Finding the easy avenue to apply for a loan has never been easy. Millions of people across the globe live on a tight budget, and a single financial emergency can be devastating to them. Some of the problems that can make you rush for an emergency include an illness, unexpected big bills, or car problems. You can apply for a loan with a financial institution that lends money near you. However, if you are in Kenya, Mwananchi Credit should be your first option.
When you apply for a loan, especially the secured one, you increase the capacity to reach your business potential. A secured loan helps you cater to various huge financial problems. The loan is repaid with interest, and you may be given up to five years to repay it. The monthly installments are easy and will not weigh you down financially. The best thing is that most secured loans are safe as you will grow your business and retain your asset after you complete paying it. When faced with any financial emergency, your first stop will be online, with many loan options.
Apply for a loan- All you need to know
How to apply for loans
When applying for a personal loan, you have to take several steps. The first one is to make sure you apply for the right loan for you. This means you have to consider the purpose; it may be a loan to buy a car or renovate a home. The best thing about such personal loans is that they not solely based on your creditworthiness; they are secured by the car or home you intend to buy or renovate. Here are some of the things you need to apply for a loan:
- Certified latest payslips
- National identity card and non-Kenyan, they must have a passport
- Kenya Revenue Authority PIN
- Past three months’ bank statements
Once you have these you can apply for a loan online using the “apply for a loan tab” on the top left part of the website.
How to qualify for a personal loan
One of the reasons most people fail to get Mwananchi loans is because of providing inconsistent information. You should know how to qualify for one and increase your chance of getting a financial boost. Get to know firsthand how you can qualify to apply for a loan at Mwananchi.
Decide how much to borrow
The first step you should take is to decide how much you want to borrow. There is no need to get a loan that you do not how to use it. Instead, make sure you borrow that will boost your financial life. Always consider the speed of getting the loan and interest rates because expensive loans can ruin you financially. Besides, the repayment period should be long enough to allow you to make payments that you can afford to pay without overstretching yourself financially.
Get to understand your obligations
The contract protects both parties more so consumers during financial transactions. Personal loans fall within this protection. Some of the rights you have include that the lender must let you know the APR, amount financed, finance charge, and the payments you should make when getting a personal loan. Besides, as a borrower, you must be informed about every monthly installment, the number of installments penalties for repaying the loan earlier, and lateness fees.
Where Can You Obtain a Personal Loan?
There are different main places where you can get a personal loan. They include banks, cooperative unions and other financial institutions such as Mwananchi credit. Some have a charter and others that do not have one. The main difference between them is regulation.
Central Bank of Kenya governs every institution with a banking charter. If you want to apply for a quick loan online, banks and credit financial institutions will be your first stop. However, before you get the money, you will definitely meet your loan office face to face.
Banks have strict qualification stands than credit finance companies. For example, the Mwananchi Credit loan application is available even for those who apply for a quick loan with bad credit. Their qualification process is less rigid, and even interest rates are better- upto 2.5%.
Our customers and other prospects search terms such as apply for a logbook loans, Mwananchi title deed loans. Those in need of school loans and car loans use different terms altogether. They get financed up to 25,000,000 within 4 hrs.
It is easy to know your eligibility when looking forward to getting a personal loan. Go to the Mwananchi Credit website or just call them to know if your financial profile is good enough for you to qualify for a personal loan from them.
Most lenders will use a soft inquiry to preapprove or prequalify you for the loan. However, either way, you are not guaranteed to get the loan. It only shows that your financial profile fits the target the lender would wish to give money.
The prequalification process is easy and includes filling a form online. First, you fill in your basic information, including name, address, the amount you want to borrow, and income.
Where can I borrow money ASAP?
Financial institutions such as Mwananchi Credit are the easiest places to borrow money for under 6 hours. Borrowing money from such financial institution is a better option than a regular bank since you get it up to 6 hours as opposed to waiting for 2 weeks.
What is the easiest loan to get approved for?
The easiest loan to get is a secured one. This means you apply for a land loan, logbook loans and Mwananchi title deed loans. They are the best way to apply for a loan with no credit check.
Which financial institutions gives loan easily?
Any financial firm will give out a loan to lender who meets their qualifications. This enables you to reach your full potential using secured loans in Kenya. Make sure you use it for the intended purposes.
How do I get emergency money?
Emergency money is available from your financial organization credit. If you have a stable income, you can easily qualify for an emergency loan, and salary advances. The approval can be within 24 and 48 hours.
Can I get a crisis loan?
Yes, you can get a crisis loan online from Mwananchi Credit.
You can apply for a loan now with a collateral and get it fast. The money is usually given based on your type of asset. If you are not doing well financially and with defaulted payments from banks, Saccos or cooperative unions, consider getting loans such logbook loans. All these options are available at Mwananchi Credit. Talk to us anytime for more details.