Timiza Loan App: How to Apply for Loan

Timiza is a financial credit and savings service app from ABSA Bank Kenya that allows you to enjoy convenient banking on the go, access instant loans, send money to M-Pesa, pay bills, purchase airtime, and get insurance coverage on the go, just from your phone.

Timiza’s USSD code *848# provides easy access to Timiza services even without an internet connection. The USSD service can be accessed on any phone, smart or not.

Timiza Loan Eligibility

To be eligible to apply for a loan from Timiza, you should meet the following requirements:

• Be at least 18 years old.
• Possess a valid national ID card.
• Be a registered M-Pesa user for at least 6 months.
• During installation, allow the Timiza app access to your camera, contacts, location, device details, and messages to further verify your phone’s eligibility.
• Timiza app cannot function on a rooted device.

Read also:

1. How to Increase Your Zenka Loan Limit
2. 15 Best Loan Apps in Kenya for Instant Loans

How to Apply for Timiza Loan

You can apply for a loan from Timiza in two ways:

1. Using the Timiza App

1. Download and install the Timiza app from the Google Play Store or the App Store.
2. Open the app and register using your Safaricom phone number and ID number.
3. Enter the One Time Password (OTP) sent via SMS to register the transaction account.
4. Create a secure PIN for accessing the app and USSD services.
5. Your loan limit and account balance will be displayed on the main screen.
6. Tap “My Loan” > “Request Loan” and select your desired amount.
7. Enter the OTP sent via SMS and click “Continue.”
8. Your loan will be reflected immediately in your Timiza wallet/account.
9. To withdraw, open the Timiza app, tap “Withdraw,” and follow the instructions to send the money to your M-Pesa account.

See also: Stawika Loan App Download, Apply Loan, Interest Rate

2. Through Timiza’s USSD Code *848#

1. Dial *848# on your Safaricom line registered with Timiza.
2. Enter your Timiza PIN.
3. Select “Loan” and press “Send.”
4. Choose “Request Loan” and select “Get Cash.”
5. Enter the amount you want to apply for (subject to your limit).
6. Confirm the amount and send.
7. Receive a message confirming approval or disapproval of your loan.

How to Reset Timiza Password

Reset a forgotten Timiza password.

If you forget your Timiza password, dial the *848#  and select 1 to reset the password.

Read:  List of ABSA Bank Kenya Branch Codes

How to Send Money from Timiza to M-Pesa

1. Tap on the “Send Money” icon.
2. Enter your Timiza-registered mobile number.
3. Enter the amount you wish to transfer and press “Continue.”
4. Enter your Transaction PIN and press “Continue.”
5. Enter the One-Time Password (OTP) sent via SMS and complete the transaction.
6. You will receive a confirmation message from both M-Pesa and Timiza.

You can also: Dial *848# on your M-Pesa line and select “Send to M-Pesa.”

The transaction amount on Timiza ranges from Ksh. 50 to Ksh. 150,000, with a maximum daily limit of Ksh. 300,000.

Read: How to Increase Your Fuliza Limit Instantly

Timiza Loan Interest Rates and Fees

• Timiza charges a one-off interest rate of 8% on the borrowed amount, and an excise duty tax of 20% of the facility fee (interest).
• You can borrow up to Ksh. 250,000. Your loan limit depends on your credit profile.
• Repaying your loan early can increase your chances of obtaining higher loan limits.
• You can repay your loan in periods of 30 days, 3 months, 6 months, or 12 months.
• Failure to repay your loan within 30 days attracts a rollover fee on the principal.

Timiza loan limit.

See Also: List of Mobile Loan Apps in Kenya and Their Interest Rates

Remember, the more you transact on the Timiza app, save, borrow, and repay your loans on time, the more your loan limit grows.

Example of Timiza Loan Charge

Timiza charges a facility fee of 8% on the borrowed amount. In addition, a 20% excise duty tax is charged on the facility fee.

The excise duty is deducted upfront from the money borrowed. Therefore, the money deposited in your Timiza account will be less the excise duty fee.

Let’s look at an example:

Let’s say you want to borrow 4,000 shillings. Here is the breakdown:

• 8% of 4,000 = 320 shillings. So the facility fee will be Sh. 320.
• 20% of 320 = 64 shillings.
• Therefore, the total charge = 320 + 64, which is 384 shillings.
• Amount deposited into your account = 4,000 – 64 = 3,936 shillings.
• Total loan amount = 4,000 + 320 = 4,320 shillings.

Therefore, you will pay a total of 4,320 shillings.

Other Services Available on Timiza

• Save and earn Timiza savings interest of up to 9% p.a, paid every 3 months into your account
• Transfer cash between Timiza and M-Pesa
• Check Timiza balances
• Check foreign exchange rates
• Purchase insurance
• Book a cab (on the Mobile app only)
• Pay for KPLC/ZUKU/DSTV/GOTV bills
• Get insurance on personal accident (up to Ksh. 100,000), and funeral expenses cover up to Ksh. 50,000. Monthly premiums are Ksh. 42.
• Buy airtime
• Request for a mini-statement
• Loan top-up

ABSA Timiza Customer Care Contacts

• Phone: 0709 213 000, 020 42 65 000
• Email: [email protected]
• Facebook: facebook.com/TimizaKE
• Twitter: twitter.com/timizake

Read also: KCB Savings Accounts, Features and Requirements