Your spending limit is initially set by default. But once you start using Simpl, the limit is constantly updated based on a few major factors.
How regularly you repay: Regular and prompt repayment is the most important factor in updating your spending limit. If you’re quick and consistent in settling your dues with Simpl, your spending limit increases over time. Needless to say, consistently failing to do so will have the opposite effect.
Your spending habits: The spending limit will mirror your purchasing habits. If your spending increases steadily, the limit will go up too.
Using the Simpl app: The Simpl app lets us carry out further verifications based on data available on the phone. For example, based on your transactional SMS messages, Simpl can increase your spending limit to match your overall spending.
The strength of your profile: A strong profile allows us to verify your identity, and get to know you better. Simpl uses this information to increase your spending limit.