Mwananchi Credit has signed a deal with most of the counties in Kenya, meaning all county employees can apply for the salary check off loan facility.
The service is available across all counties in Kenya and at flexible rates.
Many would-be clients have questioned whether Mwananchi Credit offers salary checkoff loan layoffs. It does and from other financial institutions. With its reduced interest rates, customers are advised not to transfer the burden of heavy interest from one service provider to the next. Further, Mwananchi Credit offers loan buy-offs on logbook loans.
Some of the loans available at Mwananchi Credit Ltd are the Logbook and other related secured emergency loans.
What makes it among the best in the market is no penalties, no security needed and no M-Pesa statement required.
Its interests are at 1.5%, longer repayment periods, and restructuring of loans depending on the client’s changing economic circumstances.
Fast loan processing
Mwananchi is also known for its quick processing and approval process, where one can get a loan within six hours of application.
In November 2020, Mwananchi Credit announced it had waived penalties on loan defaults to reduce clients’ repayment burden.
This was one of the plans set in place by the institution to cushion customers from the coronavirus pandemic’s effects. At the time, Mwananchi Credit director Dennis Momo said the pandemic had hurt many Kenyans with loans as many jobs were lost.
He asked customers to visit Mwananchi Credit for discussions on how their situations can be addressed.
Civil servants on board
On helping civil servants access credit fast, Mwananchi Credit has made services available to all teachers employed by the Teachers service commission (TSC) or officers hired by the National Police Service across the country.
Officers can apply for loans based on their salaries. Teachers are required to send in their payslips, which will help calculate the figure that can be issued to the applicant in the salary checkoff loan. After these discussions, the applicant chooses how long they want to repay and a possible schedule. Loan processing takes six hours.