Top 7 Quick Cheapest Logbook Loans Lenders in Kenya in 2023 | Best Logbook loans in Kenya

 

Are you searching for where to get a logbook loan in Kenya? It is a good thing you landed here as this article will get you the best cheapest logbook loans you can find in Kenya.

Logbook loans assist car owners to get quick loans while their car serves as collateral if all goes off the rails. What makes logbook loans quite special is that the car owners will get to keep their car and continue to service the loan until they clear. The lenders will get to claim ownership of the vehicle as they have the car's logbook with them.

Logbook loans in Kenya - Logbook loans Nairobi

This is a list of lenders who offer the best logbook loans in Kenya.

1. Mwananchi Credit Limited.

Mwananchi Credit Limit is one of Kenya's popular logbook lenders. The lender is convenient and quick to issue loans in less than 24 hours. The lender issues car logbook loans of up to Ksh. 20 million.

Features of logbook loan by Mwananchi takes about 6 hours to process the loan, attracting a compounded interest of 6% if the loan is for a period of 6 months. In cases where loans are for a period of 1 year, the facility issues an interest rate of 6% on reducing the balance. 

You are required to pay a valuation fee of Ksh. 4000, a CRB check fee of Ksh 300, an application form of Ksh 300, a transfer fee of 2,500, and tracking free of Ksh. 7,500. 

Requirements for a logbook loan from Mwananchi Credit Ltd.

1. You should have your original logbook with you.

2. Applicant should have Kenyan National ID 

3. Applicant should have a KRA Pin

4. Applicant should have 2 passport phots

5. Applicant should have at least 6 months' bank statements.

6. Applicant is required to have a comprehensive insurance certificate.

2. Jijenge Credit 

Jijenge Credit offers good logbook loans to clients with less time and stress. It is truly convenient as it can be accessed online. Yes, Jipange credit offers logbook loans of up to 60% of the car's market value.

The facility takes about 1 hour or less to process the loan, has a quick approval rate, and does not require one to have guarantors at all. A prospective car owner who is looking to apply for a logbook loan online only needs to fill out the loan form, submit it and wait for a response.

Requirements for Jijenge Credit

1. Applicants should have two copies of their KRA pin certificate.

2. Applicants should have two a Kenyan National ID and 2 copies of the ID.

3. Applicants need to present their last month's Mpesa statements and 1-month bank statement.

4. Applicant should have two colored passport size photos.

5. Applicant should have the original and 2 copies of their car logbook.

6. Applicant is required to present a valid comprehensive insurance certificate.

7. For Salaried Employees, their last one-month payslip from their employer is requied.

8. For Business owners, a certificate of incorporation or registration is required.

9. You are also required to provide a personal checkbook if possible.

3. Momentum Credit Logbook Loans

Momentum Credit Logbook Loans are considered as one of the best loans in Kenya as clients are able to unlock up to 50% of their car market value in less than 24 hrs of application. Prospective car owners looking for loans from this facility are able to access Ksh. 5,000,000. 

Requirements for Moment Credit Logbook Loans

1. Applicant is expected to provide an original logbook.

2. Applicant is required to provide a copy of their Kenyan National ID

3. Applicant is required to have a copy of their KRA pin.

4. Applicant is expected to provide at least 3 months payslip (if employed)

5. Application should provide proof of residence.

6. Applicant should produce two passport photos

7. Application is expected to provide proof of valid comprehensive insurance.

4. Platinum Credit Logbook Loans

Platinum credit offers excellent logbook loans in Kenya. The facility is one of the oldest logbook lenders with all loan products subjected to a loan appraisal process. Car owners are able to have their loans processed within 24 hours of application through different means such as Mpesa, bank account, and or cheques.

The facility provides a minimum loan of Ksh. 50, 000 and a maximum loan of Ksh. 2 million with an expected repayment period of up to 1 year.

Requirements for Platinum Credit Logbook Loans

1. Applicant is expected to provide an original logbook.

2. Applicant is required to provide a copy of their Kenyan National ID

3. Applicant is required to have a copy of their KRA pin.

4. Applicant is expected to provide a personal checkbook.

5. Applicant is expected to provide a certificate of incorporation (for business owners)

6. Applicant should produce two recent color passport photos

7. Application is expected to provide proof of valid comprehensive insurance.

8. Applicant is expected to provide at least 3 months payslip and contract letter (if employed)

5. FinCredit Logbook Loans

Fincredit loans are convenient and processed within the shortest turnaround time. Most car owners rank it as one of the best logbook lenders in the country due to this quick issuance of loans.

Requirements for FinCredit Logbook Loans

1. Applicant is expected to provide a valid car valuation certificate.

2. Applicant is expected to provide a copy of their Kenyan National ID.

3. Applicant is expected to provide a copy of their KRA pin.

4. Applicant is expected to provide at least both 3 months & 6 months certified bank statements.

5. Applicant is expected to provide at least both 3 months & 6 months' payslips.

6. Ngao Credit Logbook Loans

Ngao Credit offers car owners loans of up to 50% of the value of their vehicle in less than 24 hrs since application. The facility provides a period of 20 months for loan payments with clients able to borrow loans in upwards of  Ksh. 3 million.

Requirement for Ngao Credit Logbook Loan

1. Applicant is expected to provide an original copy of their car's logbook.

2. Applicant is expected to provide at least  6 months of bank statements.

3. Applicant is expected to provide a copy as well as an original Kenyan National ID

4. Applicant is expected to provide a copy of the KRA pin.

5. Applicant is expected to provide valid and comprehensive car insurance.

7. Mogo Credit Logbook Loans

Mogo Credit is a leading logbook lender which offers its clients loans in less than 24 hrs after application. 

Mogo requires an applicant to have proof of income and one should own a car. Car owners are able to get loans of up to 80% of their market value.

Requirement for Mogo Credit Logbook Loan

1. Applicant is expected to provide an original copy of their car's logbook.

2. Applicant is expected to provide at least  6 months of bank statements.

3. Applicant is expected to provide a copy as well as an original Kenyan National ID

4. Applicant is expected to provide a copy of the KRA pin.

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