This is a simple guide on how to apply for Family Bank’s PesaPap Loan. PesaPap is a is a virtual account that allows you to access FamilyBank services on your mobile phone either via their app or dialling USSD * 325#. With PesaPap, you can save, pay bills, purchase airtime, transfer funds and most importantly take a mobile loan.
To access a loan from PesaPap, you must first open a PesaPap Wallet. To open a PesaPap Wallet, download PesaPap App from Google Play or Dial *325#. After downloading the app, select Open Wallet Account from the menu and follow the simple instructions. Your phone number is your PesaPap Wallet Account number. The following details will be required:
- Full name as per ID
- ID number
- Mobile Phone Number
How To Qualify For a PesaPap Loan
1. You must have an active Family Bank account for a minimum period of 6 months. The higher the activity on your wallet account (deposits and withdrawals), the higher the chances of qualifying for a loan.
2. You must not be listed on CRB for the last 3 months
3. Your wallet account must have an average account turnover of a minimum of Ksh 15,000/- for 3 months
PesaPap Wallet Loan Application
1.From the PesaPap Wallet menu
2. Select My Loans
3. Select request loan
4. Enter the amount you want to borrow and submit.
5. Enter your MPIN to confirm details.
The details of the loan (amount, facility fees and due date) will be displayed and an SMS confirmation will be sent to you.
PesaPap Wallet Loan Repayment
PesaPap mobile loans must be repaid within 30 days. There are two options to repay your loan:
- Full Repayment – Total outstanding loan is repaid at once and in full
- Partial Repayment – Total outstanding loan is repaid in instalments over the 30-day loan period
PesaPap Interest Rate
The PesaPap loan comes with an interest of 6.62 % per month.
PesaPap Loan Limit
You can access a loan of up to Ksh 50,000 from PesaPap.
PesaPap Loan Contacts
You can contact Family Bank on 0703 095 000 if you have any further inquiries.
