The Kenyan credit market is awash with various loans, the most popular being digital loans dished through mobile apps. More credit is, however, offered by micro-lenders, who are effectively filling the gap left by over-cautious commercial banks and saccos.
Mwananchi Credit, a leading micro-lender in Kenya with branches in major towns across the country, offers a number of loans to cater to different needs in the market.
Here are some of the popular loans the award-winning company offers.
1. Logbook Loans in Kenya
Guaranteed logbook loans are taken by individuals to meet personal expenses such as medical, school fees, purchase of household goods etc. The loan facility is secured using a car logbook and offers up to Ksh20 million.
Anyone who owns a private, commercial or passenger service vehicle qualifies for the auto logbook loan. The loan can be secured against more than one motor vehicle.
2. Cheque Discounting
Borrowers get cash against cheques issued by reputable companies at competitive commission rates. Mwananchi Credit also discounts post-dated cheques for selected companies.
This product ensures the borrower gets immediate cash against their cheques. This ensures a continuous flow of your business working capital which would otherwise be affected while waiting for the cheque to go through the clearing cycle.
3. LPO Financing
This finances businesses to service awarded LPOs or LSOs and contracts by your procuring entities. This is done fast and at competitive pricing against securities such as title deeds and logbooks.
LPO financing enables contractors and vendors of government, reputable companies, institutions, and other organizations to have the financial capability to execute the awarded jobs/contracts with ease and on time.
4. Invoice Discounting
If you need to unlock working capital tied up by unpaid invoices you can get paid by discounting invoices for reputable companies/institutions fast and at competitive pricing. No security is required.
Mwananchi Credit discounts invoices of suppliers for supermarkets, reputable companies, educational institutions, hospitals, hotels, NGOs and selected parastatals.
It serves those who supply goods and services on credit after invoicing and having to wait to be paid at a future date. It finances up to 80% of the invoice value to be repayable within 90 days in a bullet payment from the proceeds of the invoices.
5. Salary Advance Loans
If you have an emergency or urgent need for cash before your next pay, the Salary Advance Product from Mwananchi Credit can sort you. The company finances employees of reputable companies with evidence of salary payment for the last six months.
The loans can be repaid in a flexible repayment period. The facility can be used to fund emergencies such as school fees, hospital bills, wedding expenses, funeral expenses, court fines, etc. It is easy to apply and approval is granted within one hour.
6. Secure (Title Deed/Logbook) Loans
Individuals or small and medium enterprises (SMEs) in need of working capital can get financing for the acquisition of capital items for the business at fast and competitive pricing. The facility may also be used by individuals to meet personal expenses such as medical, school fees, purchase of household goods, etc. The facility may be secured by either Logbook or Title Deed.
editor [at] businesstoday.co.ke