This is your detailed guide to timiza loan app download, loan application, interest rates, loan limits and repayment.
With the proliferation of mobile money-lending apps in the financial scene of the country, banks also noticed the budding potential in the technology. As opposed to the norm of lending by the banks (of course, which is tedious and bureaucratic), apps have completely turned around things.
In just a blink of an eye, you get money at any time.
Barclays bank is one of those banks caught by this revolution. And now the bank has brought on the stage, the timiza loan app.
Timiza, meaning to fulfill was introduced not so long ago. However, the app has racked up customers in millions as I speak.
Actually, this product is one of the most convenient apps around. It offers the best deals in the loans given out.
So if you are in some sort of financial emergency, and you want an instant solution, Timiza is definitely a go-to solution.
Let us learn what this app is all about right next.
What is Timiza App?
Timiza is a mobile money-lending application that was created by the Barclays Bank of Kenya to offer unsecured mobile loans to both Barclays Bank customers and non-customers. Timiza also allows one to make fund transfer from one individual to another.
With Timiza, you can as well purchase your insurance besides other interesting bonuses such as being able to save and earn high returns by opening an account called Zidisha.
Timiza app was invented and launched in 2018 with the core purpose of harnessing the ever-growing mobile money business. The app can be downloaded from the Google Play Store and installed on the phone with ease.
The Timiza loan is offered to those people who are clean with the CRB. The minimum you will get from Timiza is KES 500 and the maximum amount is KES 150,000.
Once your application for a loan is approved, the money will be deposited into your Timiza wallet. You will need to withdraw it from there to your mpesa.
The loans are repaid within a period of one month with an interest of 1.7 percent of the principal amount. Also, a processing fee of 5 percent on the loan will be charged.
Looking at that interest, you will notice that Timiza loans are some of the best deals in this space as far accumulated interest is concerned. This has made the app popular in just a small period of time.
If you don’t have an Android-enabled smartphone, you can still access the Timiza services by dialing *848#.
Note that Barclays Timiza cannot be linked to your Barclays account if you are a Barclays customer. So, no need to worry about this.
Something About the Timiza Zidisha Account.
The Zidisha account, also known as the Zidisha Bonus Savings Account is an attachment product to Timiza loans. Barclays Bank enables its Timiza loans customers to save on the app and in turn get rewards or interests from their savings in a year’s time.
The benefits of a Zidisha account are as follows:
- Get up to a 7 percent interest on the savings you make starting from KES 100.
- The more you save on this account, the higher your chances of growing your limit.
- Free transfers to and from your Timiza account.
- No minimum balance required.
Terms and Conditions of the Timiza Loans.
Many people are used to skipping terms and conditions regarding any given product. But the truth is that it helps a lot to understand what principles are behind the product you are looking to take for use.
This is the reason why I have included the terms and conditions of information regarding Timiza loans. So, make sure that you read through carefully before you make your Timiza loan application.
- First, upon applying for a Barclays Timiza Account, you shall receive a text message that informs you of your loan/credit limit.
- This credit limit signifies the maximum amount of money you can ask for as a loan from the Barclays Timiza Loan product.
- In the case where the bank indicates your loan limit to be KES 0, you shall be required to grow this loan limit in order to access Barclays Timiza Loans. Increase the number of transactions on your Barclays Timiza Account.
- This may be done by moving money in and out of your Barclays Timiza Account as much as possible. Increase your savings in your Barclays Timiza Account.
- Furthermore, an increase in the use of Mpesa is guaranteed to increase your loan limit. All of these will work to help you build a credit score.
- The types of loans available are the emergency loan and the in-store financing loan. To access these loans, one should navigate through the Barclays Timiza Menu on their phone, and use the ‘Request Loan’ menu.
- You are totally free to set a loan repayment period that works for you. However, note that the loan repayment period cannot be less than thirty days.
- The bank may decide to accept or reject your loan request without reason. The bank will accept or decline your loan application via SMS sent to the mobile phone number associated with your Barclays Timiza Account.
- If the bank accepts your loan application, it shall disburse the amount to you. The minimum amount disbursed is usually KES 50 while the maximum amount usually is KES 1,000,000.
- However, this amount is bound to change depending on what the bank deems necessary.
- The loan amount will be deposited to your Barclays Timiza Deposit Account. This amount will be less the transaction fees and the interest.
- You can access these funds by withdrawing them to your Mpesa account associated with your Barclays Timiza Account.
- The deposit and withdrawal limits under Mpesa will affect the transactions between your Barclays Timiza Account and your Mpesa account.
- The amount of money you pay as an interest to the bank will not exceed the maximum as stipulated by law. Usually, this is about four percent above the rate published by the Central Bank of Kenya.
- Repayment of the loan may be done via your Mpesa account, your Barclays Timiza Account, or through the bank’s branches.
- If you fail to fully pay the loan within the agreed period of time, the bank reserves the right to roll over the outstanding amount of the loan for the next thirty days.
- If this happens, you will be required to pay the bank a ‘Roll-over fee’, usually a percentage of the outstanding loan amount, that will be determined by the bank.
- You will incur any expenses or costs incurred by the bank in attempting to obtain payment of your loan.
- The bank may terminate your Barclays Timiza Account if you fail to repay the Barclays Timiza Loan within the agreed period of time.
- The bank is in liberty to use any of the funds available in your other Barclays Timiza accounts to pay the outstanding amount of your loan.
- The bank can change the terms of the loan, for example, interest rates and fees payable, from time to time. This will take into account the rules of the Central Bank of Kenya and the bank’s own policies.
- The bank is free to offer information about your Barclays Timiza Account and Loan to Credit Reference Bureaus, authorities, or regulators, as per the Banking Act and the Banking Act (2013).
- In case you repay your Barclays Timiza Loan in excess, the superfluity will be moved to your Barclays Timiza Account.
- In the event that you wish to repay someone else’s Barclays Timiza Loan, you can do so by sending them cash to their Barclays Timiza Account, and they can then proceed to make the repayment for their loan.
Not everything will sound right in the terms and conditions above. But you always have a choice not to agree if these things are all over you.
However, the conditions above are not such intimidating to keep you away from enjoying the Timiza loan services. Unless you are planning to run away with a loan – which is clearly not the case.
How to Be Eligible for a Barclays Timiza Loan.
- Must be over 18 years of age and holding a Kenya National Identification Card.
- Be an active Mpesa user for not less than six months before applying for the loan. This also means that you have been making transactions on your Mpesa account. Otherwise, you will not qualify for any loan.
- An active Safaricom subscriber using data services, voice services, etc.
Sometimes you will try, apply but in vain. There are many reasons for that – and one of them is probably the eligibility criterion above.
However, other things, especially your Credit Reference Bureau rating. If this is negative, or if your score is low, the chances of not getting a loan with Timiza are obviously high.
Another reason could be that you already have a Barclays Timiza account.
How to Apply for a Timiza Loan Through the Timiza Mobile App.
This is a two-stage process.
1. Install the App on your Phone
- Ensure you have an Android-enabled smartphone
- Go to the Google Play Store and search for Timiza Loan app
- Click on the install button
- Once the app is downloaded, click on enable
- The click on the Open tab
- Allow the app to make, manage, read messages on your phone
- Enter your Safaricom number and ID number and other details as required in the fields, to register on the app
- The next steps will be to set a Timiza Pin for logging into the app.
2. Barclays Timiza Login and Loan Application
You will now be required to log into your using the credentials you provided. Once you log into your account, you will see the amount of money you are eligible to get displayed on the screen.
- Select “My Loans”
- Select “Request Loan”
- Enter the amount you wish to borrow
- Then select “Continue”
The money will be deposited into your Timiza wallet. Just check the balance – and withdraw the amount you desire into your mpesa.
You can leave the wallet with some money or just sweep it clean!
Applying for a Timiza Loan Through SMS Service.
- Dial *848# on your Safaricom line that you registered.
- Follow the prompts as they come
How Do You Pay Your Timiza Loan?
This is probably a question you will be asking yourself by the time you finish using the money you borrowed. Nonetheless, it’s quite a light task.
You can opt to go with the USSD code *848#. Then enter your PIN, select the loan option and select Pay Loan.
Alternatively, pay the loan using the Timiza Pay bill number 300067.
- Go to the Mpesa menu
- Select Lipa na Mpesa
- Select the Paybill Option
- Enter the business number above
- Enter your Timiza registered phone number as the account number
- Enter the amount you want to pay
- Enter the Mpesa Pin
- Confirm if the details are true and then send
- You will receive a confirmation message from Mpesa
You can also log into your Timiza account on the app to see if the payment has been effected.
The Timiza Loan Contacts.
Don’t get stranded on anything Timiza and leave it with yourself. If you have an issue, you can make an effort to reach the Timiza Help Center via the following contacts:
Telephone: 020 4265000, 0709 213000, 0732 130120, 0722 130120
Email Address: Timiza@barclayscorp.com
Frequently Asked Questions.
How do I qualify for a Timiza loan?
To qualify for a Timiza loan, you must be a Safaricom subscriber and an active Mpesa user for the last six months. Timiza uses the information on your phone including your data usage, calls, messages to determine if it will offer you a loan or not.
You also need to save with Timiza for sometimes. And ensure that you aren’t in bad records with the CRBs.
How can I use Timiza loan by SMS?
Just dial the USSD code *848# on the Safaricom line you registered with Timiza. Follow the prompts.
What should I do with a blocked pin?
You will be required to call 0709 213000 or 020 4265000 for pin reset
How I grow my loan limit?
First, increase activity on your Timiza account through transacting between your Mpesa and Timiza. Increase savings on your Timiza account and also increase the usage of Mpesa services.
When it comes to affordable instant mobile loans, Timiza loan app is just way far ahead of many similar apps in the industry. You can make use of this advantage.
If you are in a sneaky situation that requires some financial spoiling, do yourself a favor. Take a Timiza loan and you won’t regret it during repayment.
All the best!