Eazzy Loan App: How to Access Instant Loans, Features, and Benefits

The Eazzy Loan App by Equity Bank offers a fast, convenient, and secure way for users to access unsecured personal loans in Kenya. With a range of flexible features, it enables individuals to borrow funds, repay them, and manage their financial needs efficiently. Whether you are a salaried employee, a small business owner, or someone seeking short-term financial assistance, the Eazzy Loan app provides solutions tailored to meet diverse needs.

This article explores how the Eazzy Loan app works, its features, eligibility criteria, interest rates, application process, and more. Here’s everything you need to know about accessing loans through this innovative platform.

Overview of Eazzy Loan App Features

Feature	Details
Loan Type	Unsecured Personal Loan
USSD Code	*247#
Loan Term	1 to 24 Months
Interest Fee Range	0.07% to 0.3% daily; 2% to 10% monthly
Loan Amount	KSh 1,000 to KSh 3,000,000
Disbursement Methods	M-Pesa, Bank Transfer, Equitel Money, ATM
Paybill Number	247247
Contact Details	Tel: 0763 000 000; WhatsApp: +254 763 000 000
Maximum Effective APR	25.5%
Late Repayment Fee	6%

What is the Eazzy Loan App?

The Eazzy Loan App is a mobile banking application developed by Equity Bank to simplify access to loans. The app uses advanced machine learning algorithms to analyze borrower data and determine their creditworthiness. Loans are disbursed directly to the user’s bank account, M-Pesa, or Equitel Money, and borrowers can track their repayment schedules in real time.

Unlike traditional loans, Eazzy Loans do not require collateral. The app builds a credit profile for each user by monitoring account activity, income patterns, and repayment behavior.

How to Apply for an Eazzy Loan

Using the Eazzy Loan App

Download and Install:
- Visit the Google Play Store.
- Search for “Equity Mobile” and download the app.
Register:
- Enter your mobile number and national ID details.
- Set a unique PIN for security.
Apply for a Loan:
- Log in to the app.
- Select the “Borrow” option.
- Enter the loan amount and repayment terms.
- Confirm the disbursement method (M-Pesa, Equitel Money, or Bank Transfer).
- Receive the funds in your account instantly.

**Using USSD Code (247#)*

Dial *247# on your mobile phone.
Select “Borrow” from the menu.
Choose “Get Loan” and select “Eazzy Loan.”
Enter the desired amount and repayment terms.
Confirm with your PIN to complete the transaction.

Using Equitel Line

Navigate to the Equitel menu on your phone.
Select “My Money” and then “Loans.”
Choose “Get Loan” and select the type.
Enter the loan amount and PIN to confirm.

Interest Rates and Charges

The Eazzy Loan app offers competitive interest rates, though they vary depending on the loan amount and repayment duration:

Daily Interest: 0.07% to 0.3%
Monthly Interest: 2% to 10%
Effective Annual Percentage Rate (APR): 25.5%
Late Payment Fee: A one-time fee of 6% of the overdue amount.

Sample Calculation

For a KSh 4,000 loan repaid after 60 days:

Interest: KSh 400 (10%)
Excise Tax: KSh 80 (20% of interest)
Total Repayment: KSh 4,480

Eligibility Criteria

To qualify for an Eazzy Loan, you must meet the following conditions:

Be an Equity Bank customer with an active account for at least six months.
Regularly channel income (salary, business proceeds, etc.) through your account.
Have an Equitel line or the Eazzy Loan app installed.

Note: First-time borrowers often receive lower loan limits due to limited credit history, typically ranging between KSh 500 and KSh 2,000.

How to Check Loan Application Status

To track your loan application:

Log in to the Eazzy Loan app.
View the status on the home screen.

Loan Repayment Process

Repaying an Eazzy Loan is simple:

Deposit funds into your Equity Bank account or M-Pesa.
Use the paybill number 247247 to clear the loan.
Ensure timely repayment to avoid penalties and build a better credit score.

Common Issues and Solutions

Ineligibility for a Loan

Borrowers may be deemed ineligible due to:

Low or poor creditworthiness.
Lack of a stable income source.

Forgotten PIN

Eazzy App: Reset your PIN via the “Forgot Password” option on the login page.
Equitel Line: Navigate to My Money > Others > My PIN > Forgot PIN.

Loan Cancellation

To cancel a loan application:

Do not complete or submit the application.
If already submitted but not cashed out, the loan will be automatically canceled.

Advantages of Eazzy Loans

No Collateral Required: Loans are unsecured, making them accessible to a wide audience.
Flexible Repayment Terms: Choose repayment periods between 1 and 24 months.
Instant Disbursement: Funds are transferred directly to your preferred account within minutes.
Multiple Channels: Borrow via the app, USSD code, or Equitel line.
Transparent Charges: No hidden fees or origination charges.

Disadvantages

High Interest Rates: While convenient, short-term loans often have higher rates.
Late Payment Penalties: A 6% fee applies for overdue repayments.
Limited Loan Limits for New Users: Initial limits may not meet all financial needs.

Tips for Responsible Borrowing

Borrow What You Can Repay: Avoid overborrowing to minimize financial strain.
Understand the Terms: Review interest rates and repayment schedules before committing.
Repay on Time: Timely payments improve your credit score and reduce costs.
Avoid Rollovers: Rolling over loans can lead to additional fees.

The Eazzy Loan app is a game-changer in Kenya’s financial sector, providing instant access to funds without the hassle of traditional bank loans. With flexible terms, multiple borrowing channels, and transparent fees, it’s an ideal choice for individuals seeking quick financial solutions. However, borrowers should remain cautious about interest rates and penalties to ensure responsible financial management.

For more information or assistance, contact Equity Bank via: