Timiza mobile app loan is a product of Barclays Kenya. Below is a guide on how to apply for Timiza loan and get it instantly, interest rates and repayment terms
About Timiza app
Timiza app was founded by Barclays Bank in 2018 to tap into the growing number of mobile money users in Kenya. It makes it easier for users to access unsecured loans through a mobile app. As at the date of publishing this post, the App had over 1 million downloads and review rating of 3.8.
The Maximum amount you can borrow is Kenya shillings one million.
The Timiza app offers a variety of services like insurance, money transfer from your Barclays bank account, bill payment, e.tc. However, in this post we are only going to focus on the loan product.
Requirements for getting Timiza loan
To qualify for Timiza loan, you should be an active Mpesa registered user for at-least 6 months, have a national ID and be an active Timiza account holder.
To increase chances of loan approval, you should be an active user of Safaricom services i.e. airtime, data, and loan and savings facilities.
Timiza Loan Rejection
Your will not qualify for a Timiza loan if you have been listed on CRB and or have been blacklisted by Safaricom on Okoa Jahazi. You also need to have used Timiza services.
Timiza Interest Rates and Transaction Fees
Below are Timiza transfer charges and interest rates;
You will be charged Kenya Shilling 24.6 to transfer any amount below KES. 1,000 from Timza to Mpesa. For any amount above Ksh. 1,000 you will be charged Kenya Shillings 31.6.
For utility bill payment you will be charged ksh 60.
Timiza loan interest rate is 1.083% plus (+) 5% of loan amount for loan processing fees. If you do not pay your loan within 30 days, a roll over fees of 5% will also apply.
Timiza Loan SMS and Online Application
You can either apply through Safaricom’s sms service or using the Timiza app. For the SMS application, dial *848# and follow the prompts.
To apply online;
Download Timiza Loan App from Play Store
- To download app from Google Plays store visit: Timiza
- Click install and accept app access permissions. It is about 15mb in Size.
- Once Installed, Open the app
Open Timiza Account
- Begin the registration process by clicking Register for Timiza button or login if you have already registered
- You will be required to enter your Safaricom phone number and Id Number
- The app will process your registration status in seconds and you will see a success message.
- You will also receive Barclays Timiza Pin and Activation Code for your App which expires in 72 hours.
- Now click login and enter your phone number and the Timiza Pin (not activation code)
- After entering login details and clicking login you will receive a 6 digit activation code
- Enter the code and continue.
- Now enter Timza pin again to login
- Set a security question
- You are done with opening your account
Apply for a loan
- Go to home, then click Go to My Loans. You will see a message that indicates whether you qualify for a loan or not.
- Request for a loan Loan if your qualify
- Once you apply for a loan, it will be deposited into your Timza account not Mpesa account. You can then withdraw it to mpesa.
Tip: If you want to grow you loan limit or stand chances of getting a loan, Save and Pay bills through Timiza.
Pay Timiza Loan
To repay your loan;
- Go to Mpesa Paybill
- Enter Paybill Number: 300067
- Enter your account: Your Phone Number
- Enter Amount
- Then pay. Loan balance will be updated immediately in the app.
Timiza Loans Contact
You can reach Timiza customer care through;
- Email: firstname.lastname@example.org
- Phone Number: +254709213000 or 0204265000
For more information, check Timiza FAQ.
This was post written by Joesph Mwaniki and edited by Loans in Kenya Staff.