Fuliza is a mobile-based loan product that is available to Safaricom customers in Kenya. The loan product is designed to help customers complete transactions when they do not have enough funds in their M-PESA accounts.
The loan amount is determined by the shortfall, and it is automatically repaid by deducting the principal loan amount and an interest fee from the customer’s mobile money account balance.
To be eligible for a loan, a customer must be an active Safaricom subscriber for at least six months and have a good repayment history. The loan amount that a customer can qualify for depends on their M-PESA transaction history and creditworthiness.
Fuliza loans have a short repayment period of up to 30 days, and they attract an interest fee of 1.083% per month and a daily service fee of 0.5% of the outstanding loan balance.
The loan and any outstanding fees are automatically deducted from the customer’s mobile money account balance when they make a deposit or receive funds in their account.
Fuliza loans are a convenient option for Safaricom customers who need to complete transactions quickly and do not have access to other forms of credit.
However, it is important to use them responsibly and repay them promptly to avoid accruing additional fees and penalties.
How To Withdraw From Fuliza Loan
It is not possible to withdraw funds directly from a Fuliza loan. Instead, the loan is automatically repaid by deducting the principal loan amount and an interest fee from the customer’s mobile money account balance.
The loan repayment is done automatically when the customer makes a deposit or receives funds in their mobile money account.
Here is how to repay the Fuliza loan:
- Dial *234# on your Safaricom line.
- Select the Fuliza M-PESA option.
- Choose the “Repay Fuliza” option.
- Enter the amount you want to repay.
- Confirm the details, and then enter your M-PESA PIN to complete the transaction.
Once you have completed the repayment process, the loan amount and any outstanding interest and service fees will be deducted from your mobile money account balance, and the loan will be considered fully repaid.
It is important to note that Fuliza loans have a short repayment period of up to 30 days, and failure to repay the loan on time may attract additional fees and penalties.
Customers can check their loan balance and repayment status by dialing *234# and selecting the Fuliza M-PESA option.
How To Pay Fuliza Loan For Another Number
It is possible to repay a Fuliza loan on behalf of another Safaricom customer’s mobile money account. Here is how you can do it:
- Dial *234# on your Safaricom line.
- Select the Fuliza M-PESA option.
- Choose the “Repay Fuliza” option.
- Enter the phone number of the Safaricom customer whose Fuliza loan you want to repay.
- Enter the amount you want to repay.
- Confirm the details, and then enter your M-PESA PIN to complete the transaction.
Once you have completed the repayment process, the loan amount and any outstanding interest and service fees will be deducted from the Safaricom customer’s mobile money account balance, and the loan will be considered fully repaid.
It is important to note that before you can repay another customer’s loan, you must have sufficient funds in your own M-PESA account to cover the repayment amount.
Additionally, you should ensure that you have entered the correct phone number to avoid repaying the loan for the wrong customer.
Here are Some of the FAQ
How can I get a Fuliza loan?
To get a Fuliza loan, you need to have an active Safaricom mobile phone line and an M-PESA account. You can access Fuliza by dialing *234# on your Safaricom line, selecting the Fuliza M-PESA option, and following the prompts to request a loan. You must have a good repayment history and meet other eligibility criteria to qualify for a loan.
How do I know if I qualify for Fuliza?
To know if you qualify for Fuliza, you can check your loan limit by dialing *234# on your Safaricom line and selecting the Fuliza M-PESA option. Your loan limit will be displayed, and you can decide whether to request a loan or not. Your loan limit depends on your M-PESA transaction history and creditworthiness.
What is the loan limit for Fuliza?
The loan limit for Fuliza varies depending on your M-PESA transaction history and creditworthiness. You can check your loan limit by dialing *234# on your Safaricom line and selecting the Fuliza M-PESA option. Your loan limit will be displayed, and you can request a loan up to that amount.
How to increase the Fuliza limit from 500 to 5000?
To increase your Fuliza limit from 500 to 5000, you need to use M-PESA frequently and maintain a good repayment history. Safaricom periodically reviews customers’ loan limits based on their M-PESA transaction history and creditworthiness. Therefore, if you use M-PESA frequently and repay your loans promptly, your loan limit is likely to increase over time.
How to get Fuliza when the limit is zero?
If your Fuliza limit is zero, it means that you are not eligible for a loan at the moment. You can try again later after using M-PESA frequently and maintaining a good repayment history. Fuliza loan limits are periodically reviewed, and your limit may increase in the future.
Why is my Fuliza limit always zero?
If your Fuliza limit is always zero, it may be due to several factors such as a low M-PESA transaction history, poor creditworthiness, or a history of defaulting on loans.
To increase your loan limit, you need to use M-PESA frequently and maintain a good repayment history.
How can I increase my Fuliza limit to 4000?
To increase your Fuliza limit to 4000, you need to use M-PESA frequently and maintain a good repayment history. Safaricom periodically reviews customers’ loan limits based on their M-PESA transaction history and creditworthiness.
Therefore, if you use M-PESA frequently and repay your loans promptly, your loan limit is likely to increase over time.
How to hack and increase Fuliza limit?
The only legitimate way to increase your loan limit is by using M-PESA frequently and maintaining a good repayment history.
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