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Have you ever wished for a quick, accessible financial bailout? So grab a seat, because we have some great news to share with you!
There are times when unexpected expenses catch us off guard, And there’s no feeling as good as being able to access fast money to clear off the bills.
This is where Faraja Loan comes in—your go-to source for interest-free, hassle-free credit. But there is still more!
Explore this post to learn about Faraja Loan’s features, eligibility, and reasons it could be your ideal day-to-day financial companion.
Faraja Credit is a credit service teamed up with Safaricom to offer users access to credit at zero interest.
Faraja Loan allows users to buy and pay for services through its credit offering. This means that when you walk into a business that accepts Faraja without cash to pay upfront, Faraja will pay for you while you pay later at no interest.
Note that the Faraja loan can only be used as a point-of-sale and cannot be used to withdraw cash or transfer money to another person. The services are only available to businesses or outlets registered with Faraja.
Also, Faraja is limited to use at locations that support Faraja transactions for Lipa na M-PESA and Pay Bill transactions.
Just as with any other loan company, Faraja requires that beneficiaries meet certain conditions before they can access the services. The first is that users must be qualifying M-PESA customers who have active Safaricom connections.
Without wasting time, here’s a breakdown of who can access the Faraja Loan and other requirements:
If you plan to use Faraja in the future, it’s crucial you that are well-informed so that you can transact better. Here are a couple of essential things you should know:
You can spend as little as KES 20 and as much as KES 100,000, depending on your approved credit limit.
Dial *799# to pay for goods or services. You have two options:
Recall that every time you make a transaction or require authentication, you must input your M-PESA PIN.
Bars and restaurants, gas stations, and additional supermarkets are among the establishments to which Safaricom intends to extend the service. Here’s the procedure if you are wondering how to apply for a Faraja loan.
It is up to you when you want to make the repayment. Whether it is a 30-day or 7-day loan, the money is deducted from your M-PESA wallet.
You will only need to reimburse the outstanding facility amount that was advanced to you, in full or in part, according to Safaricom. You can do this by utilizing the designated Paybill number or other channels that the firm may occasionally provide.
In addition, you can make partial payments and raise your credit limit by paying early. To return your loan from Faraja, take the following actions:
If you’re late with your payment, Faraja will not penalise you. However, being late could mean you won’t be able to use the product in the future.
Faraja is working on increasing the number of retailers currently taking payments through Faraja loans. Naivas Supermarkets, Citi Walk, and Good Life Pharmacy are a few of these.
The Faraja website has a list of these locations. Alternatively, you can look through the Faraja Credit app on the Google Play Store.
Without a doubt, Faraja Loans is changing how people get loans and conduct transactions in Kenya. By walking into any store or outlet, you can swiftly pay for goods and services using the service and pay later. And that at zero charges!
All you need to do is dial the code, follow the prompt, and Faraja will clear your bills. The next time you find yourself low on cash and need to pay that bill urgently, take out your phone and use Faraja.
Cash withdrawals are not available with Faraja Credit, in contrast to typical loans. But in certain stores, you can use your credit card interest-free. Faraja is only accepted at certain locations.
You can opt-in in two simple ways: use the unique FARAJA mini-app in the M-PESA Super App or just call *799#. Once enabled, you can use it to make repeated purchases up to your credit limit
You will receive a confirmation message with your Credit Limit when you use Faraja.
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