If you are here, you may be wondering what your fuliza loan limit is and how to check it. We shall take you through the whole process of doing so in a few easy steps. Also, we detail all the interest rates and charges when you use fuliza mpesa service on your phone.
Fuliza acts as an overdraft facility that helps safaricom users complete m-pesa transactions even if they do not have enough money in their mpesa wallets. Customers can complete transactions such as sending money to a user or services offered by lipa na mpesa.
What is a loan limit?
A loan limit refers to the maximum or minimum amount of money you can receive from a lender in terms of a loan. This is how much you as a customer are authorized to borrow and it is represented as either a minimum loan limit or a maximum loan limit.
Minimum loan limit refers to the lowest amount that the money lending facility can allow its customers to borrow. The reason for having a cap on the lower side when lending money is to be able to show users of the loan facility the entry point.
A maximum loan limit refers to the total amount an applicant is allowed to borrow from the lending facility. The facility offered by safaricom also has a maximum limit.
What is the Fuliza loan limit
The maximum loan limit for Fuliza is ksh 100,000 meaning a user can transact using m-pesa this amount. However, to reach this amount, you must transact large amounts of money in your m-pesa wallet.
On the other hand, the minimum loan limit for Fuliza is Ksh 500 to offered complete transactions on mpesa. This looks like a small amount, however, you can grow this amount depending on a few factors.
How do I check my Fuliza loan limit
To check your fuliza limit balance, dial code *234# and select Fuliza mpesa. Next, you will select check your limit. Wait for an SMS message confirming your available limit.
Fuliza loan interest rate
Since Fuliza is an overdraft facility offered to you by Safaricom when using their m-pesa service, it attracts an interest rate on the amount borrowed.
Below find the interest fuliza charges its customers.
Fuliza Amount | Charges / Interest rate |
0-100 | Ksh 0.10 per day |
101 – 500 | Ksh 5 per day |
501 – 1000 | Ksh 10 per day |
1001 – 1500 | Ksh 20 per day |
1501 – 2501 | Ksh 25 per day |
2501 – 70,000 | Ksh 30 per day |
On top of this charges, there is a 1% access fee on amount borrowed that is used as a maintenance fee on your outstanding balance.
For example:
If you are advanced a 1,000 Ksh loan, you will be charged ksh 10 which is 1% access fee and then pay Ksh 10 per day.
Summary:
That is a detailed look at the maximum and minimum amount a fuliza user can access including the interest charges on the loan.