Fuliza Loans Application and Repayment in 2021
If the bill is on the rise but you don’t have cash right away, it makes sense to borrow some money to maintain it. You can borrow loans from many lenders, including your bank, Mshwari, KCB-M-Pesa, Tala, or Easy Loan.
The problem with borrowing a loan is that it involves many conditions, higher interest rates, and shorter repayment periods. But with many entrants in the mobile short-term lending sector, things are much better. Safaricom Limited recently introduced a Fuliza loan. This is a service that allows you to complete an M-PESA transaction even if your account does not have enough cash.
You may have heard of Fuliza Loan, but are you wondering what it is all about? Here you will Learn about this loan, its terms, and how to check if you are eligible for a Fuliza loan.
What are Fuliza loans?
Fuliza Loan or Fuliza M-Pesa is an overdraft facility for all M-Pesa users. This feature allows you to complete an M-Pesa transaction even if your account does not have sufficient funds. In essence, Fuliza M-Pesa is like a bank overdraft. This is a CBA Bank product offered through Safaricom’s M-Pesa. People call it a Fuliza loan, but keep in mind that it’s not a loan. According to Safaricom, Fuliza is an ongoing overdraft service.
Requirements for Fuliza loans
The requirements for Fuliza M-Pesa include
- Have an active Safaricom line which should be in use for over 6months
- Be a registered M-Pesa customer.
How to get Fuliza loan?
If you think you met the listed requirements you can get into the service on your Safaricom line by dialing *234#. Additionally, you can use the Safaricom app to opt in and out of the service when you deem it fit.
How to Pay Fuliza loan
Once you sign up for the Fuliza M-Pesa Service, you will be responsible for paying all applicable fees. Safaricom will deduct the fee immediately upon recharging your M-Pesa account. Fees are subject to change at any time at Safaricom’s sole discretion.