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Those who have ever borrowed from banks or credit companies will understand why apps like Hakika Loan for unsecured loans online are increasingly favored by Tanzanian residents. This application addresses the drawbacks of traditional bank loans with streamlined procedures, quick approval, no requirement for collateral, allowing users to borrow up to 2,000,000 TZS in cash with just an Android/iOS smartphone.

It’s an app specializing in online lending, dedicated to finding, comparing, and selecting the best loans that meet customers’ financial needs. Besides comparing loans, the app stands out for its automated 24/7 loan approval system.

“Instant money when you need it” is the highlight here, owing to the app’s swift loan approval and disbursal into the user’s bank account. The customer support team operates 24/7, promptly addressing any queries you may have.

App Information:

  • App Name: Hakika Loan
  • Version: 1.4.2
  • Last updated: 07/23/2024
  • Device requirement: Android phone from 4.4 and up
  • Downloads: 350,000+
  • Content rating: Suitable for ages 3 and up
  • Release date: 07/23/2024

The distinctive advantages found only in the Hakika Loan app:

Borrowing money here assures you of a swift, secure, and convenient unsecured loan service:

  • The app offers a wide range of loan products tailored to various individuals, from students to those with stable jobs and freelancers. This allows borrowers to easily select the most suitable loan option.
  • The entire loan application and contract completion process are done at home, right on your everyday phone.
  • The more you borrow here, the higher your borrowing limit, enjoying more favorable interest rates and longer repayment periods.
  • Working individuals with stable incomes and within the working age range receive priority.
  • Disbursal takes just 8 minutes after a successful approval of the application.
  • Say no to loan recovery in the style of loan sharks; borrowers actively make payments through banks.
  • Financial support for all eligible citizens within the Tanzanian territory.
  • The app supports loan extension if requested by customers.

Loan Limit Information:

  • Limit: All loans provided by the app will range from 30,000 TZS to 2,000,000 TZS. For returning customers, the limit starts from 200,000 TZS and above.
  • Interest Rate: Minimum is 9% per annum, capped at a maximum of 29% per annum. The interest calculation formula = loan amount x repayment term (days)/365 x annual interest rate.
  • Repayment Term: Minimum 91 days, maximum 365 days. Total amount to be repaid = loan amount + interest. You can extend the loan term, and the extension fee depends on mutual agreement.

Illustrative Example: If you borrow 2,000,000 TZS, at 10% interest, for a term of 180 days, the interest amount you’ll need to pay to the app is: 2,000,000 TZS x 180(days) / 365 x 10% = 98,630 TZS. The total amount you repay to the app at the end of the term is: 2,000,000 TZS + 98,630 TZS = 2,098,630 TZS.

The requirements Hakika Loan needs you to meet:

  • Tanzanian citizenship
  • Allowed age: Between 18 and 49 years old
  • Employment with a monthly income ensuring the ability to repay the loan on time
  • Possession of a domestic bank account
  • Documentation for identity verification/Tanzanian passport

Reasons for rejection:

Individuals falling under these categories upon loan application will be immediately rejected by the system. To save time for both parties, adherence to the following is crucial:

  • Having a history of bad debt with banks and credit organizations
  • Not meeting the specified age range
  • Engaging in document forgery or using false documents for loan applications
  • Previously borrowing and not repaying the principal and interest to the app
  • Providing a non-authentic phone number or using a number for less than 3 months.

Borrowing money quickly through the Hakika Loan app in a few steps:

  1. Download the app from our website. Enter your phone number and OTP code to create an account.
  2. Log in to the newly created account, select the loan amount and repayment period, and complete the required form details.
  3. Provide clear images of personal identification documents along with a clear portrait photo for the system to begin processing your application.
  4. The assessment process may take up to 18 minutes or provide results on the same working day. Pay attention to system messages.
  5. If notified of a successful approval, review the loan contract, agree to the terms, and the money will be in your account immediately.
  6. Repay the loan by transferring the amount directly to the Hakika Loan app account. Beware of scams if receiving messages via Facebook or Email requesting loan payments to personal accounts.