Mwananchi Credit Limited Loans
Mwananchi Credit limited is a private limited company that offers tailor made financial solutions to its clients for them to realize their potentials and objectives for business and also personal growth. Due to the experience and the duration the company has been in operation it has been able to accumulate enough capital to understand the market needs and also to attract customers who need their services. The terms and conditions are very flexible and suitable to every client in relation to their needs thus make their offers attractive. Some of the main services being offered include cheque advancing, LPO Financing and salary advance.
For one to access the Mwanachi loans they must be account holders and members of the microfinance institution,that is they have to register by using their national identification number and with a passport photo for the purposes of authenticity. In addition to that one needs to present their work place documents and their employers for the purposes of guaranteeing the loans borrowed. Once they have become members, they can then proceed and requesting for a loan through one of the policies and services being offered these includes, they include business loans, personal loans and salary advance loans depending on one’s needs.Some of the mandatory requirements for one to apply for the loan from Mwananchi Credit include one must have a guarantor for the loan being borrowed in order to ensure they commit to paying the money borrowed inclusive the interest amount and incase of defaulting the guarantor will take up the responsibility. Having a good financial record history with other financial institutions and being cleared by the credit reference bureau for one to apply for the loan is required.
Specifying the type of loan being advanced is also very critical as this outlines the amount of interest to be charged and also the amount of money to be given. In the event of a salary advance one needs to present their pay slip to show the amount they earn and the amount to be advanced by Mwanachi Credit limited. On the other hand for business loans, it is important to outline the kind of business loan in order to assess the risk and returns of the business being promoted.Advantages of Mwananchi Credit limited;Availability of funds for the members to promote their businesses and to ensure that they benefit from the funds offered to them.The loans being offered are tailor made in order to meet the specific needs of the customers and avoid leaving out unique services by different clients.Wide variety of credit services being offered by Mwananchi Credit limited which is unlike other money lending institutions.
Disadvantages of Mwanachi Credit Limited;Limited to only members Mwanachi Credit Limited thus locking out new members.Lack of online application to cater for customers who cannot access the companies offices thus limiting the spread of funds and the customer base.High amount of money one can borrow thus locking out those who have small businesses with small value of stock to operate in.