If you are in need of a quick and easy loan, Utunzi App Loan may be the solution for you. Utunzi is a mobile loan app that allows you to borrow money directly from your phone.
The app promises fast loan processing times, flexible repayment terms, and low-interest rates.
To get started with Utunzi App Loan, you will need to download the app from the Google Play Store and create an account. Once you have created an account, you can apply for a loan by following these simple steps:
- Open the Utunzi App and log in to your account.
- Select the loan amount you need and the repayment period.
- Fill in your personal information and submit your loan application.
Utunzi App Loan has a loan limit of up to Ksh. 100,000, depending on your creditworthiness. The loan processing time is usually within 24 hours, and the funds are disbursed directly to your M-Pesa account.
Repayment of Your Utunzi App Loan
Repayment of your Utunzi App Loan is easy and convenient. You can repay your loan using the Utunzi Paybill number 800950.
Here is how to repay your loan:
- Go to your M-Pesa menu and select Lipa na M-Pesa.
- Select Paybill and enter the Utunzi Paybill number 800950.
- Enter your Utunzi registered phone number as the account number.
- Enter the amount you wish to repay.
- Enter your M-Pesa PIN and confirm the transaction.
Once you have made your repayment, you will receive a confirmation message from Utunzi.
Utunzi App
Another way to repay your Utunzi loan is through the app. Here’s how:
- Open the Utunzi app on your phone.
- Go to the Repay tab.
- Enter the repayment amount.
- Select the payment method.
- Confirm the payment.
Bank Deposit
You can also repay your Utunzi loan through bank deposit. Here’s how:
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- Visit any branch of Cooperative Bank or KCB Bank.
- Fill in the deposit slip with the following details:
- Account Name: Utunzi Ventures Limited
- Account Number: 1161096562 (Cooperative Bank) or 1201610422 (KCB Bank)
- Amount: The repayment amount
- Submit the deposit slip and the cash to the teller.
- Keep the deposit slip as proof of payment.
Cheque Deposit
If you prefer to pay by cheque, you can deposit a cheque into Utunzi Ventures Limited’s account. Here’s how:
- Write a cheque payable to Utunzi Ventures Limited.
- Write the loan account number on the back of the cheque.
- Visit any branch of Cooperative Bank or KCB Bank.
- Submit the cheque to the teller.
- Keep the deposit slip as proof of payment.
Eligibility for Utunzi App Loan
To be eligible for an Utunzi App Loan, you need to meet certain requirements. Here are the eligibility criteria you need to fulfill:
1. Age
You must be at least 18 years old to apply for an Utunzi App Loan. This is because the minimum age requirement for entering into a legally binding contract in Kenya is 18.
2. Identification
You must have a valid Kenyan ID or Passport number. This is to verify your identity and ensure that you are a Kenyan citizen.
3. Mobile Money Account
You must have an active M-Pesa mobile money account. This is where your loan will be disbursed once it is approved.
4. Good Credit History
You must have a good credit history with Utunzi. This means that you have borrowed and repaid loans from Utunzi on time in the past. If you have a poor credit history, you may not be eligible for an Utunzi App Loan.
5. Loan Amount
The minimum loan amount with Utunzi is Ksh 500, and the maximum loan amount is Ksh 100,000. Your loan amount will depend on your creditworthiness and repayment history with Utunzi.
How to Apply for Utunzi App Loan
If you need quick access to funds, Utunzi App Loan may be the solution you are looking for. Here’s how to apply for a loan with Utunzi:
- Download the Utunzi App: The first step is to download the Utunzi App from Google Play Store. Once downloaded, install the app on your mobile device.
- Sign Up: After installing the app, you will need to sign up and create an account. You will be required to provide your personal details, including your name, phone number, and ID or Passport number.
- Apply for a Loan: Once you have created an account, you can apply for a loan by selecting the “Apply for Loan” option on the app. You will be required to enter the loan amount and the repayment period.
- Wait for Approval: After submitting your loan application, you will need to wait for approval. The approval process may take a few minutes or a few hours, depending on the volume of loan applications.
- Receive Funds: If your loan application is approved, the funds will be sent directly to your M-Pesa mobile money wallet. You can then use the funds for any purpose you need.
Utunzi App Loan is a fast and convenient way to access funds when you need them. By following these simple steps, you can apply for a loan and receive the funds you need in no time.
Dealing with Late Repayment
If you are unable to repay your Utunzi loan on time, it is important to take action immediately. Late repayment can lead to additional fees, increased interest rates, and even damage to your credit score. Here are some steps you can take to deal with late repayment:
1. Contact Utunzi Customer Service
If you are unable to make your payment on time, contact Utunzi customer service as soon as possible. They may be able to work with you to create a repayment plan that fits your budget. You can reach them by SMS or call at 0720686009 or 0721843974 or email them at [email protected] Alternatively, you can use the in-app support to send them a message from the app.
2. Understand the Consequences
Late repayment can result in additional fees and increased interest rates. If you continue to miss payments, your loan may be considered in default, which can lead to legal action and damage to your credit score. It is important to understand the consequences of late repayment and take action to avoid them.
3. Consider Refinancing
If you are struggling to make your payments, you may want to consider refinancing your loan. This involves taking out a new loan to pay off your existing debt. Refinancing can help you lower your interest rate and reduce your monthly payments, making it easier to manage your debt.
4. Look for Additional Sources of Income
If you are having trouble making your payments, you may want to consider looking for additional sources of income. This could include taking on a part-time job, selling items you no longer need, or starting a side business. By increasing your income, you can make it easier to manage your debt and avoid late repayment.
5. Create a Budget
Creating a budget can help you manage your finances and avoid late repayment. Start by listing all of your income and expenses, and then look for ways to reduce your spending. By creating a budget and sticking to it, you can make it easier to make your loan payments on time.
Consequences of Non-Repayment
If you fail to repay your Utunzi loan within the agreed time, you may face several consequences. It is important to understand the implications of non-repayment before taking out a loan.
Late Fees and Penalties
Utunzi charges late fees on loans that are not repaid within the agreed time. The late fee is usually a percentage of the outstanding loan balance. It is important to note that late fees can quickly add up and make it even more difficult to repay the loan.
Negative Impact on Credit Score
Non-repayment of your Utunzi loan can negatively affect your credit score. Your credit score is a measure of your creditworthiness and is used by financial institutions to determine whether to lend you money.
If you fail to repay your Utunzi loan, it will be reported to credit bureaus, and this can lower your credit score. A low credit score can make it difficult to obtain credit in the future.
Legal Action
Utunzi may take legal action against borrowers who fail to repay their loans. If you default on your loan, Utunzi may take legal action to recover the outstanding balance.
This can include hiring a debt collection agency or taking you to court. Legal action can be expensive and time-consuming, and it is best to avoid it by repaying your loan on time.
Difficulty in Obtaining Future Loans
If you default on your Utunzi loan, it can make it difficult to obtain credit in the future. Financial institutions are less likely to lend money to borrowers who have a history of defaulting on loans. This can make it difficult to obtain loans for important expenses such as a car or a home..
Contacting Utunzi Customer Service
If you have any issues or questions regarding your Utunzi loan, you can contact their customer service team for assistance. Here are the different ways you can reach out to Utunzi:
1. WhatsApp
You can contact Utunzi’s customer service team via WhatsApp by adding their number, +254 707 111 111, to your contacts and sending them a message. They are available from Monday to Friday, 8:00 am to 5:00 pm, and on Saturdays from 9:00 am to 1:00 pm.
2. Email
You can also email Utunzi’s customer service team at [email protected]. They usually respond within 24 hours.
3. Phone
If you prefer to speak to someone over the phone, you can call Utunzi’s customer service team at +254 707 111 111. They are available from Monday to Friday, 8:00 am to 5:00 pm, and on Saturdays from 9:00 am to 1:00 pm.
4. Social Media
Utunzi is also active on social media, so you can reach out to them via their Facebook, Twitter, or Instagram accounts.
When contacting Utunzi’s customer service team, be sure to provide them with your loan details and any relevant information to help them assist you better. They are committed to providing excellent customer service and will do their best to resolve any issues you may have.
Frequently Asked Questions
What are the repayment options for loans taken through Utunzi app?
You can repay your Utunzi app loan using M-Pesa Paybill number 800950. Follow these steps to repay your loan:
- Go to your Safaricom menu and select M-Pesa.
- Select Lipa na M-Pesa.
- Select the Pay Bill option.
- Enter the business number 800950.
- Enter your Utunzi registered phone number as the account number.
- Enter your payment amount.
- Enter your M-Pesa PIN.
How long do I have to repay my loan taken through Utunzi app?
The repayment period for Utunzi app loans is flexible and can range from 7 to 30 days. You can choose a repayment period that suits your financial situation.
Can I extend the repayment period for my Utunzi app loan?
Yes, you can extend your repayment period by contacting Utunzi customer support. However, extending your repayment period will attract additional interest and fees.
What happens if I miss a payment for my Utunzi app loan?
If you miss a payment for your Utunzi app loan, you will be charged a late payment fee of 5% of the outstanding balance. Additionally, your credit score will be negatively affected, making it harder to access credit in the future.
Are there any penalties for early repayment of my Utunzi app loan?
No, there are no penalties for early repayment of your Utunzi app loan. In fact, early repayment can help you save on interest charges.
Can I use a different payment method to repay my Utunzi app loan?
No, currently the only payment method accepted for Utunzi app loans is M-Pesa Paybill number 800950.
Final Thoughts
Repaying your Utunzi loan is an important part of maintaining a good credit score and avoiding late fees. By following the steps outlined in this guide, you can ensure that you repay your loan on time and without any issues.
Remember to keep track of your loan repayment due date and make sure you have enough funds in your account to cover the repayment amount. If you are unable to repay your loan on time, contact Utunzi customer support to discuss your options.
Additionally, it’s important to manage your finances responsibly to avoid taking out loans unnecessarily. Make a budget, track your spending, and save money where possible. This will help you avoid future financial difficulties and make it easier to repay any loans you do take out.
