Mshwari is a popular mobile banking service that allows you to save and borrow money using your M-Pesa account.
You can access loans ranging from Ksh. 100 to Ksh. 50,000, depending on your creditworthiness.
But how do you unlock your Mshwari loan limit and get access to higher amounts? In this article, we will show you how to do it in four easy steps.
Step 1: Save More on Mshwari
One of the factors that Mshwari considers when assigning you a loan limit is how much you save on your Mshwari account.
The more you save, the higher your loan limit will be.
Saving on Mshwari also shows that you are financially responsible and can repay your loans on time.
Therefore, make it a habit to save regularly on your Mshwari account, either on the normal or the lock savings option.
Step 2: Transact More on M-Pesa
Another factor that Mshwari looks at is how often you use your M-Pesa account.
The more you transact on M-Pesa, the more you demonstrate your financial activity and ability.
Mshwari evaluates your M-Pesa transactions such as sending and receiving money, withdrawing and depositing cash, buying airtime and data bundles, and paying for goods and services via pay bills and till numbers.
Therefore, make sure you use your M-Pesa account frequently and for large amounts to boost your loan limit.
Step 3: Keep Your Line Active
Mshwari also checks how active your Safaricom line is.
This means that you should use your line for voice and data services regularly.
By topping up your airtime and buying data bundles via M-Pesa, you show that you are a loyal and consistent customer of Safaricom.
This also increases your chances of getting a higher loan limit from Mshwari.
Step 4: Repay Your Loans on Time
The last and most important step to unlock your Mshwari loan limit is to repay your loans on time.
Mshwari keeps a record of your loan repayment history and uses it to determine your credit score.
If you repay your loans on or before the due date, you will improve your credit score and qualify for higher loan limits.
However, if you default or delay your loan repayments, you will lower your credit score and reduce your loan limit.
Therefore, always pay your loans on time and avoid penalties and negative ratings.
ALSO READ
- Bobbi Althoff Parents: Age, Net Worth, Husband, Kids
- Tina Majorino Age, Height, Net Worth, Movies and More
- Rudy Pankow Age, Height, Net Worth, Instagram, Girlfriend
- Adin Ross Sister, Age, Height, Net Worth, Girlfriend
- Colter Wall Age, Height, Net Worth, Ranch, Tour
Conclusion
Unlocking your Mshwari loan limit is not a difficult task. You just need to follow the 4 easy steps we have outlined in this article.
By saving more on Mshwari, transacting more on M-Pesa, keeping your line active, and repaying your loans on time, you will increase your chances of getting a higher loan limit from Mshwari.
Remember, Mshwari reviews your loan limit every 3 months, so keep up the good work and enjoy the benefits of Mshwari.
