FAQs
Applying for product financing
What is product financing?
How do I apply?
Is there a fee for applying?
Why is my credit limit pending?
Why was my application rejected?
Do you check credit bureaus?
What documents do I need to provide?
How do I estimate my monthly expenses?
How much is the deposit?
What interest rate do you charge?
Are there any other fees?
Do I get a benefit for applying for product financing again?
How do I refer someone?
Am I protected as an Aspira customer?
Are there any application and processing fees?
What is product financing?
Product financing is a loan that helps you to purchase a specific product – for example a television or a mobile phone.
Product financing helps you borrow the amount you need for the product you’re buying. The loan is disbursed directly to the retailer you are purchasing from, allowing you to take your product home immediately while you pay the loan off in monthly instalments.
How do I apply?
Apply by clicking at the button labelled ‘APPLY NOW / CHECK ACCOUNT’. You will be redirected to the application portal.
Is there a fee for applying?
Making a product financing application on Aspira is free! We do not charge any application, processing, negotiation or facilitation fees.
Why is my credit limit pending?
We check various sources so as to get to know your current financial commitments. To ensure that our data is accurate, we may sometimes need to carry out additional checks. We appreciate your patience as we work to get the best credit score for you.
Why was my application rejected?
As a responsible lender, we look at various factors when assessing your application. Broadly, we estimate how much money you would be able to put towards loan repayments per month based on your stated monthly income and expenses. Unfortunately, if we see that that this would be below the amount required for most of our products, your application will be rejected. However, do follow our blog to find out how you can improve your finances so as to aid in your application.
Link: https://www.aspira.co.ke/category/manage-your-money/
Do you check credit bureaus?
Yes, we check against the Credit Reference Bureau (CRB) as well as other credit scorers used by financial institutions. This helps us understand your current financial commitments. It also means that if you default on your loan with us, we also have the duty to share this with the credit bureau which may impact your eligibility for other financial products, which is why we encourage you to only borrow what you can afford.
What documents do I need to provide?
You will need to provide the following documents when creating your application: your national ID/passport, latest 3 months Mpesa and bank statement and your pay slip if employed.
How do I estimate my monthly expenses?
Estimating your monthly expenses is based on your budget i.e. what you spend and save. Ideally you should have some money set aside to aid you in other expenses such as loan repayments.
How much is the deposit?
First time buyers have to pay a 10% deposit up front. If an Aspira customer is currently servicing his/her first Aspira loan and has not yet completed all repayments, any second loan will be subject to 10% deposit payable up front. Any Aspira customer who has completed all his/her loan repayments and settled at least one loan will not be required to pay this 10% deposit.
There is no advance instalment to pay.
What interest rate do you charge?
We charge 3 to 7% flat rate monthly interest on the loan amount.
Are there any other fees?
We don’t charge application fees, negotiation fees or any other servicing fee. You will only ever pay us:
- Loan balance repayment (ie. The product’s initial price)
- Interest
- Late fees (1% per month)
Do I get a benefit for applying for product financing again?
- If you have successfully paid off one loan with Aspira, the next time you apply your benefits are:
- Interest rate of 3.5% on a simple interest basis
- No minimum deposit
- Higher credit limit (assuming you have the same income)
- Shorter application process
- You will also be eligible for some cool benefits if you refer friends and family to Aspira and they pay off their loans too!
How do I refer someone?
- There are great surprises in store if you refer others to Aspira!
- When they make an application, they will be asked how they heard about Aspira. Make sure that they share your name and number in this section so that we can reward you when they make a purchase!
- If you would like the Aspira team to visit you at work or at home so that you can spread the word to family and friends, please contact us at 0777 900 077
Am I protected as an Aspira customer?
All Aspira customers are required to take a Credit Protection insurance which covers your repayments in case of death, disability, burglary (from your stated place of residence) and natural disasters. You may take the credit insurance policy from a provider of your choice or pay a small fee (calculated at 3% of the total credit amount payable by the customer, i.e. 3% x (loan amount + interest)) to be covered by Aspira’s policy.
Are there any application and processing fees?
What you can buy
Who are your retail partners?
What happens if I don’t use my whole credit limit?
Can I take more than one loan?
Is there a warranty on my product?
Can I buy insurance?
Who are your retail partners?
We’ve enlisted a huge range of retail partners to give you a choice of the best products available. Our partners offer everything from electronics to household goods to furniture.
What happens if I don’t use my whole credit limit?
Your credit limit applies to one product at a time. If you do not use your whole credit limit on purchasing that product, we unfortunately cannot disburse the remainder of your credit limit as cash or on another product. However, once you have paid off one loan you will able to access benefits like lower interest rates, lower minimum deposit and a higher credit limit.
Can I take more than one loan?
- You can only finance one product at a time. However, you can get a loan your next product faster by:
- Making a larger initial deposit and taking a shorter loan term (our minimum is 3 months)
- Clearing your loan early
- If you are already an Aspira customer, please speak to your relationship manager to find out more.
Is there a warranty on my product?
- As Aspira is a financing partner, the warranty that applies to your product will depend on which of our retail partners you choose. Where possible, we recommend purchasing products that have a local warranty so that you can take your product for repairs or servicing in Kenya if you have issues.
- Some of our retailers offer product insurance. Please check with your relationship manager when you choose a product to confirm whether it is available.
Can I buy insurance?
- We automatically provide credit insurance, as long as you have been making your payments on time. This means that if you pass away, become permanently disabled, or your product is stolen from your home or destroyed by a natural disaster, your repayments to us will be covered. There are specific terms and conditions that apply to this insurance, so please make sure that you read them to understand what you are covered for.
- We recommend that you take further steps to protect your purchases when you can. Many of our partners offer both a product warranty as well as an option to purchase insurance. Please check with the retailer when you are buying your product to find out what is available and how to apply.
Receiving your product
Where can I choose my product?
Who are your retail partners?
What happens if I want a product from a retailer that’s not your partner?
Where can I choose my product?
Once you have your Aspira credit limit, you can visit any of our retail partners to find out which products are eligible for financing. You can find out more about our retail partners here.
Who are your retail partners?
We have sought out partnerships with Nairobi’s top retailers to give you a large range of products of the best quality. Find out more about our retailers and where they are located by visiting our retail partner page.
What happens if I want a product from a retailer that’s not your partner?
If you’re having problems finding the product that you want, please call us on 0777900077. Our support team is here to assist you (and has a knack for finding great deals)!
Product issues
How do I know if my iPhone is Genuine?
What happens if there’s an issue with the product I purchased?
Is there a warranty on my product?
Can I buy insurance?
I asked for delivery but my product never arrived. What do I do?
How do I know if my iPhone is Genuine?
You can check your Iphone validity from the following link:
https://checkcoverage.apple.com/
What happens if there’s an issue with the product I purchased?
As a finance company, we try our best to recommend retailers and products that have a history of providing quality products to our customers. However, even the best products have problems sometimes. If you experience an issue, please get in touch with the retailer directly so that they can help you with repairs or replacements.
Is there a warranty on my product?
- As Aspira is a financing partner, the warranty that applies to your product will depend on which of our retail partners you choose. Where possible, we recommend purchasing products that have a local warranty so that you can take your product for repairs or servicing in Kenya if you have issues.
- Some of our retailers offer product insurance. Please check with your relationship manager when you choose a product to confirm whether it is available and what conditions apply.
Can I buy insurance?
- We automatically provide credit insurance, as long as you have been making your payments on time. This means that if you pass away, become permanently disabled, or your product is stolen from your home or destroyed by a natural disaster, your repayments to us will be covered. There are specific terms and conditions that apply to this insurance, so please make sure that you read them to understand what you are covered for.
- We recommend that you take further steps to protect your purchases when you can. Many of our partners offer both a product warranty as well as an option to purchase insurance. Please check with the retailer when you are buying your product to find out what is available and how to apply.
I asked for delivery but my product never arrived. What do I do?
Please check with the retailer you purchased from to confirm your delivery details. If you have issues reaching the retailer, our relationship managers are happy to help.
Repayment
How do I make a repayment?
How do I find out how much I owe and when it is due?
What happens if I am late with my payments?
What happens if I clear my loan early?
Can I get an extension to my payment due date?
What happens if I’m unable to pay due to an accident?
How do I make a repayment?
There are several ways to make a repayment:
- Firstly, you can log into your account on the Aspira app and use the ‘Pay now’ option to select how much you would like to pay and how you would like to pay it. It will automatically select your minimum amount due, but if you would like to pay off your loan sooner you can do so. The payment methods available are M-PESA and Pesalink.
- However, if you already know how much your repayment is, you can send your payment directly to us at Paybill 711136 (use your ID number as your account number).
How do I find out how much I owe and when it is due?
- Your payments are usually due on the day of the month that you signed your contract. For example, if you signed the contract on the 5th of January, your first payment will be due on the 5th of February.
- You can find out your next repayment amount and due date through the Aspira app. Simply log on and open up your dashboard.
- You can also speak to an agent at one of our retail partners to check how much is due.
What happens if I am late with my payments?
Late repayments will attract 1% interest per month. It may also mean that your warranty is not serviced. Defaults will be reported to CRB. If you know that you will have issues with your repayments, please call us on 0777900077 to discuss options.
What happens if I clear my loan early?
Sometimes you get an unexpected windfall. If you have, great! You are welcome to pay more than your monthly repayment or clear the full balance of your loan early without any penalties.
Can I get an extension to my payment due date?
If you are facing issues with your loan payments, please call us on 077790007.
What happens if I’m unable to pay due to an accident?
- As of May 2018, we include credit insurance as part of our service, which covers your repayments in case of death or permanent disability. If you have started your loan from this time onwards you have automatically been registered for this and do not need to make any additions to your loan application.
- Like all of our other terms and contracts, we suggest that you read the document in detail before you sign so that you know what you would be covered for.