Need quick cash and own a car? A logbook loan might be the fastest way to access funds. In Kenya, many licensed lenders offer loans against your vehicle’s logbook.
The beauty of this loan is that you still keep using your car while repaying the loan. Most logbook loan providers offer up to 80% of your vehicle’s value and process the loan within 24 hours.
Here’s a well-researched guide to help you pick the best logbook loans provider in Kenya.
What to Know Before Choosing a Logbook Loans Provider
Before you commit to any loan, it’s important to understand how these loans work and what to look for in a provider.
How Logbook Loans Work
Logbook loans are secured loans where your car serves as collateral. The lender holds the logbook until you repay the loan. However, you still drive the car unless you default. If that happens, the lender has the right to repossess and sell the car.
Key Things to Consider
When comparing providers, check:
- Loan approval time
- Percentage of car value offered
- Interest rates and hidden fees
- Repayment period flexibility
- Reputation and transparency
Also, confirm that the lender is licensed and regulated in Kenya.
Best Logbook Loans Providers in Kenya
These lenders have built a reputation for fast processing, fair terms, and customer support.
1. Mwananchi Credit
Mwananchi Credit is among the top-rated logbook loans providers in Kenya. They allow borrowers to access up to 80% of their car’s value with loan approval in just 6 hours.
Requirements:
- Original logbook
- Bank and M-Pesa statements
- Comprehensive insurance certificate
Contact: 0709 147 000
Email: [email protected]
2. MOGO Kenya
MOGO is part of the international Mogo Finance Group. They offer logbook loans ranging from KES 100,000 to 1.5 million. Repayment is flexible, with options of weekly or monthly payments for up to 5 years.
Contact: 0768 469 112
Email: [email protected]
3. Auto Advance Logbook Loans
Known for its transparency, Auto Advance has no hidden charges and does not check your CRB status. It’s ideal for people with poor credit scores.
Location: Millenium Place, Buru Buru, Nairobi
Contact: 0765 650 650
Email: [email protected]
Other Trusted Logbook Loans Providers in Kenya
Several other companies also stand out in the market:
Jijenge Credit Limited
They offer loans from KES 50,000 to 10 million with a repayment period of up to 12 months. You’ll need documents like your original ID, KRA PIN, logbook, and insurance.
Contact: 0711 282 727 / 0703 282 727
Email: [email protected]
FinCredit Limited
With a presence in both Kenya and Uganda, FinCredit is a top-tier credit-only microfinance lender offering logbook loans and more.
Location: Methodist Ministries Centre, Lavington
Contacts: 020 386 1673 / 0735 880 417 / 0722 425 050
Email: [email protected]
Bidii Credit Limited
To qualify, the vehicle must be in your name, have comprehensive insurance, and a clean credit history. Bidii offers detailed vetting but rewards clients with good terms.
Contact: 0709 840 000
Email: [email protected]
Platinum Credit
They offer between KES 50,000 to 2 million with repayment terms of up to 12 months.
Contact: 0709 900 000 / 0730 900 000
Email: [email protected]
Momentum Credit
Momentum can offer loans up to KES 2 million within 24 hours. They lend up to 60% of your car’s value.
Contact: 0709 434 000 / 0709 434 900
Email: [email protected]
Citizens Credit Limited
You can secure a loan using more than one vehicle. This gives you access to larger loan amounts.
Location: 11th Floor, Finance House, Loita Street
Contact: 0722 646 687
Ngao Credit Limited
Ngao gives out loans of up to 60% of your car’s value and allows a repayment period of up to 24 months.
Contact: 0709 650 000
Email: [email protected]
Final Tips on Using Logbook Loans Wisely
Always Borrow Responsibly
Logbook loans can help in emergencies, but they can also lead to debt traps if misused. Don’t borrow more than you can repay.
Understand the Terms
Before signing any agreement, review the loan terms, interest rates, and all applicable fees. Ask questions if anything is unclear.
Consider Loan Insurance
Some providers offer protection in case of job loss or accident. It may cost extra, but it offers peace of mind.
