Offering Emergency Loans on Time
Mwananchi credit is renowned in the industry for offering loans that are fast, affordable and with very flexible repayment periods.
Our convenient loans have forced us to revolutionize lending by asking for just 5 requirements but still making sure we do a proper deep dive to make sure our potential customers have ability to service our loans.
To process an emergency loan at Mwananchi credit you will need just 5 things namely:
Official Valuation Report
A Valuation Report is a basic inspection of an asset that will determine its value. A valuer will look at the asset’s properties and condition to set the value. In the case of logbook loans, a valuation report is an inspection of the vehicle to establish its value as per the current market. The vehicle valuation process takes a maximum of 1 hour to make sure we disburse the emergency loan on time.
A report is then produce stating all the attributes and condition of the vehicle including; year of manufacture, Mileage, fuel transmission, condition of the vehicle parts etc.
In the case of property, a surveyor will visit the property and a name search will be done to determine the exact particulars of the property. The title deed valuation process takes 2 weeks as land is an immovable asset which makes the process more tedious. The land valuation process also involves multiple state agencies and must be adhered to strictly.
Loan Repayment Ability
Loan repayment ability refers to an individual’s financial capacity to make good on a debt. This in simpler terms means your likeliness to repay the loan amount that you have applied for. Loan repayment ability is integral when taking up a credit facility because is show cases your financials and if you will be able to pay a loan without necessarily straining.
To calculate repayment ability we consider your Bank account statements, M-pesa statements and also your business statements if available. All this data is fed into a proprietary software that Mwananchi credit has do determine your ability.
Mwananchi credit currently only offers secured lending facilities. Our loans are secured by either a vehicle Logbook, a title deed or in the case of civil servants a payslip for check off loans.
To make sure we offer our emergency loans on time Mwananchi credit will require you to have original security documents when you visit our office for paperwork. That is; Original logbook for our logbook loans, original title deed for our title deed loans and official verified payslip for our salary check off loans.
To complete the emergency loan process, we require the customer to visit our offices so at to fill in the necessary paperwork.
You can visit any of Mwananchi credit offices in Nairobi at either Eco Bank Towers 10th Floor, Eco Bank Towers 2nd Floor or Pension towers Mezzanine 2.
We also have branches in Thika at Thika Business Center 4th floor, Kitengela at Capital center building 2nd floor , Eldoret at Zion Mall 2nd floor, Mombasa at jubilee arcade down floor and our latest branch in Kisumu at alpha house 2nd floor.
A customer can visit any of our eight branches which serve majority of the regions in Kenya and taking credit facilities closer to the people.
Bank Account, Bankers Cheque/Debit Note
Mwananchi credit offers loans from a minimum of Sh 100,000 to up to Sh 25 Million. For these huge amounts to be disbused, we require a customer to have a functional bank account. In the loan application process we also require a customer to have a cheque book or debit note. The cheque’s also act as a form of security for Mwananchi credit and as per the contractual agreement we bank the cheque when the client is past the repayment date and has not contacted the portfolio officer.