If you’re looking for a quick and easy way to get a loan in Kenya, you might want to consider the Shika loan app.
This mobile application offers instant loans to qualified individuals, with loan limits ranging from Ksh 500 to Ksh 20,000. And the best part? You can receive your loan in just three minutes!
So let’s dive in and see what the Shika Loan App offers.
What is Shika Loan App?
Shika Loan App is a mobile application in Kenya offering quick, short-term loans to users. Individuals apply directly within the app and, if approved, receive funds in their mobile money accounts, like M-Pesa.
This service provides an accessible credit solution, particularly for those lacking traditional banking access.
Alternative Circle, a credit company in Kenya, owns the Shika loan app.
How to Access Shika Loan App
Shika Loan App is an excellent option if you require a fast loan. Here’s how to access it:
Downloading Shika App
The first step is downloading the Shika Loan App from Google Play Store.
Once you’ve downloaded the app, you’ll need to register with your national ID and a Safaricom M-Pesa registered number.
Requesting a Loan
You can request a loan once you’ve downloaded and registered on the Shika Loan App. Here’s how:
- Log in to your account using your created PIN.
- Select “Request Loan.”
- Enter the loan amount you want as per your limit.
- Enter your PIN number.
- Select confirm.
- You will receive an M-PESA SMS with the amount requested in less than 30 seconds.
Call or email Shika Loan App customer support if you have any questions or issues with the app.
It’s important to note that Shika Loan App charges a facilitation fee of 15% on top of the loan amount. This means that if you borrow Ksh 10,000, you must repay Ksh 11,500 within the specified repayment period.
To avoid being listed on the Credit Reference Bureau (CRB), ensure that you repay your loan on time.
Shika Loan App Requirements
To get started with the Shika Loan App, you’ll need to meet a few basic requirements as highlighted below:
- A valid national ID: When registering for the Shika Loan App, you must provide a valid national ID. This verifies your identity and ensures you meet the eligibility criteria.
- Safaricom M-Pesa registered number: You’ll also need a registered Safaricom M-Pesa mobile money account. This is used to facilitate loan disbursements and repayments.
- An Android-powered smartphone: The Shika Loan App is only available for Android devices. You’ll need an Android-powered smartphone to download and use the app.
Loan Limits and Interest Rates
When it comes to borrowing from the Shika loan app, there are a few things you need to know about loan limits and interest rates.
The app offers quick loans of between Kshs. 500 and Kshs. 20,000. However, the amount you can borrow depends on your creditworthiness and repayment history.
The interest rate for Shika loans is fixed at 15% for 30 days, regardless of the loan amount. This rate is competitive compared to other credit companies and banks in Kenya. The facilitation fee charged is also 15% of the amount borrowed, deducted from the loan amount before disbursement.
Repaying Shika Loan
Here’s how to repay your Shika loan:
- Log in to your Shika account using your M-Pesa registered phone number and PIN.
- Select the “Repay Loan” option.
- Click on the “Copy” button to copy the Shika Paybill number.
- Go to your M-Pesa menu and select “Lipa na M-Pesa.”
- Choose the “Pay Bill” option.
- Enter the Shika Paybill number and your phone number as the account number.
- Enter the amount you want to repay.
- Enter your M-Pesa PIN and press “OK.”
- You will receive a confirmation message from M-Pesa and Shika.
Final Take on The Shika Loan Application
And there you have it!
With Shika Loan App, financial help is just a tap away. But remember, with this great power comes great responsibility – to repay on time. Now, you’re set to navigate the credit scene smarter and with confidence. So, go ahead, and take control of your financial destiny. Happy borrowing!