +254 759 808 086 or +254 759 808 080.
You should also check your loan agreement or terms and conditions for specific cancellation procedures.
BONUS TIP: A simple way to cancel a Bayes mobile loan application is to do nothing, and the loan cancellation will be automatically processed.
How to verify the status of my Bayes Loan application
To verify the status of your Bayes loan application, you can check your registered email for updates.
Proceed to use the Bayes app or dial 87988# to access your account, or contact Bayes customer service directly.
Loan requests are typically processed and approved instantly upon submitting an MPESA statement.
Here’s a detailed guide:
1. Check your email: Bayes may share updates regarding application status to the email address you registered with.
2. Use the Bayes App or USSD: If you have the Bayes app, log in and check for any notifications or status updates. Alternatively, you can dial 87988# to access your Bayes account and view your application status.
3. Contact Customer Service: If you require additional assistance, you can reach out to Bayes customer service through their Facebook page, the chat feature within the app, or by calling 0759-808-086 or emailing customercare@bayes.co.ke.
4. Consider loan reports: Some platforms enable you to generate loan reports to track the progress of your application.
5. Loan Approval Speed: Bayes loan requests are processed and approved instantly upon submitting your MPESA statement. To expedite the process, you can send your six-month MPESA statement to statements@bayes.co.ke.
Bayes Loan Limit and Interest Rate
Bayes offers mobile loans with a maximum limit of KSh 50,000 and interest rates as low as 3.5%.
They also provide Asset Finance loans, with a limit of up to 80% of the forced sale value of an asset, also at a 3.5% interest rate.
Additionally, Bayes Salary Advance loans are available, with a limit of up to 30% of the employee’s net pay.
Here’s a more detailed breakdown:
Bayes Mobile Loans:
Requirements for Applying for a Bayes loan
To apply for a Bayes loan, you generally need to be at least 18 years old and have an active Bayes account.
You must have transacted on the platform for at least three months.
Additionally, you’ll need to provide your M-PESA statement for review as well as identification details.
The loan amount and repayment period are determined by Bayes based on its appraisal process.
Bayes Loan reviews applications and notifies applicants about the decision via SMS.
Eligibility Criteria for Bayes Loan Qualification
The Bayes loan defines the eligibility criteria, which vary depending on the context and several factors. They are not limited to age, income level, and credit history.
How to Improve the Bayes Loan Limit
Bayes Loan determines loan limits through an automated system that assesses various factors when deciding approval and loan amounts.
Once you complete your application, the app will provide your loan limit. The best way to raise your loan limit is through early or on-time payments.
However, Bayes Loan mentions that while this can positively impact your limit, it cannot guarantee an increase or specify the exact amount, as it considers multiple factors.
How to pay the Bayes Loan using the M-Pesa
To pay a Bayes loan using M-PESA,
- Go to your Safaricom M-PESA menu, select “Lipa na M-PESA,” then choose “Paybill“.
- Enter 599862 as the Paybill number, and use your ID number or phone number as the account number.
- Enter the amount you wish to pay and your M-PESA PIN, and confirm the details.
Repayments can also be settled using the Bayes App. Users simply need to open the app and visit the loans section.
Once in this section, choose repay as well as confirming the details entered to complete the transaction.
Consequences for Defaulting and Late Repayments
Loan defaulting happens when a borrower fails to fulfill the legal obligations or conditions outlined in a loan agreement.
It also means that the borrower has not made timely repayments or has stopped remitting payments.
Defaulters risk the following if they do not show any commitment to clear loans due :
a.) Collections agents may reach out to you, and in the event of a long period of non-payment, you may be blocked from accessing Zash Loan services.
b.) You will also be required to provide the relevant credit reference bureaus. It also results in late payment interest and lower credit scores.
Frequently Asked Questions About Bayes
Yes, the Bayes loan app is generally considered a genuine and reliable mobile lending platform in Kenya. PI Capital Ltd, a licensed digital credit provider, runs it. Bayes offers various loan products, including mobile loans, salary advances, and merchant loans, with a focus on responsible lending practices.
To contact Bayes Mobile Loan in Kenya, you can reach them via email at customercare@bayes.co.ke or by phone at +254 759 808 086. You can also find them at Mitsumi Business Park, 5th Floor. Additionally, they have a presence on the Google Play Store.
To check your Bayes loan balance, you can either use the Bayes USSD code or the Bayes app. Dial 21888# or 87988# to access your account via USSD. Alternatively, download the Bayes app from the Google Play Store. Within the app, you can view your loan balance and other account details.
The association enables the mobile lender access to a wide range of banking services running on the technological infrastructure developed by the parent company.
Conclusion
Mobile loan platforms have made financial products more popular among Kenyans by also offering flexible repayment options. The loans are easily accessible.
Bayes Loan clients need to settle their loans promptly to improve their credit ratings and enhance their financial well-being. This should be a culture that can improve the credit limit.
The loans are also easy, fast, and accessible via USSD Code and mobile loan apps, which are available on the Google Play Store. The platform has a user-friendly interface and attracts clients.
Prospective customers should be aware of the terms and conditions specified to avoid conflicts. This should be read and well understood before clicking the Agree button.
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.
