Information and Reviews
Update:[15.03.2022]
The first thing that catches your eye about Faraja credit is the “powered by Safaricom logo.’ Is it a Safaricom product? Better yet, hasn’t the latter has overtaken the market with their ‘Fuliza’ Loan products? Generally, they are a retail-based credit lender in Kenya. What do we know about Faraja Loan Products? Read more here.
Oh! It’s a Nairobi based lender with its headquarters in Houston, Texas!
What We Know About Faraja
Faraja allows users to access point of purchase credit loans at 0% interest. If you are stuck somewhere buying goods and run out of cash, you can use Faraja to ‘kopa’ over a period of 7-30 days just like that!
When you read their terms and conditions, you will see that a liability limited company owns it by the name of EDOMx.
In light of the above, the minimum amount to transact on Faraja is Ksh50, and the maximum stands at Ksh.100,000. With interest standing at 0%APR.
What Loans Does Faraja Offer And What Is It Best Known For?
Faraja credit offers Retail credit to anyone who is a pre-approved Safaricom subscriber. Their primary mission is to improve lending habits and ensure positive lending. Similar to Zenkas’ 0% first loans, Farajas’ product offers 0% interest loans to subscribers. Subscribers, in turn, get to purchase goods on credit from verified and registered Faraja merchants.
The Exact Cost Of The Loan And A Representative Example
Because this is a retail-based app, it means you are borrowing against a retail company. E.g. Supermarket.
You need to be registered first and be aware of your limit. Let’s say you buy goods worth Ksh.3,000. You get to the till, and you have no cash:
- Opt-in,
- select ‘Buy Goods’/ ‘Enter Till Number,
- Input merchant number. ( Should be a verified merchant who is also registered on Faraja.)
- Input pin and borrow Ksh.3,000, which then you should repay the same amount within the time frame chosen.
How Can You Get A Loan From Faraja Loan App?
First, follow this link to apply or dial *799# to opt-in.
Fill in your KYC details and wait to be awarded a limit.
After successfully logging in, customers can access 2 loan facilities simultaneously!
The service also has other features like airtime top-up, mini statements, Buy Goods and Paybill.
The app version is available on Google PlayStore but is still in development. The same can’t be said for Apple Store. Best to use the USSD option.
How Does Faraja Determine Your Eligibility And Credit Score?
Faraja credit peruses through your transaction history from Mpesa to banking transactions. Your credit history is therefore assessed through the former, as well as your repayment history in general.
Disbursement And Repayments At Faraja.
Once you opt in to the service and get approved for a loan, you can then pay merchants against the credit limit awarded.
Here you do not get access to any cash. Instead, it’s like Faraja has paid on your behalf and you, in turn, owe them. Which you later repay within a chosen time frame of 7-30 days.
Overpayments are rejected as Faraja only allow lesser amounts or repayment of the exact amount.
In case of default, your credit limit is lowered by 10%. The account is suspended if, by 14 days, repayment is not made.
On the extreme end of default, which is 60 days, your information is shared with a third-party debt collection agency to recover the amount in default.
What Unique Faraja Has To Offer?
The service is tailored to cater to and favour the use of USSD.
Pros and Cons of the Faraja Loan App.
Pros
- Very pro USSD as compared to other digital lenders.
- 0% interest credit facility.
Cons
- Loan limits are catered to repayment history data on your phone.
- If you default, you are out.
How Can I Contact With Faraja?
Currently, there isn’t a customer care email address as all matters are addressed in-app or visit a Safaricom shop to get assistance. But, you can try using [email protected].
Alternatively, visit the Website.
Address: 16th floor. Muthangari Drive.Westlands
Phone: 0111799799/0701220220
Email: Currently, the customer care email address is customercare@faraja credit.com or, as all matters that need addressing, in-app or visit a Safaricom shop to get assistance. But, you can try using [email protected].
Working hours: 24/7
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