Salaried people can now access small short term loans through a genius mobile application called M-Pepea. Raven Ltd the company behind M-Pepea uses the application to advance small emergency loans to borrowers.

M-Pepea which Raven Ltd launched in 2010 is a fast and convenient lending service. A borrower sends a text through a defined number and the request is processed by the software. Then loans are advanced to successful applicants through their M-Pesa accounts.

The company advances loans ranging between Sh1,000 and Sh30,000 depending on how much one earns attracting interests of between 10%-15% in a one-off repayment arrangement. M-Pepea targets  people in employment for the purposes of loan recovery as it would be easy to recover the money through check off systems.

Borrowers need to register with the service and give an express consent from the employer to be allowed to borrow. Many borrowers of emergency loans opt for such arrangements because of convenience and low interest rates as opposed to conditions in mainstream banks. The loan period is mostly within 30 days.

The genius software stores borrowers information and automatically retrieves it on subsequent requests to verify payment history and other details.