Vincent Obiro Orute Obunga
16 November 2008
Arusha — Though not relatively new to Tanzania's nascent micro-finance industry, Instant credit Ltd which was incorporated as a locally registered micro - finance service provider in 2006, has grown from strength to strength and now boasts a network of over 30 branches across the country.
According to Arusha branch manager Silayo Nickson, Instant credit Ltd which calls itself 'real people' was born out of a need to provide loans to civil servants across the country to as to augment their monthly income.
"We extend an array of soft and clean loans tailored to meet financial needs of civil servants across the country. Our clients require no collateral or credit rating to obtain loans from us. All they are required to produce in order to qualify for loans are; two latest pay slips, four months latest bank statements, one passport size photograph, and an identity card," said Silayo branch manager, Instant credit Ltd, Arusha branch.
He says since inception in 2006, Arusha branch which was launched in may 2008 has extended loans to over 700 civil servants in Arusha town and that plans are afoot to open more branches in Same, Rombo, Marangu, Mbulu, Hanang, and Namanga on the Kenya/Tanzania border town.
"Our clients receive their loans after 3 working days. They do not have to wait for weeks, or months to receive their loans," Silayo said
Apart from providing soft and clean loans to civil servants across the country, Instant credit Ltd also provides consultancy services to its clients. Under this arrangement, clients undergo thorough training before they receive loans. This training according to branch manager, Silayo, provides clients with knowledge and skills on how to utilize and manage their loans.
The most "attractive thing" about the loans packages provided by Instant Credit Ltd is that clients are also allowed top - up loans and debts write off in the event that a client passes away before the loan is fully liquidated. Instant credit also foots funeral expenses in the event that a client passes away while his or her loan is still outstanding.
The other loan packages are also short- term loans, with low interest rates.
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