NAIROBI, Kenya- Standard Chartered Kenya has introduced a new product in the world of digital lending with the SC Juza app.
If you’re looking to borrow short-term loans easily and quickly, here’s how you can make the most of this innovative mobile lending platform.
Step 1: Download the SC Juza App
First things first, you need to get the app.
Head over to the Google Play Store or the Apple App Store and download the SC Juza app.
The app is designed to be user-friendly, making the process straightforward and convenient.
Step 2: Register and Verify Your Details
Once you have the app installed, open it and follow the prompts to register.
You’ll need to provide some basic information, including your phone number.
The app will verify your identity through the Integrated Population Registration Services (IPRS) and confirm your six-month M-PESA subscriber history with Safaricom.
These steps ensure that your account is secure and that you meet the minimum requirements for borrowing.
Step 3: Apply for a Loan
With your registration complete, you’re ready to apply for a loan.
The SC Juza app allows you to borrow any amount between Sh1,000 and Sh100,000.
Simply enter the desired loan amount and submit your application.
Step 4: Understand the Fees and Interest
The app will clearly display the processing fee, which is 5.5pc of the loan amount.
Additionally, the interest rate is 1.6pc per month. For example, if you borrow Sh1,000, you will incur a processing fee of Sh55 and a monthly interest of Sh10.80.
The service fee is only applied after the first 30 days, giving you some breathing room if you repay early.
Step 5: Receive Funds Instantly
Once your loan application is approved, the funds are disbursed directly into your mobile wallet.
This instant transfer means you can access the money right away, whether you need it for an emergency or a planned expense.
Step 6: Manage and Repay Your Loan
The SC Juza app offers tools to help you manage your loan effectively.
You can track your outstanding balance, see how interest accrues daily, and plan your repayments.
The loan tenure is 60 days, so you have ample time to repay without stress.
Early repayment is encouraged as it reduces the interest charged.
Safety and Security
The app includes built-in features to detect sim swaps and checks with Credit Reference Bureaus to ensure you’re protected from fraud.
This robust security framework provides peace of mind as you navigate the borrowing process.
Borrowing with SC Juza is just one of the many ways to access digital loans in Kenya.
It is part of a larger trend of mobile lending options transforming the financial landscape.
Other lending apps in Kenya include Safaricom’s M-Shwari, KCB M-Pesa, and Tala, each offering unique features to meet the diverse needs of borrowers.
Whether you’re looking for accessibility, or lower interest rates, there’s a digital loan solution out there for everyone.
