Combining the Swahili term ‘Hela,’ which means money, with the word credit, Credit Hela is a new entrant into the Kenyan mobile lending sector with huge customer offers. By installing the Credit Hela loan app on your phone, you can become eligible for loans starting from Ksh 500.
According to Credit Hela, the maximum loan limit is Ksh 80,000, and you’ve 91 – 365 days to pay it back. They charge an annual percentage rate (APR) of 36% and a service charge of Ksh 100- Ksh 600. Apart from that, there aren’t any hidden charges.
This review shall look at everything there’s to know about this smartphone loan application. That includes download information, application, fees, limits, and repayment.
Let’s get started! But before we do, here’s a summary of the basics that comes with the Credit Hela loan app:
|Lower Limit||Ksh 500|
|Higher Limit||Ksh 80,000|
|Repayment Period||91-365 days|
|Service Charge||Ksh 100 – Ksh 600|
|Pay Bill Number||7186653|
Eligibility Requirements for Credit Hela Loans
Before you can apply for a loan with Credit Hela, you need first to meet the following requirements:
- Be at least 18 years
- Have a valid ID
- Possess a registered Safaricom line (must have been in use for at least six months)
- Have an active MPESA account
- Own an Android smartphone
- Have access to the internet
Credit Hela App Download
If you want to access Credit Hela loans, you need first to download the loan app from Google Play. Below are the steps to follow to download the loan app:
- Go to Google Play on your Android phone
- Search for Credit Hela on the search bar
- Select download and once the app completes with the download, install it
Alternatively, you can visit Credit Hela and download the app on the website.
Credit Hela Loan App Registration
Once you download Credit Hela on your phone, use these steps to request a loan:
- Open Credit Hela on your phone and click on the sign-up option
- Enter your Safaricom phone number
- Set a profile that includes your name as they appear on your ID, your ID number, gender, marital status, education level, residence status, employment history, monthly income, payday, and email address
- Confirm that you have no pending loan from another mobile lender
- Pick two guys from your contact list that you would like to stand in as your referees and state your relationship
- Allow the app to access your contacts, calendar, location, messages, photos, phone storage, Wi-Fi information, call history, and device ID
- Credit Hela may also ask for your MPESA statement
Generally, Credit Hela uses the information you provide and what they collect when you grant them access to your phone to determine your loan eligibility and limit.
How to Apply for Credit Hela Loan
After you are through with the registration process, you can apply for a Credit Hela loan by following these steps:
- Open the Credit Hela loan app on your phone
- Select the amount you want to borrow and apply
- Wait for the loan disbursement to your MPESA
However, if you use a Kabambe phone, you can apply for the loan using the Credit Hela USSD code *871#. You need to dial the code on your Kabambe phone and follow the subsequent steps to request a loan.
Credit Hela Loan Limit
Credit Hela offers loans starting from Ksh 500 to about Ksh 80,000. Note, however, that you are likely to begin from Ksh 500. It may take a while before you qualify for Ksh 80,000, as it takes time for Credit Hela to trust you with that much money.
Usually, you grow your limit over time by paying promptly and borrowing as often as possible. Your MPESA transactions could also convince Credit Hela to raise your limit, especially if many heavy transactions go through your phone.
Credit Hela Interest Rate and Service Charge
Credit Hela charges a maximum of 36% annually on all its loans. However, the interest rate depends on the loan amount and the repayment period.
Credit Hela also charges a service fee of Ksh 100 – Ksh 600 depending on the loan amount you take.
How to Grow Your Credit Hela Loan Limit
You can try out these hacks to grow your Credit Hela loan limit:
- Use MPESA services regularly– that includes paying your bills with Lipa na MPESA and sending money
- Keep your MPESA transaction messages as Credit Hela monitors them occasionally
- Repay your loans earlier to build trust with the lender
How to Repay Your Credit Hela Loan
Here are the steps for repaying your Credit Hela loan:
- Go to the MPESA menu on your phone
- Click on Lipa na MPESA
- Select the pay bill option and enter the Credit Hela Paybill Number 7186653
- Press on the account number to feed your Safaricom phone number
- Enter the loan amount you want to repay
- Input your MPESA pin, confirm your details and send
- Wait for a message confirmation of your loan repayment
You can also repay your loan through the Credit Hela loan app. You can do this by visiting the app, navigating and selecting the MPESA repayment icon, and following the prompt to repay your loan.
Credit Hela Coupons
Credit Hela loan app offers different coupons to its customers. But first, you need to download the loan app from Google Play.
Remember, the coupons increase with a rise in your loan limit, and they range from Ksh 100 – Ksh 1000.
Credit Hela Customer Care Number
If you experience challenges logging in to your Credit Hela account, you can try uninstalling and installing the loan app.
But if the problem persists or you are having other issues with the loan app, you can contact their customer support through the following:
- Landline: +254 0207650111 / +254 0207650505
- WhatsApp number: +254 110895800
- Facebook: @CreditHela.KE
- Email address: email@example.com
- Physical Address: Mombasa Road, Alpha center, Block number 3
Why Choose Credit Hela?
- Here are the advantages that come with Credit Hela:
- The loan app is easy to navigate
- No paperwork needed
- You can apply for a loan anytime and anywhere in Kenya
- No collateral required
What are the Disadvantages of Credit Hela?
Here are the disadvantages of Credit Hela loans:
- The loans attract high-interest rates
- The app charges a service fee
- There are penalties for late repayment, which Credit Hela doesn’t specify
People Also Ask
1. Does Credit Hela Penalize Late Repayment?
Once your due date elapses and still you haven’t paid your loan, Credit Hela penalizes all late repayments. Unfortunately, they don’t specify how much.
Note, however, that even though they do not disclose the penalty amount, they communicate to you personally through an SMS.
2. What Is the Credit Hela Paybill?
You can repay your Credit Hela loan by using their pay bill number 7186653 and entering your Safaricom line as your account number.
Once you repay the loan in full, you will receive a confirmation message from Credit Hela as proof.
3. How Can I Get a Loan with Credit Hela?
Getting a loan with Credit Hela is easy. You can choose the USSD method or download the app.
If you go for the former, you can dial *871# and follow the steps, but if you decide to go for the latter, you can download the app from Google Play, register, and apply for the loan.
Closing Remarks On Credit Hela Loan App!
Credit Hela is a legit loan app that promises to come to your rescue when you want to pay a bill or send someone cash via MPESA. The rates are pretty steep but if you have a way to pay back quickly, then go for it. The secret is to ensure you avoid the penalties that come with late payments and avoid getting blacklisted by Credit Hela.