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

Convenience (20%) – 4.5/5 (0.90)
TiFi Slice scores highly in convenience due to its fully digital loan application process, which allows users to apply for loans seamlessly through the TiFi Slice Android app. Loan approval is instant, and funds are disbursed within minutes, making it a quick solution for urgent financial needs. Additionally, no collateral or extensive paperwork is required, further simplifying the process. However, the absence of a USSD option limits access for users without smartphones, which slightly lowers its convenience score.

Affordability (25%) – 3.5/5 (0.875)
The affordability of TiFi Slice loans is a major concern due to high interest rates and additional fees. The APR ranges from 21.6% to 72%, while monthly interest rates vary between 1.8% and 6%. On top of this, borrowers are charged a 20% processing fee, which significantly increases the cost of the loan. Late repayments attract a steep penalty of 2% per day, making missed payments very expensive. While the lack of a CRB check makes borrowing easier, the high costs and penalties reduce the loan’s overall affordability.

Flexibility (15%) – 3.0/5 (0.45)

TiFi Slice offers a variety of loan amounts, ranging from KES 500 to KES 400,000, which provides some level of flexibility in borrowing. However, loan repayment periods are limited to 7 to 61 days, restricting long-term borrowing options. Additionally, once a repayment date is selected, borrowers cannot adjust it, making it harder for those who experience financial difficulties during the loan term. These limitations reduce the flexibility of the loan offering.

Support (10%) – 3.5/5 (0.35)

The customer support offered by TiFi Slice is available via phone and email, allowing users to seek assistance when needed. However, the lack of live chat and 24/7 support means that real-time help is not always available. For a financial service that operates digitally, having instant support options would greatly improve the user experience. The absence of these features slightly lowers the support score.

Availability (10%) – 3.0/5 (0.30)

TiFi Slice loans are accessible only through an Android app, meaning that users with iOS devices or feature phones cannot apply. Furthermore, the absence of a USSD option excludes individuals who do not own smartphones. While the loan service is widely available to Android users, these restrictions limit accessibility for a broader range of potential borrowers.

Accessibility (10%) – 4.0/5 (0.40)

One of TiFi Slice’s biggest advantages is its accessibility. The platform does not require a CRB check, making it easier for borrowers with lower credit scores or no credit history to qualify for loans. The main requirements are a valid national ID, an M-Pesa account, and a smartphone. While this makes the loan more accessible to a large number of people, reliance on smartphones still excludes some users, preventing a perfect score in this category.

Transparency (10%) – 3.0/5 (0.30)

TiFi Slice clearly outlines its fees, including processing charges, service fees, and late payment penalties. However, interest rates are variable and can be quite high, which might confuse borrowers about the total cost of the loan. Additionally, the presence of hidden fees, such as the high processing fee, reduces the loan’s transparency. Providing a more predictable and fixed interest rate structure would improve clarity for borrower

Discretionary
A lender’s star rating can be reduced if the lender is sued by a state or federal regulator for unfair consumer practices or has been accused by a reputable source of suspicious business practices.