Top 5 Loans On Items Providers in Kenya

My Experience with Loans on Items in Nairobi

Living in Nairobi, I’ve seen firsthand how loans on items have become a common financial solution, especially for people who need quick cash. While this practice, often referred to as asset-based lending or “Shylock,” is technically illegal, it continues to thrive because it provides a lifeline for many who can’t access traditional bank loans.

I’ve personally used this system before, and I know many others who have as well. Whether it’s covering an emergency expense, paying rent, or handling unexpected bills, loans on items offer a fast and convenient way to get cash without the hassle of paperwork or credit checks.

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How Loans on Items Work

The process is straightforward. You bring a valuable item—like a laptop, phone, TV, or even a car—to a pawnbroker or lender. They assess the value and offer you a loan based on how much they think it’s worth. If you agree to the amount, you get the cash immediately, with your item serving as collateral.

The best part? You don’t have to sell your item permanently. Once you repay the loan (along with any interest and fees), you get your item back. But if you fail to pay, the lender has the right to sell your item to recover their money.

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The Benefits of Loans on Items

One major advantage of this system is accessibility. Unlike banks, which require a long list of documents and a good credit history, these loans are easy to get. In Nairobi, where many people are unbanked or have low credit scores, this makes a big difference.

Another key benefit is that you don’t have to lose ownership of your valuables permanently. If an item has sentimental value—like a family heirloom or an expensive gadget—you can use it for a loan without selling it outright.

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The Risks Involved

Of course, loans on items come with risks. The biggest one? Losing your item if you fail to repay on time. I’ve seen people who thought they could pay back the loan but ended up losing their prized possessions when they couldn’t come up with the money.

Another issue is the high cost. Interest rates and service fees can be steep, so it’s important to understand the terms before borrowing. Some lenders charge hidden fees, making the final repayment amount much higher than expected.

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The Rise of Online Loans on Items

Recently, technology has changed how this business operates. Instead of physically visiting a pawnshop, you can now apply for a loan online. Some platforms allow you to upload pictures of your item, get a virtual appraisal, and receive loan offers electronically.

This convenience is a game-changer, especially for busy people or those who prefer to avoid face-to-face negotiations.

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Top Loans on Items Providers in Nairobi

If you’re looking for a lender, here are some of the most well-known providers in Nairobi:

1. Jack The Shylock

A trusted lender that offers loans on used items like laptops, TVs, cameras, iPhones, watches, and even furniture.

• Contact: +254 728 887 750

2. Fair Deal For Cash

This lender accepts various items in exchange for cash, with a repayment period of up to one month.

• Contact:
  • +254 20 230 8999
  • Call/WhatsApp: +254 722 169 168
  • Location: Hakika Street, Off Tom Mboya Street, Information House, 2nd Floor, Room No. 524

3. Meridian Acceptances Ltd

Specializes in asset finance, including logbook loans and other collateral-based lending.

• Contact:
  • 0713 416 460
  • 0707 787 878
  • 0706 900 002

4. Fayma Capital

Located at Phoenix Building, 3rd Floor, Kenyatta Avenue, this lender provides loans on various valuable items.

• Contact: Call/WhatsApp +254 725 761 252

5. Instant Loans on Items Nairobi

With multiple branches across the city, this lender accepts electronics and other valuables in exchange for quick cash.

• Branches:
  • Ruaka Arcade
  • Roysambu – Mushroom House
  • Kayole – Manyanja Fitness Center
  • Embakasi Nyayo Estate
  • Buruburu
  • Ongata Rongai
• Contact: +254 715 957 199

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Final Thoughts

Loans on items are a useful financial tool for many people in Nairobi, offering quick access to cash without the bureaucracy of banks. However, it’s crucial to understand the risks and ensure you can repay the loan on time.

If used responsibly, these loans can be a great way to manage short-term financial challenges. But if not, they can lead to the loss of valuable possessions. So, if you ever consider taking a loan on an item, make sure you have a solid repayment plan in place.