However, with all this said, there are certain things that one should consider before rushing to pick up this said loans.
1. Only Accessible To One Line
You can only take up this loan with one telecommunication line, either by Safaricom, Airtel or Telecom. This therefore means that if you don't pay up, you cannot be able to use another line from a different company to take up the loan.
2. Repayment Of Two Weeks
Unlike other phone loan applications including fuliza by safaricom which gives individuals 30 days, the hasla fund gives you 14 days which therefore means that those who depend on monthly salaries to repay may end up defaulting.
3. Simcard To Be In Use For Three Months
Users who have the tendancy of defaulting loans and throwing away the lines, buying new ones and taking up loans with them will have to wait for 90 days in order to access loans from this lending account.
4. Fund Account To Be Deactivated
Lenders who will default for more than 30days will have their fund accounts deactivated, this therefore means that they will not be eligible to taking up any money from any of the lines that offer the service including Sacco's and banks permitted by the government to give out the money.
With the new face rolled out and giving cash from a minimum of ksh 500 to a maximum of 50,000, the government intends to role out more funds in the coming months, this money is aimed at lifting the lives of Kenyans, mostly those in low income businesses as well as those who are not employed by the government as civil servants.
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