The Timiza loan app is a product of Barclays Bank and is one of the most used mobile loan apps in the Kenyan market. It’s an easy to use app that offers various mobile banking solutions including saving and borrowing loans on mobile phones.
How do I get a Timiza loan?
To get a Timiza mobile loan, first download and install the app or dial *848# to register. Complete the registratin using your Safaricom Mpesa number. A temporary PIN will be sent to you. Reset your PIN and then apply for a loan within your loan limit.
With the Timiza app, you can access loans, check your loan limit, transfer funds between your Timiza account and M-Pesa, repay your loan and get many other services. This loan app comes out as one of the best in terms of mobile banking services. Even better, using this app doesn’t require you to have a bank account with Barclays Bank.
Timiza Loan App: How to Download and Apply for a Loan
If you have an android smartphone, you can go to the Google Play Store to download the Timiza Loan app to your device. The procedure is as follows:
- Launch the Google Play Store app.
- Search for the Timiza Loan App. It has the word “Timiza” written in blue across it. Click the install button once you identify it.
- Once the app is successfully installed, open it.
- You’ll be taken through various stages to allow the app to read your messages, manage calls and other approvals. These enable the app to gauge how actively you make financial transactions with your number to determine your loan limit.
- Use your active Safaricom number and your ID number to register for the services offered by the app.
- Set a PIN number for your Timiza app then proceed to use the services.
- Use the PIN you’ve set for the app to log in. Your loan limit will be automatically displayed.
- To request a loan, go to the ‘My Loans’ section.
- Select the ‘Request Loan’ option.
- Input the amount of the loan you need then click ‘Continue.’
Your loan amount, if approved, will go to the M-Pesa account number you used to register with the Timiza app.
Services Offered by the Timiza Loan App
Timiza is more than a simple loan app as it offers many other financial services. These include enabling you to:
- Apply for loans.
- Repay borrowed loans.
- Transfer money to your Timiza account from your M-Pesa account.
- Transfer money to your M-Pesa account from your Timiza account.
- Check for your Timiza balance.
- Buy insurance
- Pay bills.
- Obtain a mini statement for your transactions.
- Get insurance services.
- Invite contacts to the Timiza loan service.
- Buy airtime.
- Book a cab from Little Cab.
- Get forex rates.
These services can only be obtained within the app. The SMS service only offers the loan services.
Timiza USSD and SMS
The Timiza USSD code is *848#. Dial this code on your Safaricom line to register and access Timiza loans and other mobile banking services.
The Timiza Loan app is only available on the Google Play Store. This means that only devices running the Android operating system can access the app. However, if you have a device not running this operating system, you can still access the loan services from Timiza through an SMS service.
The USSD procedure is as follows:
- Dial the USSD code for Timiza which is *848# on your phone.
- You will be greeted with a welcome screen upon which you’ll select option 1 then ‘send’ to continue.
- Accept the terms and conditions which is option 1 then click ‘send’.
- You’ll be provided with a PIN number as a text message.
Use this PIN to log into the service once you receive it.
How to Get Timiza Loan
To request a loan, follow these steps:
- Start by dialing *848#.
- Enter your PIN.
- Choose the ‘Request Loan’ option.
- Enter the loan amount you want then click ‘Send.’
The loan you requested for will be sent to your M-Pesa number.
Timiza Loan Charges and Interest Rate
The loans you apply through the Timiza loan app have the following charges and interest rates:
- The interest rate of CBR (Credit Bureau Report) + 4%.
- 5% loan processing fee of the amount of the loan.
- A rollover fee of 5% of the outstanding amount on the loan if your loan hasn’t been paid within 30 days. This fee stands for the next 30 days.
There are no other charges for the loans from Timiza beyond these ones.
Timiza Loan Limit
When you use the app, your loan limit will be displayed each time you log in. It is the same with the SMS service where you can easily check your loan limit.
Your loan limit is determined by the number and size of transactions you make through your phone. When logging into the app for the first time, the app requests access to your messages.
It means that the loan limit will be set high if you use your phone frequently and make large transactions via Mpesa. This includes sending and receiving money, paying bills, making bank deposits and other transactions.
How to Grow Your Timiza Loan Limit
Knowing the information above, you can grow your Timiza loan limit through the following methods:
- Always deposit money into your Timiza account the first time you open an account with the service. This helps the bank know that you’re an active user of the service.
- Whenever you have money that you’re not using immediately in your M-Pesa account, deposit it into the Timiza account.
- Increase your M-Pesa transactions. This means you transact more frequently and in larger amounts.
- Increase the frequency and size of your financial transactions by phone. This entails the bank deposits you make from your phone or the ones that you receive.
- Avoid defaulting on the loans you borrow. If you have another loan app, a bank account or other service that offers loans, ensure that you pay the loan within the period given. If you don’t, the messages reminding you to make payments will obviously dent your credit limit with the Timiza loan service. Also, avoid getting listed by the CRBs since this greatly reduces your credit limit.
Generally, you get a higher loan limit the more you show that your creditworthiness is good.
What if My Credit Limit is Zero (0)?
If you check your loan limit and realize it’s zero, the reasons behind that may be as follows:
- You haven’t paid your previous loan with Timiza or other loan service.
- You’re listed with one of the Credit Reference Bureaus (CRBs).
- You have a low credit rating due to lack of financial transactions on your device.
As stated before, ensure that you always pay your loans on time to have the highest applicable loan limit. This not only increases your credit limit with Timiza but with all lending institutions.
How to Pay Your Timiza Loan
There are two ways to pay your Timiza loan namely:
1. Through the SMS service.
For this method, follow these steps:
- Dial *848# on your device.
- Enter your PIN.
- Go to the loans section.
- Choose the ‘Pay Loan’ option.
- Follow the prompts to make the payment.
These prompts allow you to pay the loan either fully or partially.
Timiza Paybill number
The Paybill number method is as follows:
- Go to your M-Pesa menu.
- Choose the ‘Lipa na M-Pesa’ option.
- Choose the ‘Paybill’ option.
- Enter the Paybill number for Timiza which is 300067.
- For the account number, enter the phone number you registered the service with.
- Enter the amount of money you’re paying.
- Enter your M-Pesa PIN.
- Confirm the details then send the request.
You’ll receive a message from M-Pesa notifying you of the amount paid, and a notification from the Timiza app of the amount paid. Remember, the new Mpesa charges for paybill will apply.
At times, Timiza may still contact you to pay your loan even when you’ve already paid the loan. Other issues you experience will also need resolving and you can contact Timiza through the following avenues:
- Call their customer care through 070921300.
- Social media avenues such as their Facebook page which is the fastest of all methods as per the users.
- Through the WhatsApp number 0712233248.
- Through email email@example.com.
These avenues will help resolve the issues you face either through the app or the SMS service.