Use of this Website

This website is owned and operated by MPEYAS TECH (“we,” “us” or “our”).

Company registration number BN-36S5AEWJ; we are registered in Kenya, Kisumu;

Registered office: Elgons Apartment/Elgons Estate/Kibos Road, P. O. Box 40100 40100 – KSUMU

By accessing this website and/or requesting for a pawn loan and/ or placing an order and/or requesting for a valuation and/or requesting a delivery you agree to be bound by the Terms and Conditions set out below. If you do not agree to be bound by these Terms and Conditions you may not use or access this website.

References to this website in these terms and conditions apply to this website however you access it, including accessing this website through our mobile applications or a version of this website optimised for use on mobile devices.  Whenever you access this website through a mobile application or mobile-optimized version of this website, the section of these Terms and Conditions entitled “Mobile Access” also applies.

All transactions are governed by applicable local laws and regulations regarding pawnbroking, money lending, and consumer protection

These terms and conditions are subject to change without prior notice. Any changes will be effective immediately upon posting

Any questions regarding these Terms and Conditions or subsequent issues should be directed to:

MPEYAS Customer Service

Telephone: 0786 777 000
email: hi@mpeyas.com

Loan Interest, & Charges

All loan on items run for a period o 10 days, renewable, except loan on smartphones which run for a period of 7 days only, renewable. To renew the loan, or to extend the loan, you are requred to pay interest of 20% and a new loan term of 10 or 7 days is added. Unlimted renewal. Failure to pay amount due by the due date amount to breach o contract, and as such the pledged item is sold WITHOUT NOTICE.

The pawn loan interest rate is 20% every 10 Days for all items except smartphone pawn loan which is 20% for 7 days cycle because of the involved risk.

Additional fees may apply for storage, insurance, or administrative costs. These fees will be CLEARLY laid out in the Agreement Form which will be provided before finalizing the transaction.

Pawner can close loan anytime they wish to from the time loan is issued by paying back full outstanding interest and the loan principal.

Loans do not have grace period. Grace period can only be give at MPEYAS  discretion.

There will be a charge of a minimum of Ksh200 per month for the storage of each property/collateral if it is not collected on time, one day after loan expiry date. The charge will be based on the item space coverage, and the storage charges are not written on the pawn agreement form.
All loan payments MUST be made ONLY through our MPESA Paybill 4164145 before the pawn expiry time. The exact payment details is clearly outlined in the agreement form. 

Pawning Process

Items sent in for pawn must be owned outright by the customer. Proof of ownership may be required for certain items

The customer must be 18 years or older and provide valid government-issued identification at the time of the transaction

The loan amount is based on the appraised value of the item at the sole discretion of MPEYAS TECH

By requesting a loan on any watch, we advise that the details of the item(s) will be checked against the stolen and counterfeit registers. If the item(s) is/are found to be registered as stolen, MPEYAS have the right to confiscate/hold the item.

Redemption of Pawned Items

Customers must repay the full loan amount, including any accrued interest and applicable fees, to redeem their pawned item(s)

The customer has up to the expiration date stated in the contract to redeem the item, unless an extension has been agreed upon

If the customer fails to redeem the item by the due date, MPEYAS TECH reserves the right to sell the item to recover the loan and any associated costs

Sale of Unredeemed Items

Items that remain unredeemed after the expiration of the loan term may be sold by MPEYAS TECH without further notice to the customer

Once an item has been sold, the customer forfeits any claim to the item

Liability

MPEYAS will take reasonable care of pawned items while in its possession. However, we are not responsible for damage or loss due to circumstances beyond our control, including but not limited to fire, theft, or natural disasters

MPEYAS is not liable for any damages or losses arising from the use or resale of pawned items

MPEYAS TECH is not responsible for pledged item when the agreement forms are lost or stolen. Not responsible for pledged item when agreement form has been reported lost or stolen.

Item Authenticity and Condition

MPEYAS TECH reserves the right to refuse any item deemed to be counterfeit, damaged, or not of sufficient value to secure a loan

The customer guarantees that all items presented for pawn are genuine and free of any liens or encumbrances

Confidentiality

Personal information collected during the transaction process will be kept confidential and used only for business purposes, in compliance with data protection laws

MPEYAS TECH does not sell or share customer information with third parties except as required by law

Dispute Resolution

Any disputes arising out of or in connection with a pawn transaction will be handled through negotiation and mediation, where applicable

If a dispute cannot be resolved amicably between the PAWNER and MPEYAS TECH the customer has the right to escalate the matter

Governing Laws

The Financial Conduct Authority (FCA) of 12 Endeavour Square, London, E20 1JN is the supervisory authority under the Consumer Credit Act 1974.

The contract you are about to undertake is governed by the law of Kenya

The contract is in English and we shall communicate with you in English

We have the right to assign our rights and responsibilities under this agreement to a third party; however, if we do so you will be notified by us or the party to which we assign the agreement

1. The pawner hereby accepts the pawnshop’s appraisal as proper.
2. The pawner and the pawnshop agree that the notice of auction sale shall be delivered via SMS.
3. The pawner shall advise the pawnshop of any change of address/mobile phone number/e-mail address

EXAMPLE LOAN:

A Ksh1,000/- loan attracts a 20% or Ksh200 interest for 10Days.

You can choose to payback the full loan within the 10 Days and pay back Ksh1,200.

If you do not have whole amount Ksh1200 by due date, you can pay Ksh200 interest only and you get yourself another 10Days. Loan renewal is unlimited..

The Item is sold if you fail to pay any of the interest and or principal within the provided interval.