MyKes, operated by Deltech Capital Kenya Limited, is one of the mobile lending platforms in Kenya that offers quick, short-term loans to meet emergency financial needs. With loan amounts up to Ksh 5,000 repayable within 7 days, MyKes provides an option for those in need of immediate cash. The app is convenient for quick loans, but it also comes with high interest rates—32%—so timely repayment is crucial to avoid additional fees.
In this guide, we’ll walk you through how to repay your MyKes loan via M-Pesa and what happens if you fail to make your repayment on time.
MyKes Loans: How They Work
To apply for a MyKes loan, simply download the MyKes app, register, and request the loan amount you need, up to a maximum of Ksh 5,000. Once your application is approved, the loan is deposited directly into your M-Pesa account. MyKes offers a fast, hassle-free application process that makes it a go-to option for people in urgent financial situations.
However, with a 32% interest rate and a 7-day repayment period, MyKes loans can become costly if not repaid on time. For every day that you miss the repayment deadline, the loan accumulates an additional 2% fee, making it crucial to settle the debt promptly.
How to Repay Your MyKes Loan via M-Pesa
Repaying your MyKes loan is straightforward, and you can do it in just a few steps using the M-Pesa Paybill service. Follow these steps to make your payment:
- Go to your M-Pesa menu on your mobile phone.
- Select ‘Lipa na M-Pesa’.
- Choose ‘Pay Bill’.
- Enter 4047993 as the Business Number.
- Input your phone number as the Account Number.
- Enter the amount you want to repay.
- Input your M-Pesa PIN and press OK.
- Confirm the payment by ensuring the payment is made to Deltech Capital Kenya.
- Wait for a confirmation SMS from M-Pesa to verify that the transaction was successful.
What Happens if You Don’t Repay the MyKes Loan on Time?
Failing to repay your MyKes loan by the due date can result in hefty penalties. For each day the loan remains unpaid, you will be charged an additional fee of 2% of the loan amount. Over time, these charges can accumulate, making your loan more expensive than initially expected.
Furthermore, MyKes is known for aggressively pursuing defaulters by contacting people in your phone’s contact list. This tactic can cause significant embarrassment and inconvenience, so it’s advisable to repay your loan on time to avoid such situations.
Important Tips to Avoid Loan Default
- Plan Your Repayment in Advance: Since the loan is repayable in just 7 days, it’s essential to have a repayment plan before borrowing. Make sure the loan amount fits into your budget, considering the high interest rate.
- Keep Track of Your Due Date: Missing a due date can significantly increase the cost of your loan. Use your phone’s reminder features or set a calendar alert to avoid missing the repayment deadline.
- Ensure Your M-Pesa Balance Is Sufficient: Before making the repayment, confirm that your M-Pesa account has enough funds to cover the full amount of the loan plus any applicable interest or fees.
- Consider Early Repayment: If you have the funds available, consider repaying your loan early. Doing so can help you avoid additional charges and reduce the overall cost of the loan.
MyKes Loan Contacts
If you have any issues with your loan repayment or need further assistance, you can reach MyKes through the following contact details:
- Phone: 0711 082 971, +254 207903622
- Email: help@mykes.co.ke
- Office Location: Plot Number 209, Commodore Offices, Ngong Road, Kindaruma Lane, Nairobi
Repaying your MyKes loan via M-Pesa is a fast and simple process that can be completed in just a few steps. However, it’s essential to repay on time to avoid the high penalties that come with defaulting on the loan. With a 32% interest rate and daily fees for late payments, MyKes loans can quickly become costly, so ensure you have a plan in place before borrowing.
By understanding the repayment process and planning ahead, you can avoid the pitfalls of mobile lending and benefit from the convenience and speed of platforms like MyKes. Always read the terms and conditions carefully, and use short-term loans responsibly to maintain your financial well-being.
