Did you even know about Airtel Money loan? Yes apparently you can get it in a very simple process. Once you know how to get a loan on Airtel Money you open up your options for mobile loans available to you.
It goes without saying that you must be an Airtel subscriber to access such loans. You must also be an Airtel Money user.
How to qualify for Airtel Money loans
As indicated earlier, you must meet the threshold below:
- You must be a subscriber and also should have the Airtel Money account.
- You must be at least 18 years old
- You must have been a subscriber for no less than three months or 90 days.
- Most importantly, you should be an active user of all Airtel services including Airtel Money, voice, and sms.
If you tick all the above boxes, then you are eligible to either of the two Airtel Money loans services.
Kopa Cash Airtel Money loan
You can get this loan without any security or savings just like MShwari. Airtel advances this loan for people to use in emergencies, grow a business, pay school fees, or for any other use.
- To access it, just dial the Airtel Money loan code *334#
- Choose Loans
- Select Kopa Cash and go ahead to apply.
- You will choose the amount you want to apply
- You will also choose the date of repayment
- The loan provider will show you the interest and total amount for repayment.
This is a short-term loan where you must agree to the terms and conditions of the loan provider, then you can finally the loan. Airtel collaborates with JUMO to give out this loan. Once
You need to know that if you fail to repay the debt within the agreed period, they will charge you a late payment fee.
You also need to understand that even if you repay many days before deadline, you will still pay the same amount of interest – the only advantage you will have is you can borrow again immediately.
M-Fanisi Airtel Money loan
M-Fanisi is the second option on how to get a loan with Airtel Money. This loan is done on collaboration with Maish Micro Finance Bank Limited,
The qualifications for this mobile loan are the same as those for Kopa Cash.
However, you must open an M-Fanisi account, where you can withdraw and deposit money as you like.
There is also a difference in the time for repayment. For M-Fanisi, you have three repayment options:
- 7 days at 4% interest
- 14 days at 6% interest
- 30 days at 10% interest
You also have the option of opening a fixed deposit account where you can lock money for any period between one month and 12 months.
The money you lock will gain interest of between 8.5% and 11.25% per year.
Alternatively, you can open a savings account where you earn an interest of 7% per year. The savings are however limited to KES 1million.
Just like MShwari and MPESA, you can move money between Airtel Money and M-Fanisi for free.
So when you are looking for how to get a loan on Airtel Money, you have these two options.
The bottom line of Airtel Money loans
Please remember to always read the terms and conditions for each of these mobile loans service before accepting. This is because they can change at any time.
If you fail to repay your loans on time, you may be listed negatively on the CRB. However, good credit scores improve the amount of money you can borrow.
