L-Pesa is a progressive finance service that helps anyone attain financial freedom. This is because it cuts out almost all the processes that formal financial institutions have put in place, making it less intimidating to get access to money. This is a service that anyone with a mobile device can access, at their own convenience and with privacy. If you want to gain access to funds with ease, here are the steps that you should follows.
1. Create your L-Pesa account ÔÇô The first step that you should take is to create your L-Pesa account. You can do this by visiting the L-Pesa website and filling in the simple form that takes your person details.
2. Make your application ÔÇôNext, you need to apply for your L-Pesa loan. You will find a form that you input information on the amount of money that you want to borrow. Within this form, you will be able to do a basic calculation that will let you know how much interest you need to pay back and when your weekly repayments shall be due. It is worth noting that when you start out, you will only be able to borrow the minimum amount, and the better you are at paying back, the more you will be able to borrow with time.
3. Repay your loan ÔÇô Each week, you will receive a reminder letting you know how much you are expected to pay back. Make the payment in full so that it does not carry forward into the next week and become more than you can afford. When you have completed paying your first loan well, you will receive points on your credit score. This is excellent, as it means that you can take out another loan.
4. Your next loan ÔÇô If you have followed the requirements as expected, you will be able to borrow a second loan, and this loan will be for a higher amount than the first. The benefit of using L-Pesa becomes even clearer at this point. The more you pay back and keep up to your monthly payments, the more that you can borrow.
5. Maintain your credit score – A high credit score means more money in your L-Pesa account. Miss out on just one payment and you go back to the beginning, as though you are a new customer. This means that you will have to start building up your credit score from scratch. If you do not pay back the loan, you will be unable to gain access to L-Pesa services.
L-Pesa services are continuously evolving to ensure that everyone is able to gain access to finance, as and when they need it. For borrowing larger amounts, one can seek to do so with a group loan. There are also special loans that have been set up to help farmers buy excellent seed to increase their yield. All in all, L-Pesa microloan services have been put in place to help everyone attain financial freedom with ease.