- If you live in Kenya and need cash for a business or other investment opportunity, where should you go?
- What are the best places to get a loan in Kenya?
- How do I find out if I am eligible for a loan?
These are all questions that we can help answer.
The first step is determining what type of financing you need. There are many different types of loans – logbook loans, mortgages, title deed loans, personal loans, and more!
If you’re not sure what type of loan will work best for your needs please contact us with any questions. Once we know which type of loan is right for your situation we will be able to provide information on how to get approved and find the perfect lender for your needs.
What are the most common types of loans in Kenya?
There are many different types of loans in Kenya, so it’s important to get a good idea of what type of loan you need. The two most common types of loans for businesses and individuals include business financing and personal financing.
Whether you’re looking for a loan to finance your new business venture or get a new car, there are options available in Kenya.
Getting the right information is the first step when determining how to get a loan in Kenya. Any questions that you have about getting approved for a loan through our branches in Kenya, feel free to get in touch with us!
If you’re not sure which type of loan will work best for your business or individual needs please contact us with any questions! We will get back to you within 30 minutes.
How to get a loan in Kenya?
After submitting the form found at the top of our landing pages, one of our representatives will get back to you with loan options available at Mwananchi Credit LTD.
You will then get a call from one of our team who will provide you with correct information about our loan products, expected interest rates and terms for each loan option provided.
After reviewing which loans are most suitable to meet your needs, you’ll be ready to get a quick credit decision. Once Loan Back has received all required documents, we make it easy and convenient to get a loan in Kenya at a time that is most beneficial for you.
Getting approved quickly doesn’t mean paying more for your money! Mwananchi Credit LTD has several branches across the country to provide borrowers’ options while ensuring competitive interest rates and repayment terms.
Whether you are a government employee, business person or self-employed, we’ve got you covered!
The risks and benefits of taking out a loan
If you’re considering getting a loan, it’s vital to understand the benefits and risks of each type. This will help you get a quick credit decision and get money when you need it. Loans are not an ideal way to get cash when you run short before payday, because most lenders charge higher interest rates than banks do on overdrafts.
Risks associated with taking out a loan
When you apply for a loan, you may face some risks. You should consider these risks carefully before deciding whether to take out a loan. If you decide to borrow money, you should also keep in mind the following:
1. Interest rates
When you borrow money, you usually pay interest on the amount borrowed. It is very important to compare the cost of borrowing between different lenders.
2. Repayment term
Most people get a loan with repayment in instalments. If you get a longer repayment term, it means lower monthly repayments but more interest over the life of the loan. Key takeaway: a 30-day loan is much affordable for individuals who are not interested in bank loans which are subject to an annual interest rate.
3. Fees and charges
Loan brokers usually get paid by charging you fees and charges for their services. Make sure that you know exactly what these charges will be before applying for a loan. Under Kenya’s Consumer Protection Act, consumers have to be informed about any charges that apply to credit transactions and they must be told the amount of money they would pay if they borrowed the money from someone else. The law also requires borrowers who take out credit to get information on how much it costs them in total (interest plus all other charges).
When your ability or credit rating falls below certain levels, you could find yourself having trouble repaying your loan. If this happens, you can lose your home, car, or even your job.
5. COVID-19 pandemic
The coronavirus pandemic has caused many businesses to close down. This includes banks, financial institutions and government agencies. As such, there are fewer options available when it comes to getting loans. However, there are still ways to access funds.
6. Your age
If you are younger than 18 years old, you cannot apply for a loan without parental consent. In addition, you need to prove that you understand the terms and conditions of the loan agreement.
Benefits of taking out a loan.
There are many reasons why you might want to borrow money. For example, you might want to buy a new house, start up a small business, renovate your home, or consolidate debt.
Here are some examples of situations where it makes sense to borrow money:
1) unexpected expense comes up.
It could be a medical emergency, an expensive car repair, or a serious plumbing problem. In any case, you don’t have the cash on hand to get through this rough patch without going into debt.
2) You want/need something that costs more than what you currently have to spend.
For example: maybe you need a new couch for your living room to replace the old one that was damaged during a recent party. Or, perhaps there is a good deal on a flashy new motorcycle and you just have to have it! This type of purchase is also known as consumer debt because it helps consumers get from day-to-day life – but at quite a price.
3) To get something done quickly.
Sometimes, you simply have no choice but to borrow money. Perhaps you need to go abroad to visit family, or you need to fix a broken appliance right away.
4) A long-term goal.
Maybe you’ve been saving for years now and you finally feel ready to invest in a property. Or maybe you want to start up a small business. Whatever your reason, you’ll probably need to borrow money to achieve your goals.
The different ways you can pay back your loan, including instalment payments and lump-sum payments.
If you’re borrowing money to finance a major purchase like buying a house, then you’ll most likely be asked to make regular payments towards the principal balance. These are called “instalment loans”. Instalment loans are repaid in equal amounts every month.
You can choose to pay off your loan in full when the time comes, which is called “repayment in full” or “lump-sum payment”. You can get a personal loan from our platform that allows you to repay the loan amount in full within a specified period. This is a great option if you have enough cash available to pay off your loan in one go and avoid paying high-interest rates on instalment loans.
The different types of loans you can get
Just as many people get car loans, mortgages or student loans, there are also unique types of short-term loans available for specific purposes. They’re designed for those with bad credit who wish to get out of debt quickly. With this said, they usually come at a higher cost than other forms of financing.
If you need money right now, then weekend loans might be an ideal solution for you! They’re suitable for return customers or customers with an existing loan with us. You can get up to 100,000 KES loan amount without a hustle.
These kinds of loans usually have a quick approval rate, you can get your loan within 30 minutes!
Tips for getting approved for a loan
- get the paperwork done first, get your payslips and bank statement
- get all of this to us as soon as possible (we don’t do backdated approvals)
- With these tips in mind, you’ll greatly improve your chances of getting approved for a loan.
Things to consider before applying for a personal or business loan
- get a clear understanding of how much you need, what for and how long it will take to payback
- get an estimate on the amount of loan that can be processed within 24 hours (especially important for business loans)
- These things are very important. If you’re ever unsure, get in touch with us at once! We’d love to help out.
Loan Application Process
1. Decide what kind of loan suits your needs the best based on your budget and future plans – get someone familiar with accounting or finance to help you figure this part out if needed! Check our website now. It’s easy to get a personal or business loan from us. Business owners can get all kinds of loans from us ranging from working capital loans to equipment leasing.
2. Fill out the application form online and submit it. I.e Logbook Loans Online Form, Car Loans, and Salary Check-Off.
3. Get notified by call about the status of your application.
4. Once we’ve reviewed your application, we’ll let you know whether you’ve been accepted or rejected.
5. You can expect to receive your funds within 48 hours after submitting your application.
6. Your loan is fully secured against your property/logbook.
7. You can get your loan anywhere in Kenya.
8. There are no hidden fees and we get you the lowest interest rate possible in Kenya.
9. Both individuals and businesses can get a loan from us.
10) Our loan vetting process is fast and convenient, get started now!
You’ve come to the right place! Whether you are looking for a personal or business loan, our experts can help. We offer two types of loans in Kenya – quick and secured loans.
Quick Loans are meant for emergencies where someone needs immediate cash with no questions asked.
Secured Loans require collateral which is usually an item that will be used as security in case there’s any default on the payment made by the borrower.
The benefits of taking out a loan include being able to purchase things when you need them without waiting until your next paycheck arrives, not having to worry about paying late fees because it eliminates missed payments, giving yourself some financial stability since you have access to more resources than what may otherwise be available if left unsecured, and finally get a loan to consolidate high-interest credit card balances
Getting a quick loan online is easier than you may think. You can get the money from your account in as little as 30 minutes! All you need to do is complete an application form which takes less than 5 minutes.
Once approved, the funds will be sent directly into your bank account within one business day. The best part about getting a quick loan online is that there are no hidden fees, just the benefits of having access to more resources without having to wait until payday or deal with late payments.
It helps people get through tough times by providing them immediate relief until their next paycheck arrives.