Timiza Loan: How to Apply and Repay Mobile Loans in Kenya

  • At times, we get stuck financially and no help seems to be forthcoming.
     
    Luckily for thousands of Kenyans, Barclays Kenya has developed a modern easy-to-use mobile app, which offers fast and easy loans to all smartphone users including the marginalized, remotely located and the unbanked population. 

    Furthermore, you do not require a bank account with Barclays to operate a Timiza account. 

    Timiza accounts allows you to save, borrow money, repay the loan, pay bills, buy insurance (personal accident -100k -and Funeral cover), book or hail a cab –Taxifyand check forex rates. You can also invite contacts to join the app. 

    In this article, we will guide you on how to apply and pay for the Timiza loan.

    What is Barclays Timiza Loan?

    Barclays Timiza Loans are a quick access to credit, devoid of the officialdom associated with acquiring loans. 

    For one, you do not need to fill out an application form in order to receive a Barclays Timiza loan.

    Since Barclays Timiza can only be accessed via phone, you need not visit busy and crowded banking halls to receive your loan. 

    Once your loan application is approved and the loan is processed, the funds will be deposited into your Barclays Timiza Account, and you can access the funds by transferring the amount to your M-PESA account. 

    This M-PESA account should be the one registered under your Barclays Timiza Account. 

    What are the requirements for eligibility for a Barclays Timiza Loan?

    For one, you need to be an active M-Pesa subscriber for at least six months preceding the date of application of the Barclays Timiza Loan. 

    Next, you need to ensure that you have been undertaking transactions on Barclays Timiza.

    Furthermore, to increase our chances of getting your loan request approved, you need to have been actively using other Safaricom services prior to your application of the loan.

    Such Safaricom services include, but are not limited to, data services, voice services, and M-Pesa services. 

    Why you may not be able to access Timiza loan

    So, what are the reasons behind the fact that you cannot access a Barclays Timiza loan? 

    For one, you may have been listed by Credit Reference Bureaus(CRBs). 

    You may have a low credit rating. 

    Furthermore, you may not be able to access a Barclays Timiza Loan because you already have an existing Barclays Timiza Loan. 

    Application for a Barclays Timiza Loan through the SMS service 

    In order to apply for a Barclays Timiza Loan via SMS, dial *848# on your Safaricom line associated with your Barclays Timiza Account and follow the prompts. 

    How to apply for Timiza loan through the Timiza mobile application

    These are the steps to follow if you wish to apply for a Barclays Timiza Loan through the Barclays Timiza app: 

    1. Installing Timiza app on your android phone:

    a)  Go to Google play store and search for Timiza

    b) Click on the install button

    c) Once installed, click on Open

    d) Allow the Timiza app to make /manage calls / read messages

    e) Enter your Safaricom line, ID number to register

    Once done, you will set a pin for logging the app. 

    2. Log in to the app using the necessary credentials. You shall see that your loan/credit limit is displayed on the app.

    3.  Select ‘My Loans’.

    4. Select ‘Request Loan’.

    5. Enter the amount you wish to borrow.

    6. Select ‘Continue’. 

    How to pay your Timiza loan

    You can pay the Timiza loan via MPESA business number 300067, account number is the Safaricom phone number.

    Or you can simply dial *848# . Enter the pin, select loan option, and select pay loan .

    Here is how to pay using the the MPESA business number:

    1. Go to MPESA.

    2. Select Lipa na MPESA.

    3. Select Paybill Option.

    4. Enter the Business number as 300067.

    5. Enter your Timiza Registered phone number as the account number.

    6. Enter your Payment Amount.

    7. Enter your MPESA Pin.

    8. Confirm the details are correct then press OK.

    Here are some of the most important terms and conditions associated with the Barclays Timiza Loan 

    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 Ksh 0, you shall be required to grow this loan limit in order to access Barclays Timiza Loans. 

    But how do you do this? For one, 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. 

    Next, you may want to increase your savings in your Barclays Timiza Account. 

    Furthermore, an increase in the use of M-Pesa 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 Kshs 50 while the maximum amount usually is Kshs 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 M-Pesa account associated with your Barclays Timiza Account. 

    The deposit and withdrawal limits under M-Pesa will affect the transactions between your Barclays Timiza Account and your M-Pesa account. 

    The amount of money you pay as an interest to the bank will not exceed the maximum as stipulated by the 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 M-Pesa 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. 

    You may be okay with these terms and conditions, but sadly, you are not able to access a Barclays Timiza loan.