Mobile loans are a quick way to get cash instantly on your phone. However, you might find that your loan limit is too low or you don’t qualify for a loan at all. To help with this, there are several things you can do. It’s important to note that these mobile loan providers rely on automated systems that analyze data to determine your loan limit.
So, if you’d like to qualify for a mobile loan or increase your current loan limit, here are 5 things you can do.
1. Keep All Messages Related To Mobile Money Transactions
Don’t delete messages that involve mobile money transactions on your phone. This includes your activities on m-pesa, mshwari, airtel money, kcb-mpesa, paybills and okoa jahazi. All this information is useful since it shows proof of your ability to pay your loans. Having all these text
messages on your phone will definitely improve your chances of getting a higher loan limit.
2. Use Mobile Payments Regularly
If you’re paying for goods and services, make it a habit to pay using your phone. This includes making use of Lipa Na Mpesa, Pay Bill, ansd even buying airtime. Doing this will prove to the system that you actually make use of mobile payment services hence affirming your ability to pay back your loan. As a result, you’ll be able to qualify for a higher loan limit.
3. Pay Your Loans Early
Don’t wait until your loan is due to pay it back. Early repayment of loans plays a huge role in determining your loan limit. This allows you to create a good reputation for yourself thus making you eligible for higher loans. You’ll find that most mobile loan providers tend to reduce the loan limit if you don’t pay back your loan on time.
4. Request Loans Often
The purpose of this is to increase your digital footprint in the system. Most mobile lending services review your activities on a monthly basis to determine whether you qualify for a higher loan limit. Based on this information, it means that requesting for a loan regularly and paying on time increases your chances of acquiring a higher loan limit.
5. Save More
This only applies to services like Mshwari and KCB-Mpesa. The more savings and account activity you have, the higher your chances of getting your loan limit increased.
If you follow the tips mentioned above, you can be certain that your loan limit will be increased.
Feel free to leave a question or comment below.