Faulu M-Loan is a pioneering mobile loan service by Faulu Microfinance Bank that offers immediate access to emergency funds. Targeted primarily at salaried individuals and small business owners, Faulu M-Loan harnesses the convenience of both USSD technology and the Faulu DigiCash App. With a focus on simplifying the borrowing journey, it provides temporary loans that can be accessed on the go with minimal documentation. Typically, the loan amount is calculated as a percentage of your net salary (often up to 30%) making it perfectly aligned with your repayment capacity.
Key Features of Faulu M-Loan
- Dial *339# or use the Faulu DigiCash App to initiate the process and see approval within minutes.
- Loan limits are dynamically pegged to your monthly salary, ensuring that you borrow within your capacity.
- Faulu M-Loan leverages digital channels to create a seamless user experience.
- The interest rates, often competitive and clearly outlined, along with a minimal processing fee, are presented upfront.
- With robust encryption and data protection measures, your personal information remains safe during and after the application process.
Eligibility Criteria
To qualify for a Faulu M-Loan, you must:
Hold a Faulu Salary Account with at least three consecutive months of salary remittances.
Be an existing customer in good standing with Faulu Microfinance Bank.
Possess a valid mobile phone number and active USSD access for dialing *339# or the DigiCash App.
How to Register and Apply
- Use your mobile to dial the USSD code *339# or download the Faulu DigiCash App from your device’s app store.
- Follow the easy registration prompts, which automatically pull essential account details from your Faulu Salary Account.
- Choose the loan option, enter the amount you require (keeping within the percentage of your net salary), and submit your request.
- Once your application is approved, the funds are transferred directly to your mobile wallet or bank account within minutes.
How to Repay Your Faulu M-Loan
Repayment is equally streamlined with multiple channels available:
USSD Repayment: Dial *339# again and opt for the repayment function.
Use available digital payment channels, including M‑Pesa, to clear your dues seamlessly.
Faulu offers repayment terms that allow you to manage installment payments comfortably without straining your monthly budget.
Additional Benefits and User Tips
Build Your Credit History:
Timely repayment not only eliminates late fees but also bolsters your relationship with Faulu, enabling higher credit limits over time.
Faulu offers support through its call centers and branch networks, ensuring that any issues are resolved promptly.
With 24/7 access to the loan service via USSD and the DigiCash App, you can secure emergency funds whenever the need arises.