Phedha loans is your home for low-cost loans with simple and flexible payment terms.
With instant access to money, grow your business, pay school fees, sort your emergencies, pay bills all at the convenience of your home.
Why should you use of Phedha loans
1. Quick loan approvals
2. Instant disbursement to your mobile phone upon approval
3. Flexible repayment schedules. You can determine whether to pay in instalments or in full.
4. Increased loan limit every time you repay your loan.
5. Enhanced security to access the app through a secret pin
How to use Phedha loans
1. Download Phedha loans app
2. Sign-up for an account using your Mobile number.
3. Sign in and complete your profile and await approval to request for a loan.
4. Use our simple two step request process to quickly request a loan and submit.
5. Verify your identity.
6. Get cash instantly in your account number instantly.
7. Purpose to repay your loan to increase your loan limit.
Terms and Conditions:
Phedha charges a one-time processing fee of 7-12%* of the principal amount. There is no minimum payment period for repayment; customers may make payments towards their principal at any time following disbursement. Additional terms and conditions apply.
Phedha is totally transparent with the fees applied.
Loan application Terms
Duration: Minimum 90 days to a maximum of 365 days.
Possible Loan Amount: from Ksh.500 to Ksh. 50,000.
Service Rate: 1%
Interest Rate: 9%
Maximum Annual Percentage Rate: 12%
A grace period of 7 days after the elapsed payment deadline.
After the grace period has elapsed, the customer will be charged a delay fee of 1% of the principal amount
For a 90 day loan, with a principal amount of Ksh. 10,000, the Total repayable amount will be Ksh. 10,900.
In case of a delay, after the 7 days grace period elapses, the total amount will be Ksh. 11,000. This is because of the 1% delayment fee.
How to repay loan and increase your limit.
Repaying your loan is very easy. All you need to do is use the express pay option in the app.
This will ask you to enter the amount you wish to pay.
Also enter the phone number you requested the loan with and click pay.
Enter your Mpesa pin in the section and you will have repaid your loan. Once the loan is repaid you increase your loan limit.
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