We have been receiving numerous emails from our readers, talking about Mobile Loan Apps in Kenya and how or what can be done to increase your loan limit, especially on Mpesa.
One subscriber called Jane wrote to me asking me how she can advance her Mshari loan limit from Ksh 200 to a higher amount.
Well, after doing my research and contacting the loan providers, I was able to learn a few tactics which are true and confirmed by the loanees. Mobile loans are usually given with no security at all.
- 1 How to increase your loan limit
- 1.1 Eight ways to improve your credit score
- 1.1.1 Download and keep your Loan app in advance
- 1.1.2 Use mobile payments frequently
- 1.1.3 Do not delete mobile payment SMS messages
- 1.1.4 Activate your social media status
- 1.1.5 Invest in a reliable smartphone device
- 1.1.6 Earlier loan repayments
- 1.1.7 Request for a loan occasionally
- 1.1.8 Save frequently
- 1.1 Eight ways to improve your credit score
How to increase your loan limit
As you know, most of the loan providers are afraid of losing their money, and that is why they ask for some form of security such as a payslip or logbook before advancing a loan.
However, with loan App’s, no security is required at all. All they need is some valid information from you to confirm that you are indeed human and not a ghost. So how do they know what to give you?
Loan apps in Kenya depend on the information you give them like full name and National ID number and data that collected from your sim cards, such as Mpesa transactions and your call history to determine the amount of loan you qualify for.
This information helps them to determine your creditworthiness. So if you are used to topping up your Airtime with Ksh 20 twice a week, it’s high time you change your habit by increasing your top-up amount and frequency.
A mobile loan app is usually an automated program which can handle a large number of requests at a given time. The app is programmed to look at given figures before advancing a loan to a clientele. So in-case you do not qualify for a mobile loan, do not take it personally. It’s just the system.
Eight ways to improve your credit score
Here, I have listed options and steps you can choose to qualify for a higher loan limit.
Download and keep your Loan app in advance
As human beings, you never know when you run out of cash. And as mentioned above, Loan app read information from your phone from time to time.
Use mobile payments frequently
Many mobile carriers offer a wide range of mobile payment services, e.g. Mpesa, Lipa Na Mpesa, etc
Ensure you regularly use these services, whether buying airtime credit or paying for goods or services. Doing this enables you to leave behind transaction trails in the system database that proves that you use that particular service.
Do not delete mobile payment SMS messages
Whenever you receive or send money via any mobile payment service (Mpesa, Airtel Money, Orange Money, etc.) DO NOT remove the messages.
See the full list of loan apps in Kenya that works
This goes for when you purchase airtime or pay for goods and services via these platforms.
Most of the loan apps scan your SMS messages for proof that you indeed transact via this channel and hence sees your ability in repaying the loan.
In this digital age, it would be almost criminal to lack any online footprint of your existence. Being on social networks, e.g. Facebook and Twitter, pose a great advantage because most loan apps require one to link the app to Facebook to make one eligible for a loan via the app.
See also: Stawi loan app application and download
Invest in a reliable smartphone device
It is excellent to keep up with the ever-changing trends of technology. However, do not misinterpret us. We are not telling you to buy the most expensive and latest phone or tablet to stay technologically relevant.
Try and invest in a low budget smartphone, preferably android phone to be on the safe side. The reason behind this is that most loan apps require a compatible smartphone as a pre-requisite to enable you to access a loan via their app.
Earlier loan repayments
Like we said earlier, automated systems mostly run mobile loan provider services. The more excellent the trail you leave in their database, the nicer they will ‘treat’ you.
Request for a loan occasionally
Requesting a loan and making early repayments increases your digital footprint in their system, thereby improving your creditworthiness thus provides you access to a much more substantial loan amount in the future.
You may also like: How to update your loan apps
Although this may not apply to loan apps, it applies to loans offered directly by carrier operators, e.g. Mshwari and KCB Mpesa. As they usually say, “The more you save, the more your chances of increasing your loan amount.”
That is it for today on how to increase Your Loan Limit. Kindly share this post if you find it interesting and useful.