UbaPesa Limited is a company based in Kenya. It provides a platform that enables peer to peer lending and borrowing via the UbaPesa app. The loan app provides a one stop platform that brings lenders and the borrowers together in one place. It enables automatic matching of lenders and borrowers. Via UbaPesa, individuals can either lend out, or get instant mobile loans through Mpesa.
To join UbaPesa loan app is fast and very easy procedure involved. First of all, one needs to download the UbaPesa app, then register using an active Safaricom Mpesa number. The Safaricom number is very important since once your loan is approved, it’s then deposited in your Mpesa account.
Once registered, UbaPesa then performs an individual’s credit score check with the Credit Reference Bureau to determine your credit score and worth. UbaPesa loan app furthermore collects data from your mobile phone to determine the amount that you qualifies for. Also the data enables them to verify your identity.
UbaPesa provides instant mobile loans as little as Kshs.500. While the borrowers pays the loans with interest, the lenders earn an interest for the money they have lend out. Hence making a profit. The lender also gets the opportunity to decide whom to lend money to. That is by entering the borrowers minimum credit score that they prefer. In addition to that, they also get to choose the loan duration, and amount to lend.
How to deposit money into your UbaPesa loan app using Mpesa paybill number
- On your phone, go to the Mpesa menu
- Select Lipa na Mpesa
- Choose paybill
- Enter the business number, 144966
- Account number is the Safaricom number used in UbaPesa registration
- The amount to send
- Enter the Mpesa PIN then press OK
- Confirm the transaction via Hakikisha, press OK then wait for a confirmation message from Mpesa.
While paying back the loan, the loan can either be paid back in installments or in full in the due date.
Features of UbaPesa mobile loan app
UbaPesa loan app provides various unique features to all their customers.
The features includes;
- Peer to peer lending and borrowing
The loan app brings together the lenders and borrowers in one place. The lenders provides the funds to lend out while the borrower gets the funds as loans. The borrowers pays back with interest and the lenders gets the interest as profits.
- Mpesa loans
When you apply for a loan and it gets approved, UbaPesa sends the loan amount into your Mpesa account. The money is credited automatically into the Mpesa wallet. Then, you can easily withdraw the cash from any Mpesa agent near you.
- Money market
Money market is a place whereby buyers and sellers meet. Same applies to UbaPesa, it’s a platform where lenders and borrowers meet and interact.
- Real time lending and borrowing
The app provides real time lending and borrowing. This means that once you apply for a loan, and your loan is approved, you get instant loans in your Mpesa wallet. Hence your loan is approved in seconds. Also while in lending, the money is moved from the lender to the borrower instantly.
- Credit score rating
UbaPesa loan app provides credit score rating for all the potent lenders and borrowers after successful registration.
More Features of UbaPesa loan app includes;
- Automatic matching
Once you join the platform, as a lender, the apps provides the potential borrowers that you can lend out to. That is, depending on your specified minimum credit score rating.
- Money back guarantee
The loan app provides 100% money back guarantee. When the borrower fails to repay back the loan as agreed or defaults. They then gets blacklisted at the Credit Reference Bureau. The lender gets all the money back from UbaPesa in 60 days after loan due date.
- Single and multiple lending
For single lending, the lender lends the money to one borrower only. For multiple lending, the lender lends the money to many borrowers.
How to invest with UbaPesa App loan app
- Download UbaPesa app from Google play store
- Register with your Mpesa number
- Deposit money into your UbaPesa wallet
- Tap lend/borrow
- Choose lend
- Select the amount you wish to lend out
- The minimum credit score you prefer to lend to
- Select lending options
- The repayment method
- And finally submit
While the app provides 10 days and 20 days loan, the lender earns an interest 34% on the loan.
UbaPesa app is very convenient especially when in need of a small emergency or business loan. For example when starting a small business that does not require a huge loan i.e. from an easy business idea.
The app is very unique. It’s unlike other loan apps such as Tala, Branch and Commercial Bank lending apps. In that, individuals can not only join the app to get loans, but can also join the app to lend loans at a profit.
Don’t go for the long stressful queues and long paper work when you can easily get an instant loan via your phone. In addition to UbaPesa app, you also don’t need any guarantors or any security. Just download and install the app from Google Play or App Store and get a loan hassle free.
UbaPesa Customer Care Contacts
In case of any queries, you can easily contact UbaPesa customer care on;
+254 702 444 888
+254 703 444 888
Email at email@example.com