Timiza Loan App Kenya – Timiza Loan App is a revolutionary mobile money lending platform that offers fast and affordable personal loans to borrowers in Kenya through M-PESA. Developed by Absa Bank Kenya (formerly Barclays Bank), Timiza has emerged as a super app, providing a wide array of financial services, including bill payments, airtime top-ups, insurance purchases, forex trading, and even the option to pay for Little Cab rides, all accessible through Android smartphones and tablets.
Key Features and Information:
- App Name: Timiza
- Bank: Absa Bank Kenya
- Company: Absa Group Limited
- Year Launched: 2021
- Rated: 4.2 stars out of 5
- Downloads so far: 500k+
- Loan Limits: Up to KES 150,000
- Interest Rate: 1.083% one-off
- Facilitation Fees: 5%
- Loan Tenure: 30 days
- Phone Numbers: +254 709 213 000
- Email: timiza.KE@absa.africa
- M-Pesa Paybill Number: 300067
User Experience with Timiza Loan App:
Many users have shared their experiences with Timiza Loan App, highlighting its convenience and efficiency. Initially, some users faced challenges with the registration process, assuming they needed a linked bank account with Absa. However, the app pleasantly surprised them by creating a virtual account and granting a loan limit, even without any prior savings or a linked bank account.
Getting Started with Timiza Loan App:
To access Timiza Loan App, users must be 18 years and above, have an M-Pesa account, and own an Android device (smartphone or tablet). The app is easily downloadable from the Play Store, and users need to provide the necessary details during registration. Using the referral code “edb1eaide” is recommended.
Borrowing and Repayment Process:
Borrowing Process with Timiza Loan App:
- Logging In: To access the borrowing feature of the Timiza Loan App, users need to log in using their credentials, which typically include their phone number and PIN.
- Loan Limit Display: Once logged in, the app displays the user’s loan limit. This limit is determined based on various factors, including the user’s transaction history, creditworthiness, and usage of the app. See M-KOPA App Reviews Kenya
- Requesting a Loan: Users can select the “My Loans” option from the app’s menu and then proceed to “Request Loan.” They enter the amount they wish to borrow, making sure it does not exceed their loan limit.
- Approval Process: After submitting the loan request, the app initiates the approval process. Timiza evaluates the user’s creditworthiness and financial history to determine if the loan can be granted.
- Crediting the Virtual Account: Upon approval, the requested loan amount is credited to the user’s Timiza virtual account. The virtual account acts as an intermediary between Timiza and the user’s M-Pesa account.
- Withdrawing the Loan: Users have the option to transfer the loan amount from their Timiza virtual account to their M-Pesa account. This allows them to access the funds and use them for their intended purposes.
Repayment Process with Timiza Loan App:
- Loan Repayment Options: Timiza offers multiple options for loan repayment. Users can choose to repay the loan either through the app or via M-Pesa, using the Absa Timiza Paybill number 300067.
- Repayment via the App: For users who prefer to repay through the app, they need to log in, select “My Loans,” and then proceed to “Repay Loan.” They can choose to repay the loan in full or partially, depending on their financial capabilities. If you need a loan in Kenya you can pay in installments, see How to get a mkopa cash loan
- Repayment via M-Pesa: Users can also repay their Timiza loan through M-Pesa by following a simple process. They need to go to the M-Pesa menu, select “Paybill,” enter the business number 300067, and use their phone number as the account number. They then enter the loan amount they wish to repay and their M-Pesa PIN to complete the transaction.
- Excess Repayment: If a user repays more than the loan amount due, the excess money is credited to their Timiza virtual account. This can be used for future transactions or withdrawn to the user’s M-Pesa account.
- In-person Repayment: Alternatively, users have the option to visit any Absa bank branch to repay their Timiza loan in person.
Timiza Loan App ensures a smooth and convenient borrowing and repayment process, providing users with quick access to funds and flexible repayment options to suit their financial needs and preferences.
Customer Care and Support:
For any issues or assistance, users can reach Timiza’s customer care through phone calls or email. The provided contacts are:
- Call: 020 3900000, 0732 130120, 0722 130120
- Email: barclays.kenya@barclays.com
Timiza User Reviews:
Users have expressed their satisfaction with Timiza Loan App, praising its quick loan disbursement, reasonable interest rates, and good payment duration. Many have recommended the app to others, especially during financial emergencies, appreciating the excellent customer care services.
Conclusion:
Timiza Loan App has proven to be a reliable and accessible financial tool for Kenyans, providing fast and affordable loans without the need for a linked bank account. With a growing number of downloads and positive user reviews, Timiza stands out as a top choice for those in need of quick financial solutions. Best loan in Zambia, Zamcash Zambia Review | Is www.zamcash.com Legit? and this may interest you to learn How to Write an Application Letter for Zambia Police Recruitment
Frequently Asked Questions (FAQ) – Timiza Loan App Kenya
1. What is Timiza Loan App?
Timiza Loan App is a mobile money lending platform developed by Absa Bank Kenya (formerly Barclays Bank). It offers fast and affordable personal loans to Kenyan borrowers through the M-PESA platform.
2. How does Timiza Loan App work?
To use Timiza Loan App, you need to download the app from the Play Store, register, and activate your account. The app will create a virtual account for you, and you can then request a loan based on your loan limit. Once approved, the loan amount is credited to your Timiza account, and you can withdraw it to your M-Pesa account.
3. What are the loan limits and interest rates on Timiza Loan App?
The loan limits on Timiza Loan App can go up to KES 150,000. The interest rate is a one-off fee of 1.083%, and there is a 5% facilitation fee for the loan.
4. How do I repay my loan on Timiza Loan App?
You can repay your Timiza loan through the app itself. Go to “My Loans” and select “Repay Loan.” You can choose to repay in full or partial, and you can use Timiza or M-Pesa to make the repayment.
5. Can I access other financial services on Timiza Loan App?
Yes, Timiza Loan App offers a range of financial services, including bill payments, airtime top-ups, insurance purchases, forex trading, and even the option to pay for Little Cab rides.
6. Do I need a linked bank account with Absa to use Timiza Loan App?
No, you don’t need a linked bank account with Absa to use Timiza Loan App. The app will create a virtual account for you, making it accessible to users without an existing Absa Bank account.
7. How can I contact customer support for Timiza Loan App?
If you encounter any issues with the app or need assistance, you can contact Timiza’s customer care through phone calls or email. The provided contacts are:
- Call: 020 3900000, 0732 130120, 0722 130120
- Email: barclays.kenya@barclays.com
8. Is Timiza Loan App safe and secure to use?
Yes, Timiza Loan App is developed by Absa Bank, a reputable financial institution. The app follows strict security protocols to ensure the safety of user data and transactions.
9. Can I increase my loan limit on Timiza Loan App?
Yes, your loan limit on Timiza Loan App can increase as you continue using the app and maintaining a good credit record. Timiza regularly reviews and adjusts loan limits based on user behavior.
10. Is Timiza Loan App available for iPhone users?
As of the last update in February 2023, Timiza Loan App is available for Android smartphones and tablets. It may not be available for iPhone users at the moment.
11. Which bank owns Timiza?
Timiza is a mobile banking solution owned and operated by Absa Bank Kenya, formerly known as Barclays Bank Kenya. The app was launched in 2018 as a convenient financial platform to cater to the needs of Kenyan customers. As an all-in-one app, Timiza offers a wide range of financial services beyond just being a mobile loan app.
