Loans

Loan on Items

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Loan on Items

QUICK INSTANT LOAN ON ITEMS

At SOOZ LTD, we offer instant loans, quick loans, emergency loans, loan on items, loan against items deposited directly to your MPESA. Use your items as security to take a loan. Use items like SMARTPHONES, electronics, Fridge, Freezer, TV, Laptops, Microwave, Mountain Bikes, furniture, Desktop Computer, Tablet, kitchenware, Cooker, officeware, printers, and more.

We give you loan, using items like laptop, TV, Fridge etc as loan security
When you pay back the loan, you pick back your item!

Loan Terms and Conditions

Here is a quick summary of our loan terms. A complete review of our Quick loans can be found here (Sooz Ltd Loan Terms)

  • We hold the item/collateral and give you loan.
  • If you default on loan, the item is auctioned to recover loan, arrears and any fees
  • Loan interest is 20% for a period of ONLY 8Days
  • You can extend loan period for another 8 days by paying 20% renewal fee (20% of principal)
  • We issue loan on items from Ksh3,000 (electronics, office items, etc).
  • Loan against smartphone loans we issue from Ksh1,000
  • We issue loan on your personal smartphones, maximum Ksh2,000

How to Apply for Sooz Instant Loan

Create your Account and Apply for Mpeyas Quick Instant Loans in a few steps:

1

Visit Branch to be Verified

All new customers must be verified at our branches. National ID or Passport is required. Bring with you the security item like smartphone.
2

Collateral Valuation

Our staff will value the item to determine loan amount you qualify. Or WhatsApp/Call us on 0786777000 to know how much you qualify against your item
3

Sign Agreement

Your loan is created on the Sooz Ltd system then you sign agreement. Please read and understand before signing.
4

Loan Issued Instantly

Once you sign agreement, loan is issued to your Mobile Money number. We hold the item/security
5

Repay Loan

Once you repay your loan, you can pick back your item from the branch or give us a call at 0786777000 to borrow again online. All loans MUST be repaid only to SOOZ LTD PayBill 952482.

Frequently Asked Questions (FAQs)

What is Pawn? What are Loan on Items?

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 ksh3,000. Loan against smartphones start from Ksh1,000.

How do you determine the value of an item?

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.

How Much Loan do you issue?

We issue loan on items starting from Ksh3,000. Smartphone loans start from Ksh1,000/- maximum.

What is your loan period? How long?

Our loans are for a period of 10Days. Smartphone loans are for only 8Days. However you can always renew loan to extend loan period. For example, if you take a loan of Ksh1,000 at 20% interest, you are required to pay back ksh1,200 after 8 days (1,000bob principal and interest 200bob). However, sometimes you may not have ksh1200 after the 8days. We allow you to only pay FULL interest of ksh200 and we add you another 8days. You can do this severally until you get the whole amount and pick back your item, or apply for a new loan.

What happens if I dont pay loan/pawn on time?

At SOOZ LTD, we send text SMS and email reminders every day until the due date. 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.

What happens if I dont pay my pawn?

We will put your item up for sale. This all depends on the item and your communication with us.

Do you check my credit rating to get a loan?

No credit check is required.

What Items do you refuse?

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!

What Items can I pawn?

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.

What are the interest rates?

We offer 20% interest for 8 days, renewable.

What is SOOZ loan renewal?

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 8 days. You can renew loan as many times as you want.

Do most customers lose their items/collaterals for loan?

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.

Are pawn shops regulated?

Yes. Government have regulated the pawn industry for decades. In addition, local authorities oversee licensing and regulation of most pawnbrokers.