Timiza app is one of the best ways to access credit on your Phone. In this article, we show you how to download Timiza loan app and how to get a loan through the app to M-Pesa.
Most times, we often require fast or quick cash to sort out some problems. We get in a dilemma on how to raise this cash from our local banks or money lenders (Shylocks and Sharks).
The interest rate of these banks are often high, or the requirement is much.
More so, family members and friends might tend to disappoint one when one needs them most.
Therefore most individual’s falls back to accessing these soft loans from online mobile banks like Timiza Loans.
What is Barclays Timiza Loan?
Barclays Timiza loan is one of the innovations of the Barclays Bank. Barclays Bank had been in operation in Kenya for over one hundred years.
Barclay bank has a presence in other African countries such as Nigeria, Botswana, Uganda, Ghana Tanzania South Africa, Mozambique Portuguese, Mauritius, Mozambique English, Seychelles, and Zambia.
Timiza loan is an innovative product that is offered presently by the Bank.
What services does Barclays Timiza App offer?
Barclays Timza offers different services to its customers. This service includes the following
- Instant loan services
- Payment of insurance services using the Timza account
- The Timiza account can be used to buy airtimes for Airtel and Safaricom lines
- Barclays Timiza account can be used to pay bills such as GoTV, Zuku bills, Dstv and the KPLC (both prepaid and postpaid)
- Pay money into one’s Barclays Timiza accounts
- Transfer funds to other Barclays Timiza account holders
It is important to note that Barclays Timiza account cannot be linked to one’s main Barclay account or any different bank account.
Check out other Loan apps in Kenya
Timiza App requirements
To hold and to be able to access the Barclay Timiza account, one needs to fulfil some elements which include
- Must be 18 years and above
- A holder of Kenya National Identification card
- Must be a registered Safaricom user
- Must have an active Mpesa account for at least six months
How does Timiza Loan work?
Timiza loan is an easy and quick way to get a credit facility, which is devoid of any technicality and documentation. To access this loan, the recipient will not need to fill out an application form to receive the Timiza loan.
One other advantage of this loan services is that one can easily access it via phone. This prevents the difficulty of visiting a banking hall to collect the loan,
Since Timiza loan can only be accessed via mobile phone, you need not visit busy and crowded banking halls to receive your credit.
All you need for your application to be process and approved is on your mobile phone or App; then the fund will be deposited into your Barclays Timiza Account.
Then the cash can be transferred into your M-PESA account
Note also that the M-PESA account number should be the one that was registered under your Timiza Account.
Timiza App download
Downloading Timiza mobile App had gotten easier than before. To download this app, the following steps should be followed
- Navigate to the Google Play Store on your Android Phone
- Search for Timiza App
- Click on the install button by the side of the app
- Allow the App some seconds to get installed
- Once the App is installed, click on the Open button.
- Allow the app to read and manage your calls and SMS
- Log in to the app by using your Safaricom line/ID number to register
How do I apply for the Barclays Timiza Loan?
Applying for a Barclays Timiza loan follows two different routes. This includes the following:
- SMS service
To apply for the Barclays Timiza loan via SMS, The recipient will follow this route
- Have a registered Safaricom line that is registered with the customers Barclays Timiza Account
- Dial *848#
- A PIN will be sent via SMS to your phone
- Activate the registered service using the PIN
- You can recreate a key to access your account
- Then follow the prompting
- Timiza Mobile App service?
In applying for a Timiza loan using the Timiza mobile App services, the following steps should be followed.
- Open your installed Timiza App on your mobile
- Log in with the required credentials
- The individual loan limit is displayed on the mobile app
- Click on my loan
- Go to the “Request Loan” option and select
- Select/enter the amount you wish to be credited with
- Click on continue
- If successful, your M-PESA account will be credited.
What are the steps to follow in repaying my Timiza loan?
Repaying the Timiza loan involves the following steps:
- MPESA Business Number
This consists of paying via MPESA business number. The Number is 300067 while the account number to use is your Safaricom phone number. The steps include
- Navigate to MPESA
- Select the Lipa Na MPESA option
- Click on Playbill option
- Input the MPESA business number which is 300067
- Enter your Safaricom registered number as the account number
- Input your MPESA pin
- Click on confirm/OK
- The account is updated, and the repayment is made.
- Short Code
This process involves the following steps
- Dial *848# on your mobile phone
- Enter your MPESA pin
- Select the loan option
- Click on “Pay Loan.”
Barclays Timiza Loan Service charge
The Timiza loan issued to a customer is depended on the MPESA transaction history of the customer. Timiza charges interest for every loan offer to any customer, and the features of the interest rate include.
- The interest rate of Timiza loan is 6.17 per cent
- Payback duration for the loan is 30 days
- When the loan obtained is up to Kshs. 150,000
What is the Minimum and Maximum Amount that Timiza approve
Timiza loan can only disburse a minimum of Ksh 50 for mostly first-timers or people with low credit rating and a maximum of Ksh 1,000,000.
Note that this amount can be changed anytime as deems fit by the bank.
Do I receive the full amount applied for?
No. Customers are not credited with the total amount. Timiza loan will only credit your Barclays Timiza Deposit Account with the remaining cash balance which is less the interest and the transaction fees.
Do I stand any punishment for defaulting with my payment?
Defaulters stand to face the following penalty if they fail to pay the loan within the stipulated time. Some of the penalty includes
- Timiza has the right to roll over all the outstanding loan for the next thirty days.
- Defaulters are expected to pay a roll-over fee which is usually a percentage of all the outstanding loan
- Defaulters will incur all expenses or cost incurred by Timiza while trying to obtain back the loan
- Timiza reserve the right to terminate your Barclays Timiza account if one defaults in repaying the loan at the stipulated time.
- Timiza reserves the right to make use of any fund available in your other Barclays Timiza accounts as a source of liquidating your outstanding loan.
- Timiza loans are free to disclose your information in respect to your Timiza account and loan to the authority, Credit Reference Bureaus, and regulators.
What happens if I overpay or I’m overcharged?
In a situation where one pays his/her loan in excess or overcharged, the excesses will be deposited back to the customers Barclays Timiza Account
Timiza loan customer services can be contacted via the following medium for inquiry or query
Telephone Numbers: +254 (722) 390 0000, +254 (722) 130 120
Barclays Timiza Kenya Address: Westend Building, Off Waiyaki Way P.O.Box 30120-00100 Nairobi Kenya.