In today’s article, we will list the top providers of logbook loans in Kenya.
As a result of the Corona Virus pandemic, business is trending in hard financial and economical times. At some point, therefore, a businessman might need to secure a quick logbook loan in order to keep their operations afloat.
This article will, therefore, prove to be quite useful then. Join me as we list the top places to secure a logbook loan.
List of top logbook loans in Kenya
The financial sector in Kenya has grown to great volumes. There are more microfinance and microcredit institutions operating in Kenya today than in the past 10 years. With exponential growth in an area like this, it is very hard to know which logbook loan providers are genuine and which ones are not.
Below we will list the most genuine providers of logbook loans.
1. Mwananchi Credit
Mwananchi credit limited is an incorporated private company that tops this list of top logbook loans in Kenya.
Features of the logbook loan by Mwanachi Credit
- Maximum processing time of this loan is 6 hours
- If the loan is for six months, it attracts a compound interest rate at 6%
- Up to 50% financing(forced sale value of the car)
- If the loan is for a year(12 months), the interest rate is at 6% on reducing balance
- Moreover, Mwananchi credit charges a 5% processing fee and a 1% insurance fee of the loan amount.
- One has to pay upfront a valuation fee of KES 4,000.
- Other costs that one has to incur include CRB check – KES 300, application form – KES 300, tracking fee – KES 7,500 and transfer fee – KES 2,500.
Requirements to access this loan
- The first thing to present of course should be your original logbook
- KRA pin
- 2 recently taken passport photos
- A comprehensive insurance certificate
- Your last six months’ bank statements.
2. Platinum Credit
Platinum credit comes in second as a top logbook loans provider in Kenya. Moreover, Platinum credit has been around for a while now offering the best to the customers.
Requirements to access this loan
- Copy of ID and KRA pin
- Bank statements for the last six months should be certified.
- A recent colored passport
- 3 months payslips for salaried employees
- A comprehensive insurance cover- valid
- Certificate of incorporation – business owners
Features of Platinum credit Logbook loan
- Available within 24 hours of requesting for the loan
- One can borrow a minimum of KES 50,000 and a maximum of KES 2,000,000
- The repayment period is up to 12 months
For more information, feel free to reach out to Platinum credit through this number – 0709 900 000 or 0730 900 000
3. Jijenge credit
Jijenge credit is another place whereby one can secure a genuine top logbook loans in Kenya. With Jijenge credit, there is less hassle in securing your loan.
Features of Jijenge credit Logbook loan
- This loan can be accessed in under an hour
- All application is done online, just fill the form, click submit and wait for them to respond
- Easy repayment
- Quick approval – done under an hour
- No guarantors are required in order to access this logbook loan
4. Mogo Credit
Mogo credit promises to offer you a top logbook car loan in Kenya in under 24 hours. Just like Jijenge credit, Mogo Credit requires minimum documentation from the customer in order to process their request.
Feature of the loan
- One must own a car. If they do, you can access a loan of up to 80% market value of the car
- Showing proof of income is also mandatory in addition to providing copies of ID, KRA Pin as well as a logbook
- The loan repayment period is up to a maximum of 60 months – hence giving you ample time to repay it.
- Please visit mogo in order to apply.
5. Momentum Credit
In addition to all the places listed above, Momentum credit offers the best logbook loans in Kenya. One is able to unlock up to 50% the market value of their car within 24 hours of application.
Moreover, there are a few documents of proof that momentum credit requires. These documents include:
- Copy of KRA and ID
- Original copies of Logbook as well as the motor vehicle valuation report
- M-PESA and bank statements for the last six months
- A passport photo – recently taken
- Motor vehicle tracking certificate
6. Samchi Credit
Samchi Credit is another top provider of top logbook loans in Kenya. Here are the features of the Samchi credit logbook loan.
- Access a loan amount of up to 50% value of the car if it’s below 8 years. If the car is above 8 years, one can access up to 30% of its market value.
- One is required to present a valuation certificate
- Moreover, one should pay an upfront membership fee of KES 1,500
- Other fees to be incurred include chattel cost KES 4,500 and processing fee of KES 5,500.
7. Fintech Credit
Fintech credit offers you a secure way to access top logbook loans within the shortest turnaround time. It is therefore among top logbook loan places in Kenya to try out the next time you are in need of a quick loan.
Requirements in order to access this loan as just as those listed above for other firms. One will need to present the following:
- Utility bills copy to act as proof of your place of residence
- Copy of ID and KRA pin or a Passport if a resident in Kenya
- Car valuation certificate
- Certified bank statements as well as payslips for both 6 months and 3 months respectively.