Logbook loans are a type of loan that uses your car or motorbike as security. This means that if you can’t repay the loan, the lender could take your car or motorbike.
There are a number of logbook loans companies in Kenya that you can choose from. It’s important to compare different lenders to find the best deal for you.
Consider the interest rate, repayment terms and fees before taking out a logbook loan. Make sure you can afford the repayments and that you understand the risks involved.
Where To Get Logbook Loans in Kenya?
Mwananchi Credit is a logbook loans provider in Kenya. It was established 10th January 2012. Apart from offering logbook loan .The company also offers Salary check off loan,cheque discounting ,tittled deed loans,import finance,trade finance and Insurance premium finance ( IPF)
Mwananchi Credit has a branch in Nairobi ,Kitengela and Mombasa. It also has branches in Kisumu,Thika and Kitengela
The company offers loans from a minimum of Kshs.100,000 up to a maximum of Kshs. 25,000,000 with repayment periods of up to 24 months. The interest rate is 1.5% per month.
With Mwananchi credit you can get a loan within 6 hours! of application so they say.They also offer logbook loan to customers negatively listed with CRB and even those with weak statements.
Mwananchi Credit Branches
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Fees Associated With Logbook Loans
In addition to having to the loan’s interest rate, other charges are as follows
- Processing Fee of 2.5% or above, depending on the lender
- Non refundable Valuation fee that is charged upfront
- NTSA Charges for Logbook Search + Discharge fees
- Car Tracker fees
- Motor comprehensive insurance premium
- Legal fees depending on the firm
2.Mogo Logbook Loan
Mogo logbook loan is a logbook loans provider in Kenya. Apart from offering logbook loan .The company also offers Boda loans,car loans,asset finance and Flexi loans.
Mwananchi Credit has a branch in Nairobi ,Kitengela and Mombasa. It also has branches in Kisumu,Thika ,Eldoret,Nakuru and Meru
The company offers loans from a minimum of Kshs.100,000 up to a maximum of Kshs. 2,500,000 with repayment periods of up to 36 months. The interest rate is 2.5% per month.
The loan covers up to 80% of your vehicle ‘s value regardelss of the age
What are the Mogo Logbook Loan requirements? :
To qualify for a MogoLogbook Loan, you’ll need to meet the following requirements:
- Have a logbook in your name
- Provide Personal ID
- Own KRA Pin
- Be 23 – 70 years old
- Provide drivers license
How to apply for a Mogo Logbook Loan? :
Mogo Logbook Loan requirements are very simple and straightforward. All you need is a clearlogbook to your vehicle, which is registered and insured in your name. You will also need to provide Mogo with some basic personal information and documents and finally sign the contract with Mogo.
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What are the benefits of a Mogo Logbook Loan? :
There are several benefits to taking out a Mogo Logbook Loan, including the following:
1. The application process is quick and easy.
2. You can get the money you need within 24 hours.
3. You can keep your car while you repay the loan.
4. The interest rates are competitive.
5. There are no hidden fees or charges.
What are the risks of a Mogo Logbook Loan? :
Mogo logbook loans are a type of secured loan that uses your car as collateral. If you default on the loan, the lender can repossess your car. This can obviously lead to a lot of financial hardship, so it’s important to understand the risks before taking out a Mogo logbook loan.
The biggest risk is obviously defaulting on the loan and having your car repossessed. This can leave you without a car and owing money to the lender. It can also damage your credit score, making it more difficult to borrow money in the future.
Another risk is that Mogo logbook loans tend to have high interest rates. This means you could end up paying back significantly more than you borrowed, even if you make all your payments on time.
Overall, Mogo logbook loans can be a helpful way to borrow
Logbook loans are a popular way to borrow money in Kenya, as they’re a quick and easy way to get hold of cash. However, they’re also a very expensive form of credit and should only be used as a last resort.
The main benefit of a logbook loan is that you can get the money you need quickly and easily. The application process is relatively simple and the money can be in your account within 24 hours.
However, logbook loans are also very expensive. The interest rates are typically high, and if you don’t make your repayments on time, you could lose your asset.
Before taking out a logbook loan, you should explore all of your other options first. There are often cheaper and more flexible alternatives available, such as personal loans.
How much can I borrow with a logbook loan in Kenya?
The amount you can borrow with a logbook loan in Kenya depends on the value of your vehicle. Lenders will usually lend you between 50% and 80% of the value of your vehicle.
What are the interest rates on logbook loans in Kenya?
Interest rates on logbook loans in Kenya can be high, often from 1.6% to 10% per month.
How Long Does It Take For A Logbook loan To Approved ?
From as little as 6 hours, some in 24 hours, and others in a couple of days, depending on their terms and conditions.
Logbook Loan Requirements
Original car or motorbike logbook
KRA PIN of the applicant
Original national ID card of the applicant
Two passport size photos
Six months bank statement
Comprehensive insurance certificate cover