- 1 What is Aspira?
- 2 Aspira credit-worthy assessment
- 3 Aspira credit protection
Aspira, With the hire-purchase stores now accessible all over, have you at any point visualized how web-based shopping would now resemble?
Kenya has made some amazing progress as far as innovation, particularly with regards to web invasion and use.
This wilderness has offered space to a few advancements, with Aspira being one of them. Aspira may sound new to you, however, it could be only what changes your existence concerning looking for merchandise, for example, hardware, furniture and considerably more and paying in portions.
Basically, Aspira is a purchase currently pay month to month for a year item financing stage.
Shopping may be a diversion to certain individuals, however many are not amped up for it on account of the lengthy drive to the shopping center, long lines, purchasing an inappropriate item or in any event, overlooking something and you need to return.
Fortunately, there is web-based shopping now that takes a significant part of the hustle from our hands.
All you need is your device, and you will put in your request from any area in the nation.
With that tackled, what do you would when you like to buy a thing however don’t have the money right now? Quit focusing on because Aspira is the best answer you are consistently going to get past their purchase now lipa baadaye activity.
It allows you to shop and pay later, which is a significant friend in need of some Kenyans. With regard to item financing, telephones will be very helpful because of the far-reaching utilization of portable cash.
What is Aspira?
Aspira is a financing platform that was launched in Kenya in 2018. It gives users the option to make purchases from several retail stores in the country and then pay later (Lipa Baadaye) in 12 monthly installments.
Sounds familiar? Well, that is just because this product functions just like what was traditionally known as hire purchase only this time with the advent of technology you receive your financing through an App.
In a nutshell, product financing has a new home in Aspira. You wouldn’t believe that there is even a product financing travel option at Aspira apart from the common ones such as buy now pay later furniture option.
Kenyan youth will be thrilled with this product that gives them options such as ‘buy now pay later electronics’ that allows them to own things they do not have instant cash to purchase.
With prudent management, the shop now pays later idea can grow to be a continental success. Using Aspira is simple and straight forward as long as one has the mobile application and follows the instructions to get loans on items.
You can expect various loans such as phone loans, home appliance loans, loans for electronics, furniture loans, and vacation loans. Below are some easy steps that can guide you to use the Aspira platform to buy goods and pay later:
Download the Aspira app
The first probable thing is to download the Aspira app from either the Google Playstore or App Store on iOS through which you will be conducting all your transactions.
You will follow that up by sharing critical information about yourself on the app for it to be operational. The information needed here includes
• Your names
• A copy of the latest payslip
• Bank statement or M-Pesa statement
• National Identification number and password information
You have to be careful though not to download fraudulent buy now pay later apps that may put you at risk.
Identify the product
You will have to identify the product you want to buy such as electronics, furniture or even a motorbike. The product chosen must be found in one of the stores that have partnered with Aspira.
It is done on the website of the store from where you intend to purchase items. For instance, you may find an irresistible necklace on Jumia, and then your interest will be the order jewelry now pay later option.
Some of the notable brands that have partnered with Aspira include Tile & Carpet, Hotpoint and Skygarden, among other online shopping platforms.
Select your payment plan
The next step will require you to choose your preferred monthly payment plan based on your budget. Before it was unheard of that you can pay for mobile phones in installments, but now you can do that thanks to Aspira.
You will then choose the buy phone pay monthly plans accordingly. Perhaps you will be interested in the furniture monthly installment payments, but you don’t have to worry because the company has got you covered.
If the product you want to buy is a phone, then you will look at the phone installment plan and see if it fits with your budget. If it is furniture, then you will pick the furniture installment plan and so on.
Manage your loan
After selecting the payment plan, you should then manage your loan through your phone by making secure payments with the help of the Aspira app.
Confirm that you agree with the terms issued and then place your deposit. The product will be delivered to you as you continue to make your monthly installments.
The list of items that can be bought through the Aspira app is limitless including electronics, household appliances, furniture, gym equipment, and many others and then focus on how to pay in installments.
Aspira credit-worthy assessment
Aspira cannot just finance your orders without knowing that you will be capable of paying back. To minimize this risk, Aspira assesses their customers for credit because of their commitment to being responsible lenders.
They can only lend what you can afford to pay back. It is determined with the help of the following conditions:
Customer’s current income
This includes the monies made from your main job and other side hustles as well.
Your average expenses
It makes sense that costs should be considered because if the expenses are high, then the income may not come in handy in covering the debt. The expenses are evaluated in terms of how much one spends per month and on what?
Any other financial commitments
With the age of easy mobile loans, some have developed the habit of borrowing and not paying back. For you to be able to use the Aspira service, you have to disclose your financial commitments, and they will determine whether they will finance your product or not.
Aspira credit protection
It is an insurance incentive that allows you to have control over the security of your assets. Using the credit insurance, you are guaranteed of having in place an insurance policy that will pay off any outstanding debt in case you die, are disabled or are unable to pay back.
Credit insurance is mandatory when using the Aspira app. They provide the insurance service, but you don’t have to get it from them.
If you do not want to deal with more than one company, you have the option to add 2% to the product price when you start your loan.
There are four types of incidents covered by Aspira credit insurance, and they include:
In the Term Life insurance cover if a customer passes on before completing paying for the product purchased, then the insurance will cover the remaining fees.
Aspira is aware that accidents can happen and may hinder one from paying for a purchased product. The Permanent Disability insurance cushions you if you become disabled as a result of an accident.
It means that you may be unable to work and as a result won’t be able to make your payment. This is when the insurance comes in and pays the rest of the remaining fees.
Fire, lightning, and earthquakes at your residence
This must be an accidental fire that requires extinguishers to spring into action. Those three will lead to Aspira Insurance paying your debt as long as you were covered.
Burglary from your residence
Aspira will cover the cost of your product as long as it was lost as a result of robbery from your residence. If your purchase had anything to do with getting now pay later cell phones, then you might want to take care of your product because the insurance does not cover breakages, phone malfunctioning for falling into water or being snatched on the street.
Aspira is the first to introduce online product financing in Kenya and has gone the extra mile of being as unique as having the travel payment installments.
It has been made possible with the high internet infiltration rates in the country which facilitates the Lipa later initiative. The app is easy to use as long as you follow the instructions.
All you have to do is to download it and install in your device, and you are good to go with the pay installments shopping.