Having said that, there are a few things to think about before rushing to get these loans, though.
1.Only Available Through One Line You can only use this loan with a single Safaricom, Airtel, or Telecom telecommunications line.As a result, you won't be able to use another line from a different company to take out the loan if you don't pay.
2.Repayment Time of Two Weeks Unlike other phone loan applications like Fuliza by Safaricom, which gives people 30 days to pay it back, Hasla Fund gives you 14 days to pay it back. This means that people who have to pay their loans back with their paychecks every month may default.
3.Simcard To Be Being used For a very long time
Clients who have the tendancy of defaulting advances and discarding the lines, purchasing new ones and taking up credits with them should trust that 90 days all together will get to advances from this loaning account.
4.Fund Account to Be Deactivated Lenders who default on their payments for more than 30 days will have their fund accounts deactivated.
This means that they won't be able to borrow money from any of the lines that provide the service, including Saccos and banks that are allowed by the government to give out money.
The government plans to distribute additional funds in the coming months, with the goal of improving the lives of Kenyans, primarily those in low-wage businesses and those who are not employed by the government as civil servants, through the new face, which provides cash ranging from ksh 500 to ksh 50,000.
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