As you may well have experienced, life is unpredictable, and things you have never have foreseen may happen. This could be anything from a severe illness or a life-threatening accident which may bring a large amount of expenditure required. Even if the circumstances aren’t severe, you may have certain expenditures that you want to make as quickly as possible. The problem is that not everyone has that kind of money simply lying around, and it may well take months to earn that money. Additionally, borrowing around from people you know or lenders can potentially take some time, too, which is time that you likely can’t waste. Getting finances within 24 hours is quite essential in these circumstances. So, what do you do in such a situation?
Not to worry, we here at Mwananchi Credit Ltd. have you sorted out. We provide a range of loans that allow you to get the funds you need within 24 hours. Additionally, we provide these loans at such excellent terms that you will be able to pay them back easily, ensuring you come out better with them. Please keep reading to find out about them so that you can have a backup plan with us for quick funding. We will talk about each of the 24-hour loans we provide.
Let’s dive in.
Logbook loans allow you to access credit by using your car as collateral. Therefore, car owners can get cash very fast. Also, for clarity, you get to own the car during the loan duration, and you can acquire the loan if you own private, passenger, or commercial vehicles.
What are our loan terms?
Typically, most lenders will only offer up to 30% of the car value, making the loan terms unfavorable. However, we offer up to 90% of the car value with interest rates as low as 1.6%, which means you can get a large amount of funding instantly and be able to pay it back comfortably. Lenders also don’t lend money to borrowers with bad credit histories as they are not proven to pay but back the money. However, anyone can get logbook loans with us, no matter how bad their credit history is.
This is because the loan is secured against a vehicle. Of course, the money you can get depends on the model of the car, but we offer between 150,000 to 25,000,000 KSH for logbook loans for all types of vehicles. This includes lorries and matatus. You repay the principal amount and interest monthly, usually between 1-24 months, depending on your car. You can also repay the whole amount before the end of the loan without any penalty.
How quickly do we provide the loan?
Logbook loans are some of the fastest loans we provide as they take six hours or less after you apply for them. We make sure the processing and the approval process are conducted as quickly as possible to ensure as little hassle for you as possible. Additionally, you can even apply for this loan online, and a customer care representative will contact you within 30 minutes after you apply during working hours. This makes it an ideal option for emergency funding as well.
What is the application process?
The application for logbook terms is quick and straightforward. It can be summed up by the following few steps. These are:
- Click Logbook Loans on our site and fill out the calculator module. This will estimate how much you will be paying monthly.
- Click ‘Get a Quote’ and fill out the required fields.
- Click submit, and a member of our team will reach out to you within 30 minutes.
- After pre-approval, visit any of our branches in Nairobi, Mombasa, Thika, Eldoret, Kisumu, or Kitengela to sign the contract and get the funds within 6 hours.
Additionally, there are some minimum requirements you need to fulfill and provide us with. These are pretty simple to ensure the process is done as swiftly as possible. They are:
- Original logbook
- KRA PIN
- Original ID card
- Two passport size photos
- Six months bank statement
- Comprehensive insurance certificate cover
Salary Checkoff Loans
Salary checkoff loans are employee loans that they repay directly through their paycheck. The repayment is done automatically, which makes it easy to implement. We offer these loans to teachers, police officers, and health workers. Additionally, we offer employees whose employers have partnered with them the opportunity to get these loans. This partnership is a must for this type of loan, along with other factors that we will talk about. The purpose of this loan is to help employees clear personal debt to help alleviate financial stress for them.
What are our loan terms?
To apply for the loan, there are some criteria you need to fulfill. This includes being 18 years of age and having a valid social security number, among other things. After application, approval will depend on a few other factors like employment data, credit history, and other information that you will have submitted. The interest rate will also be decided on these factors and will be fixed during the loan duration. This rate will stay the same even if you have left the employer. However, if you cannot repay after being unemployed, you can contact us for alternative solutions.
How quickly do we provide the loan?
Typically, after you have applied for the loan, it will take between 6-24 hours for you to receive the funds provided it is approved. Sometimes, we may require you to submit additional documentation during the application period. After approval and document signature, it will take an hour to receive the funds in your bank account. As you can see, we make sure you get the funds as quickly as possible so you can deal with any debt or expenditures you have.
Weekend loans are a short-term finance option for anyone with unexpected expenses and need to bridge the gap between the weekend and payday. We offer these weekend loans for our loyal clients, allowing you to get up to 100,000 KES in less than 10 minutes. You need to have an existing loan with us to be eligible for this. All you need to do is simply fill out the form on our website and apply to get started! You can use the funds to save any plans you may have had for the weekend.
To sum up
Life is unpredictable and unexpected expenses can lead to significant financial stress. Our same-day loans are an excellent option for you to alleviate this stress so that you can navigate these challenging times with ease. These loans include logbook loans, salary checkoff loans, and weekend loans. You can choose whichever loan is favorable for you as it takes different things as collateral for security. We offer various other loans too, and if you’re interested, you can visit our homepage to check them out. Our excellent loan terms with flexible repayment periods ensure you can repay us easily and come out on top with our loans. So what are you waiting for? Apply now and improve your circumstances with us! Our branches are available all over the country of Kenya so you can even visit us with ease when signing the contract is required.