Mwananchi Credit: The Best Penalty free Loan Providers Of Kenya

Mwananchi Credit The Best Penalty-Free Loan Providers Of Kenya

When it comes to doing anything in life, having the necessary resources to do is vital. Opening a business, buying a car , or getting insurance, we all need money for this. However, everyone has their own circumstances, which means that most people do not have the necessary funds to buy their own things. Getting those funds can be a long and arduous process as this would mean slowly accumulating them or asking friends and family. Additionally, most lenders provide unfavorable loan terms with an early redemption penalty and high-interest rates. This may push you away from getting those loans. However, we at Mwananchi Credit Ltd . provide the best penalty free loans in Kenya. Don’t believe us? Keep reading and find out for yourself. 

Who we are

Mwananchi Credit Ltd. is a Kenyan-based loan company that has existed for more than a decade. We are the number one provider of logbook loans in the country, although we also provide many other secured emergency loans. We have branches all over the country like Nairobi, Mombasa, and Thika and plan to expand even further. We have changed the lives of many people who have chosen to get loans with us. As you can see, we are a trusted company, and we assure you that you will have a pleasant experience with us. Now let’s talk about the various emergency loans that we provide. 

What are the loans we provide? 

1. Logbook Loans

Logbook loans are loans that allow you to obtain credit by using your car as collateral. This can allow you to get some quick cash as long as you are a car owner. During the loan, you can use the car. If you fail to pay back the loan, the lender has the right to possess your vehicle. However, with Mwananchi Credit, we provide you with excellent loan terms which give you more than enough time to repay the loan. What exactly makes our logbook loans the best in the country? Let’s find out. 

What are your logbook terms?

While most lenders will offer only up to 30% of the value of your car, we provide up to 90% value of the car to ensure you get maximum value out of your loan. In addition, we offer interest rates as low as 1.6%, which ensures that you will be more than likely to pay it in the specified time. These loans can have repayment periods of up to 4 years. You can get a sum from as low as 150,000 KSH to 25,000,000 KSH, and these amounts will vary based on the car you have. You can even get these loans if you have a bad credit history, as this loan is a secured loan that uses your vehicle as collateral. 

What is the loan issuance process?

What is the loan issuance process

Our logbook loans are issued within 6 hours or less after you have applied. This ensures that you get your cash as fast as possible as you will likely want it for some emergency purpose. You can even apply online on our website in some simple steps. These are:

  • Enter details into the online calculator module to know how much you will be repaying monthly.
  • Click ‘Get a quote’ and fill in the required fields.
  • Submit your application, and a CR representative will get in touch with you within 30 minutes (during work hours)
  • After pre-approval, you will need to visit any of our branches all over the country to sign your contract and get your money within 6 hours.

What are the requirements?

Our requirements are pretty simple to ensure you have a hassle-free experience. The minimum requirements are:

  • Original logbook
  • KRA PIN
  • Original national ID card
  • Two passport size photos
  • Six months bank statement
  • Comprehensive insurance certificate cover

Are logbook loans penalty-free?

Yes, our logbook terms do not have any early redemption fees, and you can repay your loan any time before the allotted time without any extra charges. This is to ensure that you have as flexible a repayment schedule as possible. Many lenders end up having a penalty for early repayment, which can exceed the costs that usually wouldn’t have existed if you repaid on time. However, if you do not repay the loan, we will have the right to take your vehicle if not done in the allotted time. There won’t be any penalty fees, though, so we try to make sure that you won’t have to face a considerable loss in finances. 

2. Car Financing

Car finance loans are funding options for borrowers to buy a car. This makes them excellent options for people who want to buy a car but do not have the necessary funds. Various lenders and institutions in the country provide car financing, but we can assure you we are the best ones. We can help you fulfill your dream of owning a car at the best terms possible! 

What are your car financing terms? 

We offer financing terms for all sorts of vehicles because, after all, everyone has a different interest when it comes to cars. However, our loan amounts will generally differ from 150,000 KSH to 25,000,000 KSH. In addition, you can get a flexible repayment time of up to 24 months. Essentially, you will get to keep the car but will repay us the loan with interest every month. We finance all sorts of vehicles, whether they are used or new. The rates will differ based on the vehicle you want to buy. You can check out our calculator on our website to get an idea of our interest rates. 

What are your requirements?

To get a car finance loan, you need to have some minimum requirements and a review process that is conducted swiftly. This is to ensure that you get your money as soon as possible. This is usually done after a quick pre-approval and approval process after application. In addition, the minimum requirements are the following: 

  • Six months certified bank statement
  • KRA and ID Copy
  • Passport photos
  • Sale agreement 
  • Proforma invoice

Are car finance loans penalty-free?

Yes, there are no early redemption penalties if you manage to repay the loan within the agreed contract. This means you can repay the loan early and finally own the vehicle you have been paying back for good. However, if you do not repay the loan within the allotted time, then we have the right to repossess the vehicles. 

3. Title Deed Loans

Title deed loans are used against a residential or commercial property to obtain funds. You can use this for both personal and business purposes. This loan type is ideal for an individual or SME who needs working capital to finance a business. Typically, most salaried employees may not have the considerable funds required to start up a business. 

What are the title deed loan terms?

When deciding loan terms, we look at the repayment capacity. Typically, we will look at a range of factors: the loan amount, income, age, qualifications, number of dependents, assets, liabilities, etc. However, this loan does not generally exceed more than 40% value of the property. Loans have a max tenure of 24 months, so long as they don’t exceed certain requirements. 

What are the requirements?

For starters, there are specific criteria that you must meet for this loan. You must be a salaried employee (not more than 60) or self-employed professional/ non-professional (not more than 65). Additionally, the requirements are: 

What are the requirements
  • Six months certified bank statement
  • KRA and ID Copy
  • Passport Photos
  • Sale agreement
  • Proforma Invoice

Are title deed loans penalty-free?

Yes, title deed loans are penalty-free, and you can pay back the loan amount and interest anytime within the agreed contract. However, there will still be collateral. This is usually in the form of a title deed that should be clear, marketable, and free of any liability. You can even have a co-applicant against the property, which means you can get a higher amount lent to you. However, in this case, both of you must apply. 

In conclusion

As you can see, we at Mwananchi Credit Ltd are the best providers of penalty-free loans in Kenya. We provide a range of suitable loans for whatever purpose you require funding or emergency cash as fast as possible. We provide the best interest rates with flexible repayment periods to ensure the ideal loan situation for you. Come check us out and find out for yourself! 

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