In a recent article, we focused on a couple of things that you should know before applying for a loan from the OPesa app.
Today we shall move a step forward and acquaint ourselves with 10 things that you need to know after you have decided to apply for a loan from the OPesa app. This information is part of the OPesa Financial Literacy programme which aims at enabling you make informed borrowing decision.
1. Who is eligible for OPesa Loan?
OPesa loans are not limited your profession, income, or any other conditions. As long as you are 20-55 years old, you have a income and phone number, you can apply for an OPesa loan.
2. How do I apply for OPesa Loan?
Open Google Play and search for 'OPesa' App, then download the app. After downloading, open the App and start the sign-up and loan application process.
3. What information do I need to provide?
Simply follow the instructions by answering all the questions as asked. Make sure to provide authentic information about yourself.
4. Who is emergency contact?
Your emergency contact is the person that can prove your reliability, credibility and honesty. We may contact him/her when we decide the loan.
5. How do I feel my emergency's contact information?
Please fill the emergency contact's information carefully.
6. How long does the loan application process take?
The process takes a few minutes. Mostly less than five.
7. How does OPesa decide whether to give me a loan or not?
OPesa uses data from your phone including your handset details and financial transactions messages (e.g. from M-Pesa, M-Shwari), and your reason for borrowing. We combine this with your OPesa repayment history to build an individualised credit score and determine the loan offer suitable for you.
8. What is the origination fee on loans?
The origination fee changes with different loan amounts, which is up to 36% per annum.
9. What is the maximum loan term?
The maximum loan term is up to 365 days.
10. Can I change my ID number after submitting my details?
Unfortunately, not. At OPesa, we conform to the highest standards of data integrity. This means that you cannot change information that was previously submitted, hence you must ensure you provide correct information at sign-up.