Eazzy Loan App: How it Works {Get Instant Loan}

Equity Eazzy loan is a type of unsecured personal loan that disburses loans without relying on the borrower’s assets for security. Equity Eazzy loans are approved based on the borrower’s creditworthiness. Therefore, these types of personal loans are easy, fast, and instant to apply for and get approved for because they do not require any collateral or paperwork.

Eazzy loans are known as emergency loans that can be used for personal uses such as home improvement, medical expenses, debt consolidation, and other personal expenses. This lender is an online lender that uses machine learning systems to understand a customer’s financial capacity. The machine learning uses data from the user’s devices to check and calculate the credit limit.

How does an Equity Eazzy loan work?

Equity Eazzy loans work by underwriting and disbursing loans to borrowers regardless of their credit history. It means that even if you have a low credit score, you will still get approved for the loan. During the registration process, Equity Eazzy app reviews the borrower’s personal details such as monthly income, residential area, and household. The data collected through the app is used to create a customer profile.

Below is a summary table for the Equity Eazzy loan features, such as interest rate charged on the loan, loan amount, credit limit, annual percentage rate (APR), loan repayment terms, origination fees and processing fees and charges, loan disbursement method, and speed, the eligibility criteria of the Equity Eazzy loan, the pay bill number, contact details, loan purpose, and the approval process. All these concepts are important to understand before applying for any personal or unsecured loans.

Feature	Details
Loan Type	Unsecured Personal loan
Eazzy USSD code	*247#
Loan term	Between 1 to 24 Months repayment period
Interest Fee Range	0.07% to 0.3% per day and a 2% to 10% monthly interest rate
Eazzy Loan Limit Range	Loan amounts range between KSh 1,000 and KSh 3,000,000
Loan Disbursement Method	M-Pesa, Bank Transfer, Equitel Money, ATM.
Equity Eazzy loan Contacts	Telephone：0763 000 000 WhatsApp: +254 763 000 000 Email: [email protected]
Max Effective APR	25.5%
Equity Eazzy loan Pay bill	M-Pesa pay bill no. 247247
Late loan repayments	Incur a late fee of 6%

What is the Equity Eazzy loan App, and how does it work?

The Equity Eazzy loan app is a mobile application that allows users to apply and receive unsecured personal loans. Users can borrow money, repay, and manage their accounts through the app. The app works by assessing the user’s creditworthiness and disbursing the loan amount directly to their bank account. The Eazzy loan app does not require collateral and monitors repayment progress. The Eazzy app uses machine learning to train its models on user data retention and analyze user information collected during the registration process. Eazzy Loan uses data from your phone including your handset details and financial transactions messages and your reason for borrowing. The Eazzy loan app checks repayment history to build an individualized credit score and determine the loan offer suitable for the borrower.

How can I borrow an Eazzy loan without the app? You can apply and borrow for an Eazzy loan by using the Equitel mobile line or using a USSD code. To borrow an Equity Eazzy loan without the app, Dial *247#, Select “Borrow,” Choose “Get loan,” Select “Eazzy loan,” Choose the type of loan you want, Choose “Disbursement Method”, Enter your PIN, and Press “Send”. Steps for using Equitel are discussed below.

Eazzy Loan app Download

How to download the Eazzy app via the Google Play Store

To download the Eazzy Loan app, ensure you have enough data or are connected to WiFi. Then follow the steps below:

• Open the Google Play Store on your mobile device.
• In the search bar, type “Equity Mobile” to find the Eazzy loan app.
• Download and install the Equity Mobile app.

Eazzy Loan Registration and Application

How to Apply for an Eazzy Loan via Mpesa

To borrow money from Eazzy, one should have an Android phone with an M-Pesa line, and an Android smartphone should have a good internet connection. Once the app is downloaded and installed from the Google Play Store, follow through with the registration process, which takes around 5 to 10 minutes.

Before requesting a loan, one should register an account first. Below is a simple process to register and open an account with Eazzy and start borrowing. To apply for an Eazzy loan via M-Pesa, follow the steps below:

• Open the Equity Mobile App
• Sign in to register with Eazzy.
• Enter valid national ID details.
• Sign up to complete the registration. Enter the details accurately, and a one-time PIN will be sent to you, which you need to change to your own unique PIN.
• Proceed with the application process by answering a few questions.
• Choose a repayment date that works for you.
• Withdraw the loan amount disbursed to your actual account to M-Pesa
• Receive your money straight to your MPESA

How to Apply for an Eazzy Loan Equitel Mobile

To access EazzyLoan from your Equitel line, follow the steps below:

1. Go to Equitel menu.
2. Select My Money.
3. Choose Loans.
4. Select Get Loan.
5. Select Loan Type.
6. Select Account.
7. Enter Amount.
8. Confirm Details.
9. Enter PIN

How can I reset or change my Eazzy Banking PIN?

On the log-in page click on Forget password and input the mobile number you registered with then type the verification text given and submit. You will receive another verification code(OTP number) via SMS input the code select the new password of your choice then submit.

How to reset Equitel PIN without an ATM card?

To reset your Equitel PIN, on your Equitel menu, go to My Money > Others > My PIN > Forgot PIN and proceed.

How to apply for an Eazzy loan Equity Mobile App

To access EazzyLoan from the Equity Mobile App;

• Link your Equity account (if not yet registered)
• Select “Borrow”
• Select “Get a loan”
• Select loan type
• Enter amount

How to Cancel Eazzy Loan Application

Eazzy loan cancellation involves stopping the loan application process. A customer does not have to cancel a loan application under the following circumstances:

• If the borrower has not completed and submitted the application
• If the borrower has already applied but has not yet cashed out
• If the borrower accepts Eazzy offer but has not yet cashed out

To cancel an Eazzy loan application one should do nothing and the loan cancelation will be processed automatically.

How to delete my Eazzy loan account? To delete your account with Eazzy, contact them through Email: [email protected] once you have completed repaying all debts and if you have any outstanding debts to be cleared. If you have no pending dues, fix an appointment with the team to finish the formalities for closing your loan account.

How to check Eazzy loan application status?

To check Eazzy application status, just follow these steps:

1. Log in to the Equity Mobile app.
2. Go to the top part of your home screen and you will see the status of your application.

Eazzy loan Fees, Charges, and Interest rates

What is the interest rate for Eazzy loans?

The main disadvantage of unsecured personal loans is that the interest rates are charged higher with short-term repayment dates. The interest rate is the amount a lender charges a borrower and is a percentage of the principal—the amount loaned. The interest rate for Eazzy loans is between 0.07% to 0.3% per day and a 2% to 10% monthly interest rate. The effective interest rate is thus 25.5 % per annum.

What fees does a borrower incur processing a loan with Eazzy?

When applying for a personal loan with a lender, fees and charges should be determined and analyzed. The fees that a borrower might incur during a loan process include the following: Processing fees, prepayment charges, late payment penalties, documentation charges, insurance charges, loan cancellation charges, Underwriting fees, origination fees, Service fees, and tax-related fees on the personal loan disbursed. When processing an Eazzy loan the following fees will be charged:

Processing fees	None
Excise Duty as imposed under the Excise Duty Act	20% on the Loan Appraisal Fee recoverable upfront.
Loan appraisal fee on loan rolled over	A maximum of 5 % of the Loan amount is coverable upfront.
Maximum of 5% of the amount outstanding at the point of rollover.	A maximum of 5 % of the Loan amount coverable upfront.
late payment Fees	Eazzy loan charges a one-time late payment fee of 6%
loan cancellation charges	No loan cancellation fee
origination fees	No origination

How much is the processing fee for Eazzy loans?

Eazzy charges a one-time processing fee per loan. This fee is calculated as a percentage of the principal and is priced dynamically for each customer. The 78% of customers start at 10% and are eligible for fees as low as 5% as they build their credit history with Eazzy. The fee does not roll over or compound

The following is an example of fees calculated for a loan amount of KSh 4000. If a borrower receives KSh 4,000 and repays after 60 days, he/she would owe interest of 10%* (or KSh 400) and excise tax of 20% of interest (or KSh 80), which is a total payment of KSh 4,480   Breakdown:  KSh 4,000 (borrowed amount) + KSh 400 (interest)+ KSh 80 (excise tax) = KSh 4,480 (total payment).

Eazzy loan includes a service fee, which is a fixed fee based on the original amount of the loan. Other loans have a cost sometimes called an access or maintenance fee. These fees can be charged daily, monthly, or yearly. 

This type of fee can add up quickly becoming extremely expensive. When taking a loan with growing fees, it’s important to pay back the loan immediately because the longer you wait, the more you’ll pay. Let’s look at an example of both types of loans.

Tristram takes out two loans for 5,000 KSh. Loan A has a one-time service fee of 5% for 30 days. His service fee would be 250KSh. He would owe 5,250 KSh in total. Loan B has a one-time service fee of 1%, plus a daily fee of 30 KSh. It takes Richard 30 days to repay Loan B. On the first day of his loan, Tristram would owe: 

1% of 5,000 KSh = 50Ksh

• A daily fee of 30 KSh 

= 80 KSh in fees for that day. He would owe 5,080KSh total 

On the second day of his loan, Tristram would owe another 30 KSh, making his total 5,110 KSh. If Tristram waits 30 days to repay his loan, he would owe 950 KSh in fees, making his total repayment 5,950 KSh. It would be like his interest rate was 19%. Even though it looks like Loan B is cheaper at the beginning, look at what the long-term fees will be. Remember to review your exact loan or overdraft terms to understand exactly how much you owe and when. Keep an eye out for hidden fees — you don’t want to be surprised! Remember that there might be a transaction fee to transfer money as well. Take that into account.

Eazzy loan Eligibility Criteria

Eligibility criteria refer to a set of predefined standards or requirements that a borrower must meet to be considered for a particular loan. These criteria are used to determine who is qualified or suitable to get approved for the loan. For Eazzy loan offers the eligibility criteria can vary widely depending on the context and can include factors such as age, income, and credit score.

What are the requirements to apply for an Eazzy loan?

Borrowers applying for the Eazzy loans for the first time must check the prequalification and ensure they provide the right details. If you are applying for the loan the following are the requirements for Eazzy loans:

The following are the requirements to qualify for an Equity Eazzy Loan:

• To qualify for this loan you must have an active Equity bank account for the previous 6 months.
• An active Equitel Line or EazzyApp.
• Direct your income through the account, for example, salary, farm proceeds, business income, etc. to establish a good credit limit

How much is a first loan at Eazzy?

The first-time loan at Eazzy varies depending on the creditworthiness of the borrower. This means that first-time applicants may not be eligible for higher loan limits or none, because of their poor credit score. However, borrowers having a low creditworthy may be eligible for lower credit limits in the range of Kes 500 to Kes 2000 as first-time loans.

Why a borrower is not eligible for an Eazzy loan? The main reason a borrower is not eligible to get an Eazzy loan is that the system is unable to assign a credit limit mainly because of two reasons. The first reason is poor or low creditworthiness and the second reason is because you don’t have a stable income stream. I recommend you work on your income stream hence you require an active bank account.

Why is Eazzy not giving me a loan? Eazzy is not giving you a loan because the system in place failed to assign a credit limit. This is because you don’t have an active bank account and are not eligible for the loan. Another reason Eazzy Loan is giving a loan is because you have been listed by some other lenders in the CRB. Therefore, you should check through the Metropolitan.

How do I qualify for Eazzy loans? For you to qualify for Eazzy loans and get approved, you must have an active Equity bank account for the previous 6 months.

Why is my Eazzy loan limit zero? Your Eazzy loan is zero because you have a low transaction history, you have a low credit score or your bank account is either inactive, or the account is not six months old to mature for the loan.

Eazzy Loan Repayment Methods

Loan repayment refers to the act of paying back money borrowed from a lender according to the terms agreed upon in a loan contract. This process involves a series of regular payments, often monthly, that cover both the principal amount (the original sum borrowed) and interest (the cost of borrowing the money). Loan repayment methods refer to the various strategies and schedules borrowers use to repay their Eazzy loans. Below is a list of ways to pay your Eazzy loan balance:

1. How to pay Eazzy loan via M-pesa using the Pay bill number

• Go to your Safaricom menu and select M-Pesa
• Select Lipa na M-Pesa
• Select the Pay Bill option
• Enter the business number 247247 
• Enter your Account number
• Enter your payment amount
• Enter your M-Pesa PIN
• Confirm that all details are correct and press \’ OK\’

2. How to repay the Eazzy loan from the app?

• Step 1: Log in to your Eazzy app.
• Step 2: Tap “Make a payment” on the top part of your home screen.
• Step 3: Enter the amount you want to pay.
• Step 4: Select your preferred payment channel.
• Step 5: View the payment instructions and remember to:
• Note down your reference number
• Check the validity period of your reference number
• Follow the next steps written here to process your payment
• Step 6: Once your payment is successful, you will receive a notification and your updated balance will be reflected in your Eazzy app. 

How do you pay the Eazzy loan from the app?

• Dial *247#
• Select “Borrow”
• Choose “Pay loan”
• Select loan to pay “Eazzy loan“
• Select Either Partial or full payment
• Enter Amount
• Select the Account to pay from
• Enter M-Banking PIN to confirm

Can I loan immediately after paying Eazzy? Yes, You can instantly request another loan on the Eazzy App after you finish paying an outstanding loan.

How do I check my Eazzy loan balance? To check your Eazzy loan balance, Log into the app and refresh the page using the repay button. Here is how to Check for an Eazzy loan balance using USSD code *247#:

• Dial *247#
• Select “Borrow”
• Choose “View loan balances”
• Select loan account
• Enter M-Banking PIN to confirm

How to Increase Eazzy Loan Limit

Loan limit increase refers to an adjustment in the maximum amount of money that a lender is willing to lend to a borrower. To increase the Eazzy loan the following steps should considered:

• Maintain a Positive Credit Score
• Regular borrowing from Eazzy
• Timely loan repayments
• Keep Your Account Active
• Refer friends to Eazzy
• Request a Higher Limit
• Maintain a Stable Income
• Exercise Patience

Consequences for Defaulting on Eazzy Loan

Loan defaulting occurs when a borrower fails to meet the legal obligations or conditions of a loan agreement. This typically means that the borrower has not made the required payments on time or has stopped making payments altogether. The following will happen if you fail to pay your Eazzy loan balance on time:

You may be contacted by collections agents if you do not repay your loan on time. In the event of a long period of non-payment, you may be blacklisted from Eazzy and also reported to the relevant credit reference bureaus. Missing loan payments may result in late payment interest, lower loan limits, or the inability to get a subsequent loan from Eazzy as well as other lenders.

How much interest does Eazzy Charge for late payments?

Borrowers who are late on their loan beyond the original due date will be charged a late repayment Fee of  6%.

Eazzy loan History and the owner

Eazzy loan is a loan product that was launched in 2015 owned and operated by Equitel. Equitel is a brand under Finserve Africa Limited. Finserve Africa Limited is a subsidiary of Equity Bank Group Limited and is the controller and responsible for your personal data. The loan product is a type of unsecured personal loan that offers financial assistance to customers with low cash flow and low credit history. The loan product is licensed and regulated by the Central Bank Of Kenya and is allowed to disburse up to a loan amount of Ksh. 3,000,000.