Know how to pay Mshwari loan using Fuliza in this article. So, read on to the end.
Mshwari is one of Kenya’s leading mobile loans and savings institutions.
You can borrow as little as Kshs. 100 with Mshwari, with a one-time 9% facilitation fee payable within 30 days, and you should always repay your loan within 30 days to keep your limit growing.
Furthermore, repaying your Mshwari loan on time is a step toward qualifying for additional loans.
Additionally, Mshwari customers can now use Fuliza to settle overdue loans.
This article will walk you through the steps of how to pay Mshwari loan using Fuliza.
Let’s get started…
How to pay Mshwari loan using Fuliza
Fuliza is most useful during Mpesa transactions when the account has insufficient funds, but it does not allow you to pay the Mshwari loan directly.
Despite this setback, Mshwari loan repayment is only possible if the Fuliza amount is sent to a different number (the one associated with the Mshwari loan) other than the one operating Fuliza.
You can easily borrow a Fuliza loan and send it to your Safaricom line with a Mshwari loan because Fuliza works on the principle of topping up to send or make payment to another line or till.
Therefore, you will need two Fuliza-activated Safaricom lines, one with a pending Mshwari loan (line 1) and the other to transfer Fuliza funds (line 2) to it, and vice versa.
The amount you can borrow will be determined by your Fuliza loan limit.
Here are the steps to pay your Mshwari loan with Fuliza:
- Get your second Safaricom line (the one with a Fuliza limit).
- Navigate to the Mpesa menu.
- Choose “Send Money” from the menu.
- Enter the phone number associated with the Mshwari balance (in this case, line 1).
- Next, enter the amount to be transferred to your Mshwari SIM line (depending on your Fuliza limit).
- Enter your Mpesa Pin and click “OK.”
You can now use the money to settle the Mshwari loan after sending the money to the phone number associated with it.
Don’t know how to go about it?
Well, no worries; here are the steps on how to pay for your Mshwari loan:
- Navigate to the Mpesa menu on the mobile phone with the Mshwari loan (in this case, line 1).
- On the menu, click on the Loans and Savings tab.
- Select Mshwari and then the Loan option.
- Select Mpesa as your payment option (since the money is already in the Mpesa account).
- Enter the amount to be paid, then enter your Mpesa PIN and click the Send button.
- The Mshwari loan amount will be automatically deducted from your Mpesa account.
How to Pay Mshwari Loan Using Paybill
Mshwari allows you to repay your loan with Mpesa, and this is the same method for requesting a loan.
Mshwari, on the other hand, does not have a paybill number, unlike the other methods.
Despite the lack of an Mshwari paybill number, repaying an Mshwari loan is simple, as follows:
- Navigate to the Mpesa menu.
- Select Loans and Savings.
- Select Mshwari.
- Choose the loan option.
- Select Pay Loan
- Enter the Mshwari amount to pay.
- Enter your Mpesa Pin, and then click OK.
You will then receive an SMS notification message confirming your transaction.
How to pay Mshwari loan using Fuliza—FAQs
Can you pay Mshwari loan using Fuliza?
Yes, you can pay the loan with Fuliza, but only from a different phone number.
Here are the steps on how to do that.
SEE: How to Pay Mshwari Loan for another Number
Why is my Mshwari limit set to 0?
If a loan is not paid within 60 days, it goes into default, and the limit is reduced.
And if the default period exceeds 90 days, the loan limit is reduced to zero, and you will be unable to obtain another loan.
You will also be listed as a defaulter in the CRB.
Therefore, you should first pay off your outstanding Mshwari loan and obtain Mshwari CRB clearance.
Nonetheless, even after clearance, it takes time to build credit, and the loan limit may remain zero for some time afterwards.
Wrap up
So, that’s all there is on how to pay Mshwari loan using Fuliza.
However, in order to avoid penalties, it is critical that you pay your Mshwari loan balance on time and also pay the Fuliza loan on the other line.
And as long as you pay your loans on time, you’ll be able to get more loans with higher limits.
Hopefully you are now able to use Fuliza to pay off your Mshwari loan.
Till next time.
ASO READ:
Mshwari Lock Savings Account: All you need to know
How to Fuliza money to another number
Emergency Loans in Kenya via MPESA (How to get loans in Kenya)
What you need to know about Fuliza from Safaricom