Have you ever found yourself in a challenging financial situation and wondered how to access instant loans? Worry no more, as PayRupik offers financial solutions via its mobile app. In this PayRupik review is a guide that walks you through the sign-up process, application, repayment process, and claim raising.
The application offers clients quick access to funds and flexible payment terms. Customers can access various loan products via their smartphone at any time and from anywhere, from the comfort of their own home.
Mobile lending apps have significantly changed the way loans are accessed compared to the traditional approach employed by banks. PayRupik Loans are accessible via the user-friendly app available on the Google Play Store.
How PayRupik Loan App Works
1. Download and install the PayRupik App
To experience the PayRupik , download the app from the Google Play Store. The loan app is available to Android and iOS mobile phone users.
2. Sign-Up Process
After downloading the app, install it, then proceed to register your account by following the steps below;
a.) Open the PayRupik app and click on the ‘Sign Up’ button.
b.) Enter your mobile number and preferred email address.
c.) Create a unique and secure password for your account.
d.) For verification purposes, an OTP (One-Time Password) will be sent to your mobile phone.
e.) Enter the OTP in the app to verify your number.
f.) After verification, the account is created successfully.
3. Ensure to Complete Your Profile
It ensures a seamless application process and improves your chances of getting approved.
Please provide full names, date of birth, and gender.
Please provide your residential address, PIN code, and financial details.
Ensure you fill in your employment details, not forgetting your employer’s name, net salary, and job details.
Proceed to upload a clear photo of your KRA PIN and national ID. This is used for address verification and to facilitate the approval process.
4. Choose Loan Amount
After successfully updating your profile, select the loan amount and the repayment period that suits your financial needs.
PayRupik offers affordable and flexible repayment options tailored to address customers’ needs.
5. Submit Your Loan Application
Review all the details you have entered. Thorough assessment will ensure accuracy, thereby speeding up the loan application process.
6. Application Review and Approval
With your application submitted and documents uploaded, sit back and relax as PayRupik’s efficient system processes your request. The dedicated team reviews your application promptly and ensures a swift turnaround time.
This process usually takes a few minutes.
If any additional information or documents are required, the app will notify you.
7. Disbursement of Funds
After completing the entire application process, undergoing review, and receiving approval, you will receive the loan amount directly in your bank account.
Later, you will receive a notification confirming the successful transfer of funds to your preferred account or registered number.
Requirements for Applying for the PayRupik Loan
To apply for a loan with PayRupik in Kenya, you’ll need a valid Kenyan ID, a mobile money account (like M-Pesa), and access to the PayRupik app. You’ll also need to provide your phone number and email address and potentially grant the app access to your phone’s data to assess your eligibility.
Below is a detailed explanation:
1. Kenyan ID
You must be a Kenyan citizen with a valid National ID or passport.
2. Mobile Money Account
A registered and active mobile money account (e.g., M-PESA) is needed to receive and repay the loan.
3. The PayRupik App
You’ll need to download and install the PayRupik app on your smartphone.
4. Phone Number and Email Address
Users are required to provide a registered phone number and email address for registration purposes.
5. Personal Information: Clients are required to provide their personal details, including date of birth, gender, residential address, and KRA PIN.
6. Consent for Data Access: PayRupik may request access to your phone’s data, including contact lists and other information, to assess your eligibility.
How to Verify users’ status
To check the status of your PayRupik loan application, you can view it directly within the PayRupik application under the “My Account” tab. You can also track the status through the “Loan Status” section on the website.
PayRupik Loan Limit and Interest Rate
PayRupik in Kenya offers loans ranging from Ksh 1,000 to Ksh 20,000 with a maximum tenure of 365 days. The interest rates vary but can be as high as 35% per annum.
How to Repay the PayRupik Loan
To repay a PayRupik loan in Kenya via M-PESA, you’ll need to use the Paybill number 851900, and the account number is your PayRupik registered phone number.
You can initiate the payment through the M-PESA menu on your phone by selecting “Lipa na M-PESA” and then “Paybill.”
Simple step-by-step guide:
- Go to M-PESA menu: Access the M-PESA menu on your Safaricom line.
- Select Lipa na M-PESA: Choose the “Lipa na M-PESA” option.
- Choose Paybill: Select “Paybill”.
- Enter Business Number: Input the Paybill number 851900.
- Enter Account Number: Use your PayRupik registered phone number as the account number.
- Enter Amount: Input the amount you wish to pay.
- Enter PIN: Enter your M-PESA PIN to authorize the transaction.
- Confirm: Check the details and verify the transaction.
- Confirmation: You will receive an M-PESA confirmation message and a payment confirmation from PayRupik via SMS.
PayRupik Loan Default Fees
PayRupik loan default fees in Kenya include daily penalty charges for overdue payments and potential adverse reporting to Credit Reference Bureaus (CRBs). If the loan remains unpaid, lenders can consider legal action.
Mitigating Default Risks
Clients can mitigate the adverse effects of defaulting by reviewing the agreements and seeking assistance from the lenders.
Frequently Asked Questions
It’s a very trustworthy and genuine app recognized in Kenya. It’s very easy to obtain a loan and can be trusted easily.
The loan amount is disbursed to the client’s account within 24 hours after applying. It is one of the few genuine loan apps found in the Play Store.
There could be many reasons, including but not limited to poor credit score, illegible documents, and information mismatch.
The eligibility of every borrower depends on parameters set by various lending partners. Clients are informed about the status of their application and its approval. In such cases, customers are encouraged to reapply for a loan in 6 months.
Prospective clients meeting the eligibility criteria can apply for a loan with PayRupik. Whether you’re a first-time borrower or an experienced one, the platform caters to a diverse range of financial needs and specifications.
Prospects are encouraged to apply easily and take advantage of our user-friendly process.
First-time borrowers are allowed to make loan applications. They can apply through a user-friendly mobile app available on the Google Play Store.
Conclusion
Customers need affordable loans that are easy and quick to access, as well as flexible repayment options. The PayRupik App provides solutions to enhance the traditional personal banking experience. The application is available for download and installation on the Google Play Store.
Users can access mobile loans via a smartphone and make repayments promptly later.
I hope this ultimate review of PayRupik helped you on how to apply the loan. Next, you may want to see our expert picks other mobile lending apps that you might seek for financial emergency.
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.
