Timiza loan app from Play Store main image

How to Apply for Timiza loan, Pay by Mpesa, and Interest Rates

Timiza loan App and USSD short code service are a product of the Barclays Bank Kenya, now called the ABSA Bank PLC. This means you can apply for ABSA Bank’s Timiza mobile loan product by either using the Timiza app from Google Play Store or through the USSD code *848#.

Whatever method you choose to get the Timiza mobile loan from ABSA, you must first apply for a Timiza account and register on Timiza for a transactional account.

Read on for steps on how to register for a Timiza transaction account and activate the account using their one-time generated PIN.

Timiza Loan Interest Rates

Timiza charges an interest rate of 1.083% in addition to a facility charge of 5% on the amount borrowed.

Timiza loan repayment period is 30 days. Failure to repay your loan in the stipulated 30 days will attract a rollover fee of 5%.

You can borrow anywhere from Ksh. 50 to Ksh. 100, 000 depending on your loan limit and credit score. Repaying your loan early will boost your chances of getting higher limits.

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

Timiza Loan Eligibility

To qualify for a mobile loan from Timiza, you must meet the following requirements:

  • Be at least 18 years of age
  • Have a valid national ID card
  • Be registered on Safaricom’s Mpesa and active for at least 6 months.
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During the installation process, the Timiza loan app must be allowed to have access to several services on your phone including camera, contacts, location, device details, and messages.

This is to confirm further eligibility of your mobile phone. Timiza app will not operate on a device that is rooted.

You also need to register on Timiza by either using the Timiza app or USSD *848# and get a PIN through SMS. You can then use this PIN to access Timiza services and change it on the first usage.

Other Services you can Access on Timiza

  • Save and earn Timiza saving interest of up to 5% p.a with Zidisha savings account
  • Transfer cash between Timiza and Mpesa
  • 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 expense cover up to Ksh. 50,000. Monthly premiums are Ksh. 42.
  • Buy airtime
  • Request for a mini statement
  • Loan top-up

How to Apply for Timiza Loan Using USSD code *848#

  1. Dial and call *848# on your Safaricom line registered with Timiza
  2. Enter your Timiza PIN
  3. You will see your Loan Limit at the top of the onscreen together with other menus
  4. Select the option Loan and press Send
  5. Next, select Request Loan
  6. Choose the option, Get Cash
  7. Enter the Amount you want to apply for
  8. Confirm the amount you have applied and send
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You will receive a message from Timiza confirming approval or disapproval of your loan.

To send the Timiza loan cash to Mpesa, again use the *848# USSD and select the option Send to Mpesa.

How to Pay your Timiza Loan via Mpesa

You can repay Timiza loan using the Timiza Mpesa Pay bill number 300067.

  • Go to Lipa na Mpesa and enter 300067 as the business number
  • Now enter your Timiza registered mobile number as account number
  • Next, enter the amount you want to repay
  • Enter your Mpesa PIN and confirm the details before sending.

Apply for Timiza Loan through the Timiza App

  1. First, you need to download and install the Timiza application from Google Play Store
  2. Open the app after installation
  3. Enter your Safaricom phone number and ID number to register
  4. Enter the One Time Password sent to your phone in SMS to register the transaction account
  5. You will be allowed to enter a secure PIN for accessing the app and USSD services

To log into the app, you will be entering the PIN  you have set as your password.

You can see your Timiza loan limit displayed on the screen and any account balances you have.

In case you forget your password, you can dial *848# and press 1 to reset the password.

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How to reset Timiza password

  1. To apply for a loan tap on the My Loan menu on Timiza app
  2. If you have any outstanding loan balances you can tap on Repay Loan, otherwise select Request Loan
  3. Enter the amount you want to borrow and press Continue
  4. To send money from Timiza to your Mpesa tap on the Send Money icon and enter your Timiza registered mobile number
  5. Enter the amount you wish to transact and press Continue
  6. Next, enter your Transaction PIN and press Continue
  7. You will receive a transaction confirmation message.

You can transact an amount ranging from Ksh. 50 to Ksh 150,000 on Timiza at a time, with a maximum daily limit set to Ksh. 300,000.

ABSA Timiza Customer Care Contacts

Phone: 0709 213 000, 020 42 65 000

Email: timiza@barclayscorp.com

Facebook: facebook.com/TimizaKE

Twitter: twitter.com/timizake

Also Read:

  1. List of Mobile Loan Apps in Kenya and their Interest Rates
  2. USSD Codes for Mobile Loans Apps in Kenya
  3. How to Apply for Co-operitive Bank Mco-op Cash Loan
  4. Safaricom Mpesa Paybill Charges