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Emergency Loans in the Middle of COVID-19

Mwananchi credit has for the past 3 years been the country’s top logbook loan issuer but nothing could have prepared us for a global pandemic. Some lenders decided to reduce their maximum lending amounts,  some completely  froze lending while others even shut shop as the country grappled with uncertainty. 

Going by our tagline which reads “Investor in people” we decided to place our trust in the people and as the saying goes 

“If you want to go quickly, go alone. If you want to go far, go together.” 

We decided to go the journey with every mwananchi in need with a credit facility. Our risk based lending model has made sure we continue to give out emergency loans of up to ksh 25 Million and at the lowest interest rate in the market and in less than 6 hours.

 

Flexible

flexible interest
flexible interest

During this pandemic we have been giving flexible interest rates for our loan products. We are now giving out Emergency loans to even individuals listed in CRB and have driven our interest rates even lower, now lending from 2%. Our repayment periods have also been revised and we are now lending in up to 48 Months while the salary check off loans are up to 84 months.

 

Emergency Loans Restructures & liquidations

The strain of repayment amid the Covid-19 pandemic affected the whole credit industry. Customers were unable to pay their loans as usual because of the unusual business climate. This advised us to undertake a restructure and liquidation process for all the customers that reached out to us with difficulties in servicing their current loan facilities.  We have so far renegotiated hundreds of emergency  loans by existing clients to provide them with longer repayment periods and liquidations to help them cope with emergency situations.

 

Loan To Ups

Mwananchi Credit has been offering emergency loan top ups to customers who need more cash than they applied for to sort out unexpected emergencies. These top ups are negotiated according to the client’s ability to pay and also the repayment pattern of the client in servicing the initial loan. We make sure the top up process is very swift to allow fast disbursement of funds in under 6 hours.

 

Weekend Loans

Existing clients qualify for the weekend loan facility. Weekend loans are loans given on top of existing loans. These are emergency  loans taken for a period week to sort out any client emergency and repayment is done exactly 7 days from the day of disbursement.

 

Cash in 6 Hours

Loan in 6 hours
Loan in 6 hours

People have been forced to run to lenders during this pandemic to fill the critical gaps brought about by it. There have been medical emergencies, Business emergencies and other personal emergencies that have needed to be attended to immediately. With most lenders taking a minimum of two weeks to disburse loans, Mwananchi credit has come up with systems to reduce loan disbursements to 6 Hours and below. The 3 step process ( Valuation, Documentation & Disbursements) maintains all due diligence required and still offers this convenient service to make sure all emergency loans are disbursed in under 6 hours.

 

Emergency Salary Check Off Loans

Civil servants have also not been left behind with teachers and other government workers benefiting from our salary check off loans that have filled the financial gap. These emergency loans are disbursed in just 6 hours. With things slowly going back, we realize the strain of schools reopening and resumption of businesses may wear down on many people and with this in mind we will be offering the most affordable and flexible interest rates in the market for all salary check off loans.