X

Mwananchi Credit – What you should know

It is important to help borrowers and startup businesses with funds because they contribute in harnessing the economy’s resources. In view of this, Fintech has revolutionized the lending industry and thus the emergence of Mwananchi Credit. 

Mwananchi Credit Limited, as one of the major loan providers in Kenya, makes provisions for different loans. They have created a significant change in the lending market and continue to grow. The study combines research and everything you need to know about Mwananchi Credit Limited.

About Mwananchi loans

Mwananchi Credit Limited is one of the loan providers in Kenya. People knew them as Mwananchi Microlink Limited before they changed it to Mwananchi Credit Limited on 10th January 2012. Citizens of Kenya believe they render the cheapest and quickest loan.

The loan platform has seven (7) branches in Nairobi. Three (3) in Nairobi, Kitengela, Eldoret, Mombasa, and Thika 

Why Mwananchi Credit

The objectives of Mwananchi Credit can be seen below:

  1. Came to fill the gap in lending marketing by serving underserved customers
  2. They focus on improving customer experience
  3. Offering the best rate loans with significant margin
  4. Practicing switching over and saving policy. This means switching over to them and have them give a full savings experience.
  5. To serve and reduce extra fees so customers can pay off easily.

5 Mwananchi Credit Limited products

They offer many products ranging from:

  1. Title deed loans
  2. Import financing
  3. Cheque discounting
  4. Salary check-off loan
  5. Trade finance

Title deed loans

They give this type of loan to private and commercial vehicle owners. The amount borrowed depends on the value of the car. You can borrow from Ksh. 100,000 to Ksh. 25,000,000

Import financing

Importers and dealers of second hand cars are targeted. Raw materials, importers, machinery and electronics dealers too. They finance their products and the borrower pays back as agreed.

Invoice discounting

Mwananchi Credit Limited finance 50% of invoice amount waiting for payment. The money is to be repaid within 30days. The invoice must be from a reputable institution. 

Requirements 

  1. Copy of the original valid invoice signed by the buying entity
  2. Evidence of the delivery note of the goods supplied
  3. Assignment letter by the buying firm
  4. Recent bank statement for the business

Salary Check-off loan

Unlike other salary check-off loans, Mwananchi Credit provides finance to all civil servants, TSC officials, and county government officials. So teachers, police officers, government health workers, government nurses and clinical workers are eligible. They give it against salary earned, hence no instrument is rendered as backup.

Trade Finance

With Mwananchi Credit Limited trade finance is easy. Products are financed by them to assist customers or borrowers to perform contracts, expand businesses, provide working capitals, and so on. In return, the borrower tenders a security document in case he or she cannot pay back the loan.

Security documents required are:

  1. Bid bond
  2. Performance bond
  3. Advance payment
  4. Invoice discounting

Mwananchi Credit Limited Interest rate

There are different interest rates for the different kinds of loan at Mwananchi Credit Limited. 

How to apply for Mwananchi Credit Limited loan

To apply for any kind of loan on this platform, follow the procedure below:

  1. Log onto their website online
  2. Fill the application form
  3. Select the type of loan you need
  4. The platform takes your details
  5. Wait for loan approval
  6. Get your loan

Mwananchi Credit Limited App review

The loan platform has an application for easy loan application. The features of the app are:

  1. Easy to download and install
  2. Instructions are well spelt out and very easy to operate and navigate through
  3. Has 3.3 star rating
  4. 8 reviews Google Google play store
  5. 100k + downloads
  6. Has a total space of 1.5MB
  7. Has a catchy and simple colour and design

How to repay Mwananchi Credit Limited loans

You can repay the loan directly from the app or visit the office for guidelines on how to repay the loan.

8 Mwananchi Credit Limited branch in Kenya

Nairobi Branches

HEADQUARTERS

EcoBank Towers 10th floor, Nairobi.

Opp. 680 Hotel.

Tel: 0709 147 000

PENSION TOWERS Mezzanine 2,

Loita Street, Nairobi.

Tel: 0709 147 000

Ecobank branch office

Ecobank Towers 2nd floor,

Muindi Mbingu Street

Tel: 0709 147 000

Kitengela Branch office

Capital Center Building, Second Floor

Tel: 0709 147 000

Kisumu Branch office

Alpha House along oginga odinga street 2nd floor

Tel: 0709 147 000

Mombasa Branch office

Jubilee Arcade, Moi Av. Road Ground Floor

Tel: 0709 147 000

Eldoret Branch office

Zion Mall 2nd floor Uganda Road Opposite Aga Khan Hospital

Tel: 0709 147 000

Thika Branch office

Thika Business Centre, Naivas building 4th floor along Workshop road

Tel: 0709 147 000

Conclusion

When you can’t save money in advance, you can take out a loan. It is always a good idea to make enquiries before applying for any loan. This article has informed you on all you need to know about Mwananchi Credit Limited. For expenses like trade finance, salary check-off, import financing and so on, they are ever ready to help you with the fund.

However, you’ll need to understand what type of loan you need because there are specific loans for certain purchases.

hakeem: