Shika loan app serves as the platform from which borrowers can access quick loans from Alternative Circle.
Shika loan features
- The app is currently available to android system mobile phone users in kenya.
- Only safaricom subscribers (those with safaricom simcards) can use the service at the moment.
- Loan limits range between kes500 to kes 20000
- Loans approved are disbursed to MPesa within 3 minutes (180seconds).
- Loans are charged a flat facitation fee of 15% (percent) the amount approved.
- Maximum repayment period is one month. However one can choose to pay daily, weekly or after 30 days.
- Late repayment attract 10% rollover fee on top of the amount owed.
- Delaying to repay for more than 60 days will lead to listing with the CRB as a defaulter.
Getting started with Shika loan app
- Go to play store and download the Shika app
- Instal the app into you mobile phone device
- Sign up with your safaricom mobile phone number and your national ID number
- Create your Shika PIN
How to apply for Shika loan
- Log in to your Shika account using your registered mobile phone number and your Shika PIN
- Select ‘Request loan’
- Enter the amount you wish to borrow.(Hint;Never exceed the loan limit provided for you below)
- Select ‘confirm’