TiFi Slice Loan Review: What it is {How it Works}

A TiFi Slice loan is a type of unsecured personal loan that disburses loans without relying on the borrower’s assets for security. TiFi Slice 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.

TiFi Slice 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 a TiFi Slice loan work?

TiFi Slice 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 or are reported for a negative listing by other lenders, you will still get approved for the loan. Thus, during the registration process, TiFi Slice reviews 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 TiFi Slice 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 TiFi Slice loan; the pay bill number; contact details, loan purpose, the approval process. All these concepts are important to understand before applying for any personal or unsecured loans.

What is a TiFi Slice loan app, and how does it work?

The TiFi Slice loan app is a mobile application that allows users to apply for and receive unsecured personal loans. Users can borrow money, repay it, and manage their accounts through the app. The app works by assessing the user’s creditworthiness through phone data such as messages and disbursing the loan amount to the borrower’s M-Pesa account directly on request.

The TiFi Slice loan app does not require collateral and monitors repayment progress. The TiFi Slice app uses machine learning to train its models on user data retention and analyze user information collected during the registration process. A TiFi Slice loan uses data from your phone, including your handset details, financial transaction messages, and your reason for borrowing. The TiFi Slice loan app checks repayment history to build an individualized credit score and determine the loan offer suitable for the borrower.

Is TiFi Slice a legit app? Yes. TiFi Slice is a legitimate loan app that is regulated and licensed by the Central Bank of Kenya under the licensed name Risine Credit Limited. The loan app disburses quick and easy loans to borrowers without a credit check or collateral

How can I borrow a TiFi Slice loan without the app? Currently you can only apply and borrow for a TiFi Slice loan the app.

TiFi Slice Loan app Download

How to download the TiFi Slice app via the Google Play Store

To download the TiFi Slice 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 “TiFi Slice Loan” to find the TiFi Slice loan app.
• Download and install the TiFi Slice app.

TiFi Slice Loan Registration and Application

How to Apply for a TiFi Slice Loan via Mpesa

To borrow money from TiFi Slice, 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 minutes.

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

• Open the TiFi Slice App
• Sign in to register with TiFi Slice.
• 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.
• Receive your money straight to your MPESA

How can I reset or change my 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, and then submit.

How to Cancel TiFi Slice Loan Application

TiFi Slice 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 the TiFi Slice offer but has not yet cashed out

To cancel a TiFi Slice loan application, one should do nothing, and the loan cancellation will be processed automatically.

How can I delete my TiFi Slice loan account? To delete your account with TiFi Slice, contact them through email at help@tifislice.com once you have completed repaying all debts. If you have any outstanding debts to be cleared and no pending dues, fix an appointment with the team to finish the formalities for closing your loan account.

How do I check a TiFi Slice loan application status?

To check TiFi Slice application, just follow these steps:

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

TiFi Slice loan Fees, Charges, and Interest rates

What is the interest rate for TiFi Slice loans?

The main disadvantage of unsecured personal loans is that the interest rates are 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 TiFi Slice loans is between a minimum of 1.8% and a maximum of 6%, plus a 20% excise tax on the negotiation fee.

What fees does a borrower incur when processing a loan with TiFi Slice?

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 a TiFi Slice loan, the following fees will be charged:

How much is the service fee for TiFi Slice loans?

TiFi Slice charges a one-time service fee per loan. This fee is calculated as a percentage of the principal and is priced dynamically for each customer. 78% of customers start at 15% and are eligible for fees as low as 5% as they build their credit history with TiFi Slice. 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 18%* (or KSh 720) and excise tax of 20% of interest (or KSh 144), which is a total payment of KSh 4,864   Breakdown:  KSh 4,000 (borrowed amount) + KSh 720 (interest) + KSh 144 (excise tax) = KSh 4,864 (total payment).

A TiFi Slice 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 250 ksh. 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 = 50 KSh

• A daily fee of 30 KSh 

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

TiFi Slice 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 TiFi Slice loan offers, the eligibility criteria can vary widely depending on the context and can include factors such as age, income, and credit score.

To qualify for a TiFi Slice loan, users must share personal details such as family names, phone numbers, and residence. These criteria may not suit everyone. For more flexible options, explore loan apps in Kenya that offer diverse loan products with varying eligibility requirements, providing alternatives that better match your financial needs and borrowing capacity.

What are the requirements to apply for a TiFi Slice loan?

Borrowers applying for TiFi Slice 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 TiFi Slice loans:

The following are the requirements:

• One must have a smartphone—that should be an Android smartphone. Because the TiFi Slice loan app is not currently available to iOS users.
• One must have a Valid National ID
• Have a valid phone number with an activated M-Pesa account
• Place of Work

How much is a first loan at TiFi Slice?

The first-time loan at TiFi Slice varies depending on the creditworthiness of the borrower. This means that first-time applicants may not be eligible for higher loan limits because of their poor credit score and lack of enough data during collection. However, borrowers with low creditworthiness may be eligible for lower credit limits in the range of Kes500 to Kes2000 as first-time loans.

Why is a borrower not eligible for a TiFi Slice loan? The main reason a borrower is not eligible to get a TiFi Slice loan is because the system is unable to assign a credit limit mainly because of two reasons. The first reason is poor or low creditworthiness, and secondly, you may have provided incomplete and incorrect information during the application process. I recommend you reapply in the next 3 to 7 days if you are denied the loan for the first time.

Why is TiFi Slice not giving me a loan? TiFi Slice is not giving you a loan because the system in place failed to assign a credit limit. This is because you are not eligible for the loan.

How do I qualify for TiFi Slice loans? For you to qualify for TiFi Slice loans and get approved, you should provide correct information about yourself; for example, you should allow the app to access your messages so that the system can automatically check your creditworthiness and assign your credit limit. To allow the app to access your messages, go to Settings, click on apps and permissions, and Then Allow all permissions for the app. The main reason for qualifying for a TiFi Slice loan is to transact with the loan app once a day.

TiFi Slice 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 TiFi Slice loans. Below is a list of ways to pay your TiFi Slice loan balance:

1. How to pay TiFi Slice 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 770805
• Enter your registered phone number as the account number
• Enter your payment amount
• Enter your M-Pesa PIN
• Confirm that all details are correct and press ‘OK.’

2. How do I repay a TiFi Slice loan from the app?

• Log in to your TiFi Slice app.
• Click “My Loan.”
• Choose one of your loans
• Click Repay in Advance.
• Confirm that all details are correct and press “Repay now.”
• Choose your payment method and press “Repay now.”
• Complete your Repayment
• Once your payment is successful, you will receive a notification, and your updated balance will be reflected in your TiFi Slice app.

Can I borrow immediately after paying TiFi Slice? Yes, you can instantly request another loan on the TiFi Slice app after you finish paying an outstanding loan.

How do I check my TiFi Slice loan balance? To check your TiFi Slice loan balance, log into the app and refresh the page using the repay button or check loan history.

How to Increase TiFi Slice 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 TiFi Slice loan, the following steps should considered:

• Maintain a Positive Credit Score
• Regular borrowing from TiFi Slice
• Timely loan repayments
• Keep Your Account Active
• Refer friends to TiFi Slice
• Request a Higher Limit
• Increase Mpesa transactions and retain messages
• Avoid Changing or Upgrading Your Phone
• Maintain a Stable Income
• Exercise Patience

Consequences for Defaulting on TiFi Slice Loan

Loan default 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 TiFi Slice loan balance:

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 TiFi Slice 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 TiFi Slice as well as other lenders.

Can TiFi Slice report loan defaulters to CRB for listings?

According to the Central Bank of Kenya, more than 64 licensed digital lenders were barred from accessing CRB services. TiFi Slice is one of the digital lenders that are barred by the Central Bank of Kenya from accessing CRB services. However, according to their terms of service, TiFi Slice confirms that the defaulters will be reported to Credit Reference Bureaus (CRB) after seven (30) days’ notice. Therefore, to understand a detailed process of clearing your negative listing from the CRB credit report, read this guide on CRB clearance and how to obtain a certificate of clearance.

How much interest does TiFi Slice charge for late payments?

Borrowers who are late on their loan beyond the original due date will be charged a late repayment fee of 2% per day.

TiFi Slice loan History and the owner

The TiFi Slice loan app is a loan product that was launched in 2022 and is owned and operated by Wakanda Credit Limited. Risine Credit Limited is a company licensed to operate a microfinance loan provider in Kenya. The company is regulated by the Central Bank of Kenya and holds Wakanda Credit Limited, which works under the Brand name Tifi Slice. The company controls and is responsible for your personal data. A TiFi Slice loan product is a type of unsecured personal loan that offers financial assistance to customers with low cash flow and a 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. 400,000.