The lender has disowned the page and confirmed that it neither charges for loan applications nor offers online loans.
A Facebook page mimicking Faulu Kenya and offering loans in its name is a HOAX.
The page, dubbed “Faulu Empowerment Fund’’, has 40 followers and 67 likes and also posts, including this one, where users are invited to apply for loans ranging from KSh2,500 to KSh50,000.
A link that directs users to a website where instructions on how to apply for the purported loan is attached.
However, prospective loanees are first required to fill in a survey form that seeks to answer questions about their gender, loan-taking history, how they intend to use the loan, and the amount they want.
After the survey form is a signup section and a loan calculator tab, where users input the amount they intend to borrow.
The calculator then tabulates and informs them of their total debt burden, including interest and service charges, should they proceed and take the loan.
Hitting the sign-up tab leads to a new page where users are informed of the loan amount they qualify for, the interest rate of 10 per cent and 12 months as the repayment period.
To qualify for the loan, users must have a valid national identification card and fill out a prescribed form. First-time borrowers are required to pay a KSh300 service charge via mobile money, specifically M-PESA, to a purported Chief Financial Officer named Dr Agnes Mutua.
“All first-time applicants are required to pay a service fee of…
