2 Ways to Get a Loan Using Easypaisa (With and W/O the App)

finance using mobile app

Users can apply for an EasyCash loan via the Easypaisa app or the USSD. The loan can be repaid within a maximum period of 60 days for the app users and 30 days for the USSD users.

Digital banking apps allow users to manage their transactions online without visiting bank branches. I am an avid user of such banking apps, and one of my favorites is the Easypaisa app.

I use the app for various mobile transactions such as bill payments, cash transfers, and even playing the one-rupee game (though I have never won anything).

However, one feature I tried recently was the EasyCash feature which allows users to obtain loans from the app and use it for their transactions.

In this article, I highlight the ways to get a loan using Easypaisa and the details you will need before applying.

What Is Easypaisa Digital Loan?

Easypaisa digital loan or EasyCash is a feature of the app to provide online credit to Easypaisa accounts for their use. The maximum limit of the loan is PKR 10,000, but only individuals with the highest credit scores are eligible to apply for the upper-end loans.

Easypaisa is one of the most popular digital banking apps in Pakistan. The app provides a one-stop solution to all online transaction needs. The Easypaisa digital loan or the EasyCash loan is a relatively new option that allows users to get loans from the service provider at minimal costs.

The loans are short-term and must be repaid within 60 days of application for app users and 30 days for users applying via USSD (only for Telenor users). This feature enables quick loan transfer to their account within minutes, eliminating the need for long documentation and processes.

Who Is Eligible for Easypaisa Loan?

Users having good credit scores are eligible to apply for the EasyCash loan. To apply via the USSD, users must have a Telenor number, as non-Telenor users cannot apply for a loan via this service.

Easypaisa does not provide loan facilities to more than 90-day dormant Easypaisa accounts. Users must also be active users and have a sizable capital in their accounts at some points.

I do not have a Telenor sim card making me ineligible for USSD loans. However, I can easily apply via the Easypaisa app, where I have a good credit score.

Applying for Easypaisa Loan via the App

Users can apply for the Easypaisa loan via the EasyCash option in the app. A good credit score allows users to obtain bigger loans with a cap of 10,000.

To apply for an Easypaisa digital loan, follow these steps.

Open your Easypaisa app and log in. Click on the EasyCash option on the main page or search for the feature on the search bar at the top of the screen.

easycash loan

Select your marital status and occupation on this screen, and enter your father’s or husband’s name to proceed. Click on Apply for EasyCash.

apply for easycash

You can see your credit rating on the next page. Click on the rating to view your exact credit score.

easycash amount

My credit score is 506, which is neither too good nor too bad. However, this allows me to apply for a maximum loan amount of PKR 1,000. Return to the previous screen and enter your desired loan amount from the given range. Click on Next.

easycash credit score

Check the details and weekly fee for your loan amount, and click on Get EasyCash when satisfied. You can see that I am being charged 5% weekly interest on the loan amount, which equates to roughly 20% per month.

confirm easycash

Your loan amount will be deposited in your account, and a message will be sent to your registered number for confirmation.

Applying for Easypaisa Loan Without the App

Telenor users having an Easypaisa account with their number can apply for loans via their mobile banking option. Users can dial *786# to run the USSD and follow the steps.

Though the Easypaisa app is extremely popular, a sizable chunk of users still uses USSD banking for Easypaisa account transactions.

However, Telenor sim users with Easypaisa accounts registered on their mobile numbers can apply for loans via mobile banking by following these steps:

  1. Dial *786# from your Telenor sim to run the USSD.
  2. Select the loan menu from the option and dial the correct number.
  3. There will be two options under the loan menu – Get EasyCash Loan and Repay a loan. Dial 1 to apply for a loan.
  4. Enter your desired amount from the mentioned range and proceed.
  5. The loan structure and charges will be mentioned on the next page.
  6. Enter your Easypaisa account pin to submit your loan application.

Once your loan is approved, you will receive confirmation regarding the successful deposit of the amount in your account.

Other Relevant Information

Before applying for an Easypaisa loan, it is important to learn about the interest rates and payment dates to avoid additional fees and have a clear payment schedule.

Interest Rate Charged by Easypaisa on Loans

The interest rate charged by Easypaisa on loans varies between 3 to 5 percent for users with good credit scores. The interest rate is largely dependent on several other factors:

  • Easypaisa account usage
  • Frequency of payments
  • Number of loans

The interest rate I am getting on my Easypaisa loans is screenshotted below.

How to Repay the Loan

Easypaisa automatically deducts the loan amount from your Easypaisa account on the due date. Users can also choose to repay the amount whenever they want before the due date by making the payment via the repayment option on the loan menu.

If there is any outstanding or unpaid amount after the due date, the account transactions will be halted until full payment is deducted from their Easypaisa account.

What Happens in the Case of Non-Payment of the Loan?

If a user fails to repay the loan, their Easypaisa account will be blacklisted, and they will be reported to the Credit Bureau of Pakistan, and legal action will also be taken against them.

Conclusion

Easypaisa has enabled users to obtain simple and small digital loans for their users. Currently, only Easypaisa account holders are eligible to apply for these loans. Users must have an active account and account history.

Keep in mind the interest rate and service charges that Easypaisa charges its users. Avoid delaying the payment and pay off the loan as quickly as possible to minimize the extra payments in interest. 

More Useful Articles About Banking with Easypaisa App

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