How to Take Out a Mobile Loan in Kenya

Money is of great importance in our day-to-day life. We practically cannot do anything without money. But often we do feel that we are a deficit of money. Here is when loans come into the picture. Loans are a convenient method of lending money from the bank, but it is not very easily available every time. The concept of mobile loans has transformed the entire process of lending loans. Thus, we must understand and answer the fundamental question of “how to fuliza?”

In this article, we would discuss taking up a mobile loan in Kenya and how to fuliza.

How to a Take Mobile Loan in Kenya

Several online mediums lend mobile loans to people. But, one of the most trusted forms is through Safaricom. Safaricom MPESA has introduced its new fuliza services to enable people to take up loans easily at any point in time. This service allows the customers to take up loan instantly using their bank accounts or MPESA accounts to pay for services, or to buy and transfer.

How ToFuliza?

To avail the fuliza services, you must have an active account in MPESA, have a record use history of at least 6 months with Safaricom. Next, you would have to opt for the Fuliza service by dialing *234# or choosing the ‘Fuliza M-PESA’ option from your account. On the confirmation of the services, you need to accept all the terms and conditions attached to the service.

After subscribing to the fuliza service, you can use it to either buy goods, transfer money, or pay bills. Whenever you fall short of money in your account, MPESA would notice the shortage of money in your account and would ask you if you need a loan. On agreeing, the deficit amount will automatically get transferred to your account and you can complete your transaction.

The same loan amount will be deducted from your account once the funds are sufficient. Also, a limitation to this facility is that you cannot take up another loan if you have an outstanding payment left to the bank. So, you need to clear your loan amount before being able to take up another loan.

Mobile loans have revolutionized the way people live. They pose a convenient option for the people in Kenya. So, if you are in Kenya and need instant money in your account, switch to MPESA. Go, create an account today.

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