Lipia 6K LOI
KSh 6,000.00
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, 10 days, to 60 days. Interest starts from 20% for 10days loan.
APPLICATIONÂ FORM
How to Apply:
- Visit our branch for registration and verification (first time applicants). National ID required.
- Login to your account, and select your plan below (10 days loan, 20 days loan, etc.)
- 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.
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 or incase of unfortunate event.
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 Ksh1,000 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. You bring in an item, and leave it as collateral, we offer a dollar amount to loan, and a loan term with a 10-day grace period to repay your pawn (loan) amount. You can renew this loan as many times as you need and we will work with you during the process. We can do small-term arrangements for a competitive rate on a $20,000 pawn or higher.
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. When dealing with precious metal (gold/silver) or diamonds we determine the value by current market dealer prices.
At Pawn King, we send a text and phone call notice when your pawn is due. We also have an app which allows you to pay and monitor your pawn loan(s) and balance. If we do not hear back from you within a few days of your late notice, we will take possession and sell your item after the grace period.
We will put your item up for sale, work with you on a layaway term or whole-sale to a dealer. This all depends on the item and your communication with us.
No credit check is required.
We loan/pawn on any items with value, especially precious metals, diamonds, newer electronics, gaming system and tools, autos and large items.
We offer custom loan terms.
We will loan anywhere from $20 dollars to $100,000. Our professional staff bases pawn loan amounts on the value of your itemâits current appraised value, its current condition and our ability to sell the item. We use all the research tools we have at our disposal to determine an itemâs value and get you the most money we can. The amount of the loan offered is based on the wholesale, resale/secondhand value of the item, not the new price.
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. States have regulated the pawn industry for decades. In addition, local authorities oversee licensing and regulation of most pawnbrokers. We are subject to laws such as Truth In Lending Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, Patriot Act, and Federal Trade Commission Rules on Data Privacy and Security Transfer. At the federal level, regulatory authorities include the Federal Trade Commission (FTC), Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), and the Treasury Department.
