How to Increase Fuliza Loan Limit from Zero

Fuliza loan limit involves total amount of credit that the lender can disburse based on the borrower’s creditworthiness. Unlocking a Fuliza loan limit involves activating your credit limit. Fuliza terms and conditions state new M-Pesa users should not expect immediate Fuliza loan limit increase. Stastiscally, 99% of new customers start with a zero loan limit. New M-Pesa users need to wait until six months to see a reflection on their limit. The limit-review cycle takes around 90 days. You should therefore further understand Fuliza loan limit review cycle and how it triggers credit limit increase. The process to activate Fuliza is covered in the document, and Fuliza loan limit is covered below.

1. Know Fuliza eligibility

Eligibility criteria refer to specific conditions or requirements an individual or entity must meet to qualify for particular status, benefit, service, program, or opportunity. These criteria vary depending on the context.

To understand eligible requirements as a borrower of Fuliza loan, you should check specific terms and conditions under the Terms and Conditions page. For example, to be eligible to borrow money from Fuliza, the following requirements are needed, as stated in the terms and conditions:

• You must be registered user of M-Pesa for minimum of 6 months, Safaricom’s mobile money transfer service.
• M-Pesa account should be active, meaning you should have regular transactions such as deposits, withdrawals, and transfers.
• Fuliza services are available to Kenyan citizens. Proof of citizenship might be required.
• Your SIM card should be registered with accurate personal details, as required by Safaricom.
• Adherence to Fuliza’s terms and conditions, including the loan and savings terms, is mandatory.

2. Activate the Fuliza Account

Registration for Fuliza account is the same thing as activating Fuliza account. Additionally, Fuliza activation involves opting into the service. An M-Pesa subscriber reports that activating Fuliza account increases the chance of growing your limit faster. Additionally, an M-Pesa subscriber reports that after successfully using M-Pesa services for six months and activating Fuliza account, loan limit starts at Ksh. 300.

There are two main ways you can register to unlock your Fuliza account. The first method to register your account is using the USSD code *234# or *334#, while the second method is using the M-Pesa app.

How to activate Fuliza Account using USSD

To activate your Fuliza account using the USSD code, follow these steps below: Dial *334#>>Select “Loans and Savings.”>>Select FULIZA>> Choose “opt in” and accept the terms and conditions.

How to activate Fuliza Account through M-Pesa App

To activate your Fuliza account through the M-Pesa app, follow these steps below: Open the M-PESA menu from the Sim Toolkit app, select “My Account” and “Update Customer menu,” then go to your M-PESA menu, select Loans and Savings, choose “Fuliza,” click on activate account, and accept terms and conditions.

3. Save consistently

Maintaining a consistent savings habit helps unlock Fuliza loan from zero. This habit signals the lender that you are low-risk borrower with strong financial foundation. This makes you attractive to lenders and increases the likelihood of getting higher loan limits. Maintaining a saving habit indirectly improves your credit score by reducing the need for reliance on credit. In addition, this helps lower your debt-to-income ratio, a key factor lenders consider.

To maintain a consistent saving habit, open M-Pesa menu, click on Loans and Savings, select M-Shwari or KCB M-Pesa, and choose “Send.” Enter Amount, Enter Pin and Click Send. Make sure you deposit some amount to M-Shwari account or KCB account, either daily or weekly. This will help you maintain a consistent saving habit and therefore unlock or activate chances of getting higher loan limit.

Fuliza is indirectly connected to KCB M-Pesa and M-Shwari; hence, using services under these products helps you increase your Fuliza limit.

4. Avoid loan defaults

Defaulting on loans negatively affects your credit score. This is because Fuliza uses credit scores to determine creditworthiness and loan limits. If you have credit score of 800 to 850, borrowers in this range are considered low-risk borrowers. But if your credit score is 300 to 579, borrowers in this credit range are high-risk borrowers. A clean credit history across different platforms enhances your credibility.

To avoid defaulting on Fuliza loans, ensure you read the terms and conditions of the lender. Ensure you maintain timely loan repayments. This will help you activate and unlock your loan limits faster. Ensure that you do not default on loans from other financial institutions.

5. Use Safaricom services regularly

Safaricom services, such as savings, should be used to help the lender behind the microcredit product monitor how often you transact and how many inflows and outflows the borrower transacts. Safaricom reports that continuously using Safaricom services and M-Pesa services increases the chance of growing your Fuliza loan limit from zero to 70,000.

To regularly use Safaricom services, make sure you are an M-Pesa customer and have activated account. This will help you start transactions with the lender by saving often.

6. Build a good credit history

Building good credit history involves borrowing and paying loan balances on time. Additionally, it involves learning how credit scoring works for a particular lender. In this case, Fuliza credit scoring becomes important for our target loan services.

To build good credit score, use Fuliza services to ensure you borrow and repay outstanding loan balances without defaulting.

7. Monitor loan limits

Constantly monitoring your Fuliza loan limit empowers you to make informed financial decisions. Understanding the factors affecting your limit helps you plan effectively. Regular checks enable you to identify trends and potential opportunities to increase your borrowing capacity. Staying informed enables you to leverage and use Fuliza as a financial tool.

To monitor your Fuliza loan limit, access your M-Pesa menu by dialing *334#. Select the “Loans and Savings” option, then select Fuliza. Choose “Check Loan Limit” to receive an SMS with your current limit. Factors influencing your limit include your savings balance, loan repayment history, and overall M-Pesa usage. Regular savings and timely repayments can potentially increase your limit.

9. Seek customer service help

Seeking assistance from Fuliza customer service is beneficial when users face difficulties or have inquiries about their loan limit. They can provide guidance on eligibility criteria, offer explanations for limit changes, and assist with resolving any issues. Effective communication with the customer service department helps users understand their account status and explore potential avenues for increasing their Fuliza loan limit.

10. Know loan terms and conditions

Understanding the terms and conditions of Fuliza loans is crucial for unlocking and increasing your loan limit. This involves familiarizing with the eligibility criteria, loan amounts, repayment terms, interest rates, and any penalties associated with late payments or defaults. Reviewing these terms provides insights into factors that influence your loan limit and steps you can take to improve your eligibility.

A deep understanding of Fuliza loan terms empowers you to make informed decisions regarding your financial management. Adhering to the stipulated conditions and demonstrating responsible borrowing behavior increases chances of unlocking and subsequently increasing your Fuliza loan limit. This knowledge serves as a foundation for building a positive credit history, which is a key factor in enhancing your financial standing with the platform.

11. Stay updated on policies

Staying informed about Fuliza loan limit policies is crucial for unlocking and increasing loan limits. Fuliza periodically reviews and updates its lending criteria based on various factors, such as customer behavior, financial performance, and market trends. These changes may result in adjustments to loan eligibility and limits.

Actively seeking information about Fuliza loan limit changes can be a proactive approach to maximize your borrowing potential. By staying updated, you can identify opportunities to improve your loan limit. This might involve meeting specific requirements, such as maintaining a good repayment history, increasing savings, or using other Safaricom services. Understanding these dynamics empowers you to make informed decisions about your financial management and loan utilization.

12. Avoid wasting your Bonga Points

Bonga Points is a loyalty scheme for all Safaricom PrePay and PostPay subscribers. Once you enroll via *126#, you start earning points immediately. You earn one bonga point for every Kes. 10 spent on the Safaricom network. Bonga points can be used to repay Fuliza loan balances; therefore, saving Bonga points can help increase your credit score and cause your Fuliza loan limit to grow from zero. To calculate how much your bonga points cost in Kenya Shillings, use our bonga points calculator.

13. Understand late payment penalties

Late Fuliza loan repayments incur significant penalties. Primarily, a 1% access fee is levied on the outstanding loan amount. Additionally, if the loan remains unpaid beyond 30 days, a daily maintenance fee is charged. Persistent defaulting, extending beyond 120 days, can lead to account closure and a potential negative listing on the Credit Reference Bureau (CRB). These consequences not only impose financial burdens but also hinder future access to credit facilities.

The penalties for late Fuliza loan repayments are designed to incentivize timely repayment. While they might seem steep, they serve as a deterrent to irresponsible borrowing. Prioritizing repayment not only avoids these charges but also improves one’s creditworthiness, potentially leading to increased loan limits in the future. By understanding these consequences, borrowers can make informed decisions and manage their finances effectively.

14. Avoid deceptive tactics

The main reason Loan Apps Kenya does not recommend these techniques is because they turn out to be major sources for personal data breaches. Users seeking deceptive tactics to increase Fuliza limits might end up having their information stolen by scammers. For example, scammers might lie about hacking Fuliza loan limits using some short codes, software, and apps, which is not true. Using these deceptive tactics increases the chance of your Fuliza limit reducing to zero. The fake information about Fuliza increment is shared through Facebook pages and groups; hence, these fake agents should be avoided. The only way to increase your Fuliza loan limit is understanding the loan terms and conditions. The main reason your limit is zero is because your credit history and credibility are not met. To increase your loan limit, follow our guide carefully and utilize the above instructions.

Some common methods include:

SIM Swap Fraud: By impersonating the user and requesting a SIM swap, scammers gain control of the mobile number and associated financial services, including Fuliza.

Phishing: Scammers send fraudulent messages or emails disguised as legitimate communication from Safaricom or M-Pesa. These messages typically request personal information, including M-Pesa PIN, under the pretense of updating Fuliza limits or resolving issues. Once obtained, scammers can misuse this information to deplete Fuliza limits.

Fake Apps: Malicious applications are distributed through various channels, claiming to boost Fuliza limits or offer other attractive features. These apps often request sensitive information or permissions, allowing scammers to access and manipulate user accounts. There are no apps, codes or software to increase fuliza loan limit unless its a scam.

Unauthorized Transactions: Scammers may attempt to initiate unauthorized transactions using stolen or compromised M-Pesa credentials. These transactions can deplete Fuliza limits rapidly.

To safeguard your Fuliza limit, exercise caution when dealing with unsolicited messages or links. Avoid sharing personal information, especially M-Pesa PINs, with anyone. Install reputable security software on your devices and keep it updated. Regularly review your M-Pesa transaction history for any suspicious activity. Avoid Opt Out and Opt in techniques as these may reduce your Fuliza loan limit to zero.

15. Ensure you are listed positively

NCBA Bank reports that there are two types of CRB listings. Every Fuliza customer will be listed with CRB as follows:

• Positive Listing: This will apply to all active Fuliza customers with no outstanding amount overdue.
• Negative Listing: This will apply to all active Fuliza customers with an outstanding amount overdue.

How can positive listing increase Fuliza loan limit?

When a Fuliza customer is positively listed, it indicates they have consistently maintained a strong repayment record with no outstanding overdue amounts. This positive credit history enhances their creditworthiness, according to NCBA Bank’s terms. As the customer’s risk profile improves through responsible financial behavior, NCBA Bank gets more inclined to increase their fuliza loan limit, confident in the customer’s ability to meet repayment obligations on time.