Get Loans with Fuliza M-PESA: Simple Steps

Fuliza M-PESA: How to Get Loans

Running out of cash can be a nightmare, but with Fuliza M-PESA, you can now say goodbye to those worries. This feature from M-PESA allows you to get loans instantly and pay them back later. In this blog post, we will take a closer look at Fuliza M-PESA and how it works. We will also cover the registration process, eligibility criteria, and loan limit factors. Additionally, we will discuss the benefits of Fuliza M-PESA such as flexibility and convenience. Lastly, we will address any risks associated with this service and provide tips on how to manage and pay back your loan. Keep reading to learn all about getting instant loans with Fuliza M-PESA!

 

Understanding Fuliza MPESA

Fuliza MPESA, a brainchild of Safaricom Limited and NCBA Bank, is an innovative financial solution that allows M-PESA users to complete transactions even when they have insufficient funds in their M-PESA accounts. Notably, Fuliza does not operate like a conventional loan service. Instead, it functions as a continuous overdraft service, allowing you to pay for services and transactions by topping up the deficit in your account.

Get Loans with Fuliza M-PESA: Simple Steps

Understanding Your Fuliza M-PESA Loan Limit

Your Fuliza M-PESA loan limit is determined based on various factors, including your M-PESA transaction history. It is allocated to your M-PESA account in aggregate form and may vary based on your usage and repayment patterns. To check your outstanding Fuliza M-PESA balance, simply dial *234#. Keep in mind that the loan limit is subject to normal M-PESA transaction charges and any outstanding balance.

Eligibility Criteria for Fuliza MPESA

Before you can tap into the benefits of Fuliza MPESA, you must first meet the following eligibility criteria:

  • You must be a registered M-PESA user with an active Safaricom line that has been in use for a minimum of six months.
  • Your M-PESA account should be registered using a national ID, Kenyan passport, or Military ID. Accounts registered with foreign passports are not eligible for Fuliza.
  • You must opt into the Fuliza service. Once you opt-in, you’ll be assigned a limit defining the maximum overdraft you can access.

How to Opt Into Fuliza MPESA

Opting into Fuliza MPESA is a simple process that you can complete by following these steps:

  • Dial *234# from your Safaricom line.
  • Select “Fuliza M-PESA” to opt-in.

Fuliza MPESA Limit

After opting into Fuliza MPESA, Safaricom will allocate a limit based on your line’s activity for the last six months. This limit determines the maximum amount of overdraft you can access. To increase your Fuliza limit, you need to continue using Safaricom and M-PESA services and repay your Fuliza M-PESA facility on time by topping up your M-PESA account.

Fuliza MPESA Charges

Using Fuliza MPESA attracts a one-off 1% access fee and a daily maintenance fee, applied at midnight of the following day. An additional 20% excise duty is imposed on the access fee. Therefore, if you use Fuliza and repay it before midnight, you will only pay the access fee and a maintenance fee on the outstanding amount as per the table below:

Band Tariff 20% Excise Duty Total Charges
0 -100 KSh 0 KSh 0 KSh 0 KSh
101-500 KSh 2.5 KSh 0.5 KSh 3 KSh
501-1000 KSh 5 KSh 1 KSh 6 KSh
1001-1500 KSh 18 KSh 3.6 KSh 21.6 KSh
1501-2500 KSh 20 KSh 4 KSh 24 KSh
2501-70000 KSh 25 KSh 5 KSh 30 KSh

Utilizing Fuliza MPESA

Fuliza MPESA can be used in several ways, such as:

  • Sending money to registered and unregistered M-PESA users.
  • Paying for Lipa Na M-PESA transactions.

However, you cannot withdraw funds from Fuliza directly. If you need to access the money in cash, you can send it to another Safaricom line and ask the recipient to withdraw it for you.

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Fuliza MPESA Overview

Name of the organization Safaricom
Info About Fuliza MPESA
Checking Mode Online
Post Category Fuliza MPESA
Location Fuliza MPESA
Official website  https://www.safaricom.co.ke/personal/m-pesa/credit-and-savings/fuliza

How to Increase Your Fuliza M-PESA Limit

To increase your Fuliza M-PESA limit, there are several steps you can take. Firstly, optimize your usage of Fuliza M-PESA by using it responsibly and regularly completing M-PESA transactions. Additionally, paying off any outstanding balances on your Fuliza loan can qualify you for a higher limit. It’s also essential to maintain a good repayment history and demonstrate responsible usage. Lastly, if you’re looking to increase your limit further, don’t hesitate to reach out to customer service for assistance.

Fuliza MPESA Repayment

When it comes to Fuliza MPESA repayment, Safaricom automatically deducts the due amount as soon as you top up your M-PESA account. It’s essential to repay your Fuliza balance on time to continue enjoying the service and potentially increase your limit.

Fuliza MPESA Terms and Conditions

Like any financial service, Fuliza MPESA comes with its terms and conditions. It’s crucial to familiarize yourself with these terms before opting into the service. These include conditions regarding requesting a facility, overdraw limit, repayment of the facility, and events of default.

Defaulting on Fuliza MPESA

If you default on your Fuliza payments, Safaricom will suspend your access to the service and may employ various measures to recover the defaulted amounts, including using an independent debt collection agency.

Are there any Risks Associated with Fuliza M-PESA?

Fuliza M-PESA comes with potential risks, such as accumulating debt if not managed responsibly. Failure to repay your Fuliza loan can harm your credit score and lead to penalties. Over-dependence on Fuliza for financial needs may be risky, and unauthorized access to your M-PESA account can pose security threats.

How to Manage and Pay Back Your Fuliza M-PESA Loan

To effectively manage and repay your Fuliza M-PESA loan, it is essential to stay updated on your loan status by regularly monitoring your Fuliza M-PESA balance. Make sure you have sufficient funds in your M-PESA account to cover your Fuliza repayments, as insufficient funds may lead to penalties or disruption of the service. Automating payments or setting reminders can help you avoid missing repayment deadlines. Additionally, creating a budget and prioritizing the repayment of your Fuliza M-PESA loan will prevent excessive interest charges. If you find it challenging to manage or repay your loan, seek financial advice for assistance.

How to Increase Your Fuliza M-PESA Limit

To increase your Fuliza M-PESA limit, there are several steps you can take. Firstly, optimize your usage of Fuliza M-PESA by using it responsibly and regularly completing M-PESA transactions. Additionally, paying off any outstanding balances on your Fuliza loan can qualify you for a higher limit. It’s also essential to maintain a good repayment history and demonstrate responsible usage. Lastly, if you’re looking to increase your limit further, don’t hesitate to reach out to customer service for assistance.

Conclusion

Fuliza MPESA stands out as a convenient financial solution for M-PESA users who often find themselves with insufficient funds in their M-PESA account. While it’s undoubtedly a beneficial service, it’s essential to use it responsibly to avoid falling into a debt cycle. Always aim to repay your Fuliza balance on time and only use the service for short-term borrowing.