Question 1

What are the minimum requirements to apply for a loan?

Accepted Answer

To borrow from CrediPoa, you must be a Kenyan citizen of at least 18 years, possess a valid National ID Card (physical card required for KYC uploads), and have an active, registered Safaricom M-Pesa phone number in your name.

Question 2

How long does the loan approval process take?

Accepted Answer

To satisfy Central Bank of Kenya digital lending regulations and prevent identity fraud, first-time applications undergo a manual audit by our risk assessment officers. This process typically takes 5 to 15 minutes. Once approved, or for repeat borrowers, disbursement is automated and sent via M-Pesa in under 60 seconds.

Question 3

How is my initial credit limit determined?

Accepted Answer

Your initial credit limit is determined by our automated underwriting engine. It evaluates your monthly income, employment status, credit history reports from Credit Reference Bureaus (CRB), and device compliance scores. Initial limits range from KES 2,000 to KES 50,000.

Question 4

How can I increase my credit limit?

Accepted Answer

You can increase your limit by repaying outstanding balances on time. Timely settlements build a positive credit rating with our platform, enabling incremental limit growth up to our VIP limit cap of KES 100,000. Late repayments will result in automatic limit reductions.

Question 5

How do I repay my loan using M-Pesa?

Accepted Answer

You can repay in two ways: 1) Go to your Dashboard, click "Repay Loan", select M-Pesa STK Push, and enter your M-Pesa PIN on the prompt sent to your phone. 2) Settle via Lipa na M-Pesa Paybill using Business Number 4022989, and use your National ID Number as the Account Number.

Question 6

What happens if I delay my repayment?

Accepted Answer

Late repayments attract a penalty fee of 2% per day on the outstanding principal balance. Additionally, consistent defaults are reported directly to licensed Credit Reference Bureaus (CRB: TransUnion, Metropol, Creditinfo) in Kenya, which will affect your ability to get loans from other financial institutions.

Question 7

Is my personal data secure with CrediPoa?

Accepted Answer

Absolutely. CrediPoa is compliant with the Kenyan Data Protection Act. We encrypt all documents and fingerprints, and we never share your contacts or personal information with third parties without consent.

Frequently Asked Questions