The Saida loan app is a product of Greenshoe Capital INC aimed at providing easy loans to its users. With Saida loans, you can easily access cash for your personal needs and your business as well.
The Saida app loan gives loans up to a maximum of KSh 25,000. The interest rates on these loans are 3-21% a month and can be paid back within 1-6 months through the M-Pesa paybill number 854400. You can contact Saida through their email address firstname.lastname@example.org and email@example.com.
How to Apply for a Saida Loan
Applying for the Saida loan requires that you download the Saida app then go through the loan application process. In a few minutes, you’ll have your money in your M-Pesa account.
Follow these steps to get your first (and subsequent) loans from Saida:
1. Search for the Saida App on the Google PlayStore.
You’ll see the app with the word “Saida” in a navy blue color. The title of the app should be “Saida – Loans, Savings & Much More.”
2. Install and Launch the App
Upon identifying the app, install then launch it.
3. Get Started
When you launch the app, you’ll be taken to a welcome screen with a few guidelines. After swiping through them, choose the ‘Get Started’ option then head over to the next step.
4.Input your Mobile Number
The next screen will request your phone number. If you have more than one number, use the Safaricom line with the most M-Pesa and bank records since this will help you get a higher loan limit.
When done, choose the ‘Next’ button on the screen.
5. Create Your Saida Account
As a new user, you’ll be required to create a new account with your name and other details such as your email, phone number, and ID number.
Once done, you’ll reach the app’s home screen where you can check for your loan limit and use other features.
6. Check for Your Loan Eligibility
On the home screen is an option for ‘Check Now.’ This option is for checking your loan limit. You’ll need to enter more details as prompted by the app to know your loan limit.
The details also include some questions where you choose the right information from a given list. When done with the questions, choose the loan range you wish to obtain. After that, click on ‘Check If I Qualify’. The app will send your details to Saida as you wait for the results.
7. Choose your Payment Terms
When the app approves your loan application, it’ll display the amount you qualify for and prompt you to choose your payment terms.
There’s the option of paying the loan at once within the 30-day period. You can also choose to pay in small amounts stretching over the same period.
The advantage of using Saida loans is that you can negotiate for the loan repayment period to be extended from 1 month to 6 months. To do so, you need to contact Saida and inform them of this intention.
Once you’ve chosen your payment terms, accept them at the end of the screen and you’re done.
Your loan will be sent to your registered M-Pesa line.
Qualifications for a Saida Loan
To qualify for a loan from Saida, you need the following aspects:
- You should be 18 years and above.
- You need an android device with the Saida app installed.
- Your name shouldn’t be listed with the Credit Reference Bureaus (CRB) due to defaulting on loans from other lending institutions.
- Your phone should have records of financial transactions whether it’s with M-Pesa, Airtel Money or bank transactions. The higher the number and size of transactions, the higher your loan limit will be.
- Your line should have call and SMS records since Saida also checks your social interactions to see if you’re able to make the loan payments on time.
Chances are high that you already qualify for the loan given that having an M-Pesa account means you’re 18 years or older.
Saida Loan Limit
The maximum anyone can get from the Saida loan app is KSh 25,000. However, your personal loan limit will depend on the following aspects:
- Your M-Pesa usage rate.
The more you transact, the higher your loan limit will be set. This isn’t restricted to M-Pesa transactions alone. Rather, sending or receiving money, paying for bills and their financial transactions will increase your loan limit.
Aside from that, you need not have pending loans from lending institutions for the best loan limit. If you’re listed with the CRB, for example, you’ll qualify for a smaller loan or be denied the loan completely.
- Your rate of usage of SMS, calls and internet services.
These services require money to be on your device. As such, they exhibit how much money you spend as well. If you SMS, call and use internet services a lot, you’ll qualify for a higher loan.
- Your social connections.
Your social connections also give you a boost when it comes to setting your Saida loan limit. For example, if you have a contact that you frequently transact with large amounts of money, they’ll boost your loan limit.
These aspects are straightforward to understand and encourage you to increase your loan limit.
How to Repay Your Saida Loan
Once you’ve been given the loan, the standard requirements are that you repay it back within 30 days. To do so, you need to follow these steps:
1. Launch your M-Pesa.
2. Go to Lipa na M-Pesa.
3. Choose Paybill.
4. Enter the Paybill number as 854400 then OK.
5. For the account number, enter your phone number.
6. Enter the amount you wish to pay then OK.
7. Enter your M-Pesa PIN and send the request.
You’ll be given a chance to confirm the recipient of the money for 25 seconds.
After that, you’ll receive a message from M-Pesa informing you of the amount you’ve paid to Saida and your balance. You will also receive a notification from Saida of the part of the loan paid for and the remaining loan balance.
Saida Loan Interest Rates
Saida has a service fee of between 3% and 21% per month (APR 36%-252%) of the amount loaned to you. Each individual will have their own interest rate depending on the payment period and other terms of the loan. For example, if you’re a high-risk individual (poor creditworthiness), you’ll be charged a higher interest rate.
Saida Loan App USSD
Unfortunately, Saida loan services are only available through their android app. That means you can’t access the services on another platform or through an SMS service.
Other Services Offered by Saida
Besides the loans from this financial service provider, other services offered include:
You can make savings with your Saida services with ease. You only need to name your saving goal, lock the goal, and start saving.
2. Bill Payment
You can also pay your bills through the Saida app. These bills include Nairobi Water, GoTV, DSTV, Zuku, Safaricom Airtime, Telkom Airtime, Airtel Airtime, KPLC postpaid, KPLC tokens and many others.
3. Saida Phone Cover
Saida also offers a phone insurance cover whereby you pay certain premiums and if your phone gets lost, you’ll be paid to buy another one.
All these services are available within the app.
Saida App Contacts
There are several ways you can contact Saida. They include the following:
- You can send them an email through firstname.lastname@example.org and email@example.com
- The Saida help menu within the Saida loan app.
- Their Facebook messenger contact.
The Saida help desk is always ready to help out with any of your queries.
Saida offers instant loans at affordable rates for the customer to make use of. With the app, you can access loans, pay bills, make savings and even insure your phone in the case that you lose it.