Shika Loan kenya – Shika Loan App, a product of Alternative Circle, is revolutionizing the mobile money lending landscape in Kenya. Offering fast and affordable loans through M-Pesa, this app is a promising solution for Kenyans in need of quick financial assistance. seeHow do I go about with the Mwachangu verification code with 10 digits?
A quick overview of Shika Loan kenya
Shika Loan Kenya, an innovative mobile money lending app, is making waves in the Kenyan financial sector by offering fast and affordable loans through M-Pesa. Operated by Alternative Circle, Shika Loan provides an efficient and accessible platform for Kenyans to obtain quick financial assistance. The app caters primarily to Android users who are Safaricom subscribers, offering loans ranging from Ksh 500 to Ksh 20,000. What sets Shika apart is its swift loan disbursement, with funds typically reaching the borrower’s M-PESA account within minutes. Additionally, Shika maintains competitive terms, including a facilitation fee of 15% and flexible repayment options within a month, accommodating various borrower needs. This ease of access, combined with user-friendly features, positions Shika Loan as a go-to choice for immediate lending needs in Kenya.
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Introduction to Shika Loan kenya
Owned by Alternative Circle, Shika Loan App serves as a dynamic platform for accessing speedy loans. I had the opportunity to personally test this app, along with 4,999 other Kenyans, before its public release on 28th August.
Key Features of Shika Loan
- User Eligibility: Currently, the app is available for Android users who are Safaricom subscribers in Kenya.
- Loan Limits: Shika offers loans ranging from Ksh 500 to Ksh 20,000, catering to various financial needs.
- Quick Disbursement: Approved loans are disbursed to your M-PESA account within 3 minutes.
- Interest and Fees: The loans come with a flat facilitation fee of 15% of the approved amount.
- Flexible Repayment: Maximum repayment period is one month, with options to pay daily, weekly, or at the end of the 30-day period.
- Late Repayment Charges: A 10% rollover fee is charged for late repayments, and defaulting for more than 60 days may lead to CRB listing.
The requirement needed to apply for Shika Loan Kenya
To apply for a Shika Loan in Kenya, applicants need to meet certain requirements. These criteria ensure that the loan process is smooth and that borrowers can responsibly manage the loan repayment. While specific details should always be confirmed directly from Shika, the general eligibility requirements typically include:
- Kenyan Resident: Applicants must be residents of Kenya, as the service is specifically designed for the Kenyan market.
- Age Requirement: Borrowers should be of legal age, usually 18 years or older, to enter into a financial agreement.
- Active M-PESA Account: Since Shika disburses loans through M-PESA, having an active M-PESA account is essential.
- Android Smartphone with Internet Access: Shika operates through a mobile app, so applicants need to have an Android smartphone with internet access to download and use the Shika app.
- Valid Identification: A national ID or any other valid form of identification is required for account verification within the app.
- Safaricom Subscriber: Currently, only Safaricom subscribers can access Shika loan services, as the platform is integrated with Safaricom’s M-PESA system.
- Download and Register on the App: Potential borrowers must download the Shika app from the Google Play Store and complete the registration process. This typically involves providing personal details and setting up an account.
- Creditworthiness: Shika may assess an applicant’s creditworthiness based on their M-PESA transaction history and other financial behaviors to determine their loan limit.
Meeting these requirements is key to successfully applying for and obtaining a loan from Shika in Kenya. Potential borrowers are encouraged to check the latest requirements and updates either directly through the Shika app or its customer service, as these can change over time. visitIs Nomba legit?
step-by-step process on how to apply for Shika Loan Kenya
Step 1: Downloading the Shika Loan App
- Access the Google Play Store:
- On your Android device, open the Google Play Store.
- Ensure you have a stable internet connection.
- Search for the Shika Loan App:
- Use the search bar to find “Shika Loan”.
- Look for the official app to avoid downloading counterfeit applications.
- Download and Install:
- Select the app from the search results and tap “Install”.
- Wait for the app to download and install on your device.
Step 2: Registering on the App
- Open the Shika App:
- Launch the Shika app on your smartphone.
- Create an Account:
- Sign up by entering your personal information as required. This typically includes your Safaricom mobile phone number and National ID number.
- Set up a secure PIN for your account.
Step 3: Applying for a Loan
- Fill in Loan Application:
- Once registered, navigate to the loan application section within the app.
- Enter the required details, such as the loan amount you wish to borrow. Make sure to stay within the loan limit assigned to you.
- Submit Application:
- Review your application details for accuracy.
- Submit your loan application.
Step 4: Loan Approval and Disbursement
- Wait for Approval:
- Shika will assess your application and creditworthiness.
- Approval usually takes a short time, and you will be notified through the app.
- Receive Your Loan:
- Upon approval, the loan amount will be disbursed directly to your M-PESA account.
- You will receive a confirmation message from M-PESA regarding the transaction.
Step 5: Managing and Repaying the Loan
- Check Repayment Schedule: Familiarize yourself with the repayment terms and schedule within the app.
- Make Timely Repayments: Ensure that you repay the loan on time to avoid late payment fees and to maintain a good credit score.
By following these steps, you can successfully apply for and manage a loan from Shika in Kenya. Remember to borrow responsibly, ensuring that you can comfortably repay the loan as per the agreed terms.
The interest rate and duration for Shika Loan kenya
Shika Loan Kenya offers its borrowers a streamlined and flexible lending service, with specific details on interest rates and loan duration that are important for borrowers to understand: seeHow to Write an Application Letter for Zambia Police Recruitment
- Flat Facilitation Fee: Shika charges a flat facilitation fee of 15% on the loan amount. This fee is applied to each loan disbursed and is a key cost component of borrowing from Shika.
- Annual Percentage Rate (APR): While the specific APR for Shika loans is not explicitly stated, the 15% flat fee gives an indication of the cost of borrowing. Borrowers should consider this rate in the context of the loan duration to understand the total cost.
- Flexible Repayment Periods: Shika offers a maximum repayment period of one month (30 days), providing borrowers with a short-term financial solution.
- Repayment Options: Borrowers have the flexibility to choose their repayment schedule – they can opt to pay daily, weekly, or at the end of the 30-day period, depending on their financial convenience.
- Late Payment Fees: If a borrower fails to repay the loan within the agreed period, a 10% rollover fee is applied on top of the amount owed. This fee incentivizes timely repayment and adds to the cost of the loan if payments are delayed.
- CRB Listing: Delaying repayment for more than 60 days can lead to being listed with the Credit Reference Bureau (CRB) as a defaulter, which can affect the borrower’s credit score and future loan eligibility.
Repaying Your Shika Loan kenya
- Initiate Repayment:
- Log in to your Shika account and select ‘Repay loan’.
- Choose the ‘COPY’ button to be redirected to the M-PESA menu.
- Complete Payment:
- Use Lipa Na M-PESA, entering Shika’s Paybill number (811655) and your registered Safaricom number as the account number.
- Enter the loan repayment amount and confirm with your M-PESA PIN.
Shika Loan kenya Customer Support
- Reach Out for Assistance:
- Visit: 4th Floor, Interswitch Offices, Orbit Place, Chiromo Lane, Westlands, Nairobi.
- Call or SMS: 0742143999
- Email: [email protected]