Berry loan app is one of the most reliable loan apps in Kenya. Berry loan app offers instant loans ranging between KSH. 1,000 and KSH. 50,000. The loans are instant and do not require any security.
Read also: How to borrow an instant loan from Kopesha loan app
Read also: How to borrow an instant loan from pesapay loan app
Berry loan app requirements
- Must be between 18yrs and 60yrs
- Must be a M-Pesa user
- Must have a smartphone
- Must have an ID card
- Must have a source of income
How to repay Berry loan
- Deposit the amount to your M-Pesa
- Go to your sim toolkit then to M-Pesa menu
- Select lipa na M-Pesa
- Enter paybill number 977888
- Enter your number as the account number
- Enter the amount and your M-Pesa pin to complete the transaction
Berry loan paybill number
Berry loan app paybill number is 977888.
Berry loan Interest rate
Berry loan app charges a maximum interest of 260% and a minimum interest of 27% APR.
Berry loan Facilitation fee
Apart from the interest fee, Berry loan app also charge a facilitation fee of between 9% and 25%. This amount is different from the interest rate and is charged monthly.
like if someone borrow a loan KSH. 2,000 repayable in two months, they will repay it with a facilitation fee of KSH. 500 (KSH. 250 monthly for two months).
Berry loan amount
Berry loan offers loans ranging from KSH. 1,000 to KSH. 50,000. Someone cannot access loan of any amount lower than KSH. 1,000 and higher than 50,000.
Berry loan repayment period
Berry loan gives customers a period of between 65 days and 120 days to repay their loans fully.
Berry loan app late repayment penalty
Berry loan app charges a one time late payment fee and the facilitation fee. The loan does not accrue daily, weekly, monthly, or yearly like in other loan app. The penalty depend on the amount borrowed.
Berry Sample Loan
If you borrow KSH. 2,000 from the app and set the payment period to 65 days, first you will pay an interest of (2,000 * 25/1000) = KSH. 500
You will then pay facilitation fee of (2,000 * 9/100) * 2 = KSH. 360
total interest will therefore be KSH. 860
You will therefore pay a total amount of KSH. 2,860.
That is the same as KSH. 1,430
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