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You must log into the app or use a Timiza USSD code *848# to access the loan service. Once authorised for the mortgage, you get a 30-day repayment term and a 5 percent facility fee (one-time). With a Timiza mortgage, you can get loans of as much as Ksh. 150,000.
The app gives quick loans inside 24 hours, however to be eligible, you have to have an lively checking account for the previous six months and be in good standing with CRB. Their interest rate is comparatively low at 6.91%, and the neatest thing is that they do not have processing charges.
Kabeer Naqvi, President & CEO of U Microfinance Bank, says he understands why there is criticism, but that there is a necessity to know the MFB model and the prices concerned. There may be the cost of borrower verification, establishing branches in distant areas the place microfinancing is required more, among other prices. Then there is the cost of compliance with banking and finance laws.
Microloans are a comparatively new methodology for you to take a position in the monetary markets. Whereas the industry is growing, we consider that you should only use it to invest a part of your funds. That is because of the dangers we have highlighted above. At the core of your investments, it’s best to diversify across different property such bonds, mutual funds, Bitcoin and index funds, which provide extra stable and sustainable returns.