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Ideally, one should settle their outstanding KCB M-Pesa loan after CRB listing charges, obtain CRB clearance, and then work on repairing their damaged credit history.
Despite facing competition from Fuliza and other lenders, KCB MPesa loan service reportedly generated a revenue of Ksh 600 million after disbursing Ksh 42 billion in the fiscal year ending March 2023.
However, a significant number of borrowers have been listed due to defaults and are struggling with how to manage their KCB MPesa loan after CRB listing charges.
Rebuilding a credit record might involve various strategies, including regular savings with KCB MPesa and frequent use of MPesa services.
We will guide you through the process of settling your KCB MPesa loan, obtaining CRB clearance, and restoring your credit score.
The ultimate goal is not just to avoid CRB listing but also to restore your creditworthiness and maintain a debt-free status.
Typically, KCB MPESA loans have a 30-day repayment period with an interest rate of 7.5%.
If the loan and interest are not paid within this period, KCB MPESA offers an additional 30-day extension, albeit at a higher interest rate.
After the initial 30 days, the lender will start sending frequent reminders about the overdue loan.
Should the loan remain unpaid after 60 days, the lender will proceed to report your name to the CRB for a kcb mpesa loan defaulters consequences on the 90th day.
As mentioned, KCB M-PESA may submit your name to the CRB for a negative listing.
However, they provide sufficient time for you to attempt loan repayment before proceeding with this action.
Typically, it could take up to 90 days before your name is submitted to the Credit Reference Bureau.
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Being listed on the CRB has several serious repercussions, including:
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The duration for a CRB listing can vary based on the listing reason and the speed at which you settle the outstanding loan. Sometimes can persist for up to 12 months.
However, if you promptly repay the loan and work towards restoring your credit history, the negative listing might be short-lived.
It’s important to remember that even after clearing the CRB listing, your records remain in public archives for up to five years, as previously mentioned.
Therefore, while you may no longer be listed, your public record isn’t immediately cleared and may require some time.
Being delisted from a KCB MPESA loan is not the end. You can reclaim your tarnished credit reputation and restore your creditworthiness.
This is achievable through three specific steps:
To clear your CRB record, you must first settle any outstanding debts. Here’s the process to repay your KCB MPESA loan:
Alternatively, you can repay your KCB MPESA loan via the pay bill method:
Having settled your existing KCB MPESA loan, you are now eligible to seek clearance from the Credit Reference Bureau. KCB MPESA primarily reports to Metropol and TransUnion.
To register with Metropol, visit their website, use the Crystobol mobile app, or dial the USSD code *433#.
A registration fee of Ksh 50 is payable to pay bill number 210 384. Enter your ID number as the account number to receive a reference number, PIN, and a unique link.
Metropol charges Ksh 250 to find out who has blacklisted you, which might be superfluous if it turns out to be KCB MPESA.
Additionally, a CRB clearance certificate can be obtained for Ksh 2200.
To register for a TransUnion account, send your name and ID to 21272 and select Credit Status (CS).
The CRB Credit Report costs Ksh 650, and the clearance certificate is Ksh 2,200.
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Having obtained clearance from the CRB, the time has come to restore your former esteem.
You must rehabilitate your damaged credit reputation, which involves following these tips, among others:
If KCB MPESA loan denies you a loan due to late repayment, consider taking these steps:
Understanding the lender’s reasons for not granting a loan is crucial.
It may be due to late repayments, but other factors like CRB listing could also be at play.
Therefore, it’s important to contact them for clarification.
Below are the contact details for KCB MPESA loans:
One likely reason a lender may deny your loan application is due to CRB listing.
If this is the case, make sure to settle the loan completely and follow the advice I provided to secure clearance from the CRB.
Considering the consequences of a negative listing, being on the CRB list is undesirable.
It’s best to avoid this situation, which requires taking certain steps:
Prior to KCB M-PESA submitting your name to the CRB for a negative listing, they typically issue multiple reminders and provide a grace period of up to 90 days for payment.
It is advisable to utilize this period to settle your dues and prevent being negatively listed with the CRB.
If your name appears on the CRB’s watch list, it’s advisable to take steps to remove it.
This involves settling any debts with the lender and securing a CRB clearance certificate.
Should you need to borrow, think about providing collateral. In case of non-payment, the lender can claim the collateral, which prevents your name from being reported to the Credit Reference Bureau, thus preserving your credit standing.
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The most effective strategy to prevent borrowing is to master the art of saving money.
With a sufficient amount saved and an emergency fund in place, you’ll no longer need to rely on borrowing from KCB MPESA or any other digital lending services.
If your earnings are inadequate and saving proves challenging, it may be wise to seek an additional source of income.
Exploring offline side hustles or online opportunities can provide supplementary income, potentially reducing dependence on emergency mobile loans.
A KCB Mpesa Loan is a microloan service provided by KCB Bank in partnership with Safaricom, allowing M-Pesa users to access short-term loans via their mobile phones.
To be eligible, you must be an M-Pesa user, have an active Safaricom line registered for at least six months, and maintain a good M-Pesa transaction history.
You can apply for a KCB Mpesa Loan through the M-Pesa menu by selecting Loans and Savings, then KCB Mpesa, and following the prompts to request a loan.
The loan amount ranges from Ksh 50 to Ksh 1,000,000, depending on your credit limit and transaction history.
The interest rate for KCB Mpesa Loans is 7.5% for a one-month loan.
The repayment period for KCB Mpesa Loans is typically 30 days from the date of disbursement.
If you fail to repay your loan on time, you may incur additional penalties, and your credit rating with KCB and Safaricom will be negatively affected.
Yes, you can repay your KCB Mpesa Loan early through the M-Pesa menu by selecting Loans and Savings, then KCB Mpesa, and choosing the repayment option.
Your credit limit is determined based on your M-Pesa transaction history, usage patterns, and previous loan repayment behavior.
We’ve shared what you ought to do with a KCB MPESA loan after CRB listing.
In summary, you should repay the loan, get out of CRB, and rebuild your stained credit reputation.
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