Mwananchi Credit, Kenya’s leading micro-lending credit company, has launched a new product dubbed Weekend Loan billed to revolutionize how Kenyans spend during weekends.
Processed in under 10 minutes, it is the fastest loan in its credit portfolio and arguably one of the fastest in the digital lending market. The loan amount ranges from Ksh70,000 to Sh100,000 payable weekly.
The soft loan has been developed as an incentive to its loyal clients who are servicing existing loans, Mwananchi Credit Chief Executive Officer Denis Mombo says.
“This is the fastest loan being issued to our clients and is done in less than 10 minutes courtesy of Mwananchi Credit App that is transacted online and deposited through M-Pesa,” Mr Mombo says.
Weekend Loan is a top-up facility to clients keen to accomplish urgent life mandates like birthday celebrations, weekend parties or any other expenditures that require quick cash.
Mwananchi Credit App is available online. “Weekend loan is purely for our existing customers in need of urgent financial intervention in the middle of an ongoing loan at an interest rate of up to one per cent,” he added.
He said the facility addresses the immediate needs of Mwananchi Credit clients.
Mr Mombo says clients servicing loans cannot be denied life pleasures while complying with existing loans hence the need for this facility.
Demand for loans in Kenya is growing and so is the number of micro-lenders providing targeted credit products to meet the different needs of their customers.
Mwananchi Credit Ltd has established itself as a trusted lender in this category, offering an array of credit solutions including LPO financing, salary advance loans, cheque discounting, logbook loans, weekend loans and loans secured by titled deeds, among others.
The Mwananchi Credit App fosters convenience to clients wishing to access credit at the convenience of their mobile phones. Financial institutions offering credit and loan facilities are investing in technology to remain afloat in the industry with cut-throat competition.