Loan on Items
KSh 1.00
MPEYAS PAWN SHOP Loan Terms and Conditions
Get Verified to See Loan Form Here.
We issue instant loans against electronics, Television, Laptop, TV, Freezer, Fridge, Refrigerator, Executive Furniture, Office furniture and equipment, households, Kitchen equipment, logbook loans, and more. Starting from Ksh500, you can use your item as collateral to get a quick loan for flexible period.
We offer 20% loan interest for 10 Days, renewable. By renewable we mean when the time to pay your loan comes and you do not have the full amount, you can pay back only the interest in full and we renew the loan for another 10Days. You can renew as many times as you want, when ready, you pay back the full loan.
How to Apply:
- Visit our branch for registration and verification (first time applicants). National ID required.
- Login to your account, and select your plan
- Fill in the items details accurately and then submit form.
- You will have to deliver the item to our store, or arrange for our agents to pick it up from a public space.
- Loan disbursed, start repaying your loan.
- Apply again online, or pick your item
MPEYAS PAWN SHOP Loan Terms and Conditions
Loan Application Requirements
- National ID (Kenyans) or Passport (Non Kenyan citizen)
- The item/ Collateral accompanied with original receipt for proof of ownership
- Your MPESA Number where we will issue issue you the loan.
- Contact for a friend or family who can pick the item on your behalf in case you are not reachable
Loan Terms & Conditions
These are basic selective loan terms in addition to SOOZ LTD Terms and Conditions at https://mpeyas.com/terms/
- We issue pawn loans minimum Ksh500 and maximum Ksh10,000.
- Loan principal period runs up to a maximum of 60 Days
- You are required to pay loan interest of 20% every 10 Day.
- Failure to pay the interest leads to item auction.
- You can close the loan anytime from the time of loan issue by paying back full loan interest and principal.
FREQUENTLY ASKED QUESTIONS
A pawn is a means to get the cash you need. Pawn is taking a loan using your item. You bring in an item, and leave it with us as collateral, we offer you instant loan that you pay back in 10 days, renewable (loan) amount. You can renew this loan as many times as you need and we will work with you during the process. We offer loans from ksh500 upto Kh50,000.
We determine the value of the item(s) based on in-store, auctions, and prices online. The easier the item is to value, the easier it is to loan on. We determine the value of your item by current market prices.
At MPEYAS, when your loan has 4 days left to expire, we send text SMS and email reminders every day until the due date. We also have an app which allows you to pay and monitor your pawn loan(s) and balance. If you do not pay back your loan on DUE date, or if you do not renew loan for another cycle, we will take possession and put your item on auction for sale.
We will put your item up for sale. This all depends on the item and your communication with us.
No credit check is required.
We only take fairly used items in perfect working condition. We do not accept any dumping. We do not accept stolen items, we report such items to police. We do not take guns, or gold, we do not take old items without value, of course we love true vintage items!
We loan/pawn on any items with value, fairly used electronics, executive office furniture, household items, sofa set, dinning table, television, TV, good beds, kitchenware, cooker, oven, fridge, freezer, empty gas cylinder, microwave, mountain bikes, officewares, printer, office chairs, office tables, cabinets, gaming system and tools, autos and large items.
By renewable, we mean if the day you are supposed to repay the loan reaches and you do not have the money, you can pay interest only and we give you another 10 days. You can renew loan as many times as you want.
On average, 80%+ percent of all loans are repaid. Repeat customers make up much of our business. Some customers borrow against the same items regularly. If the borrower chooses not to repay the loan and interest charges, we must try to recover our investment from the item left in pawn. We prefer that customers return for their property.
Yes. Government have regulated the pawn industry for decades. In addition, local authorities oversee licensing and regulation of most pawnbrokers.
