In today’s fast-paced world, access to quick and convenient credit solutions is essential. Logbook loans have become an increasingly popular option in Kenya due to their flexibility and fast approval process. These loans allow borrowers to use their vehicle’s logbook as collateral, enabling them to unlock cash based on the value of their car. Most lenders approve loans within 24 hours and cover up to 80% of the vehicle’s value, regardless of the model or age.
This article compiles a list of some of the best logbook loan providers in Kenya, outlining the terms they offer and what you need to apply.
1. Mwananchi Credit
Mwananchi Credit is one of the most trusted logbook loan providers in Kenya. Known for its speedy approval process, borrowers can receive up to 80% of their car’s trade value, with approvals taking as little as six hours.
Requirements:
- Original logbook
- Six months of bank statements
- M-Pesa statement
- Comprehensive insurance certificate
Contact:
- Phone: 0709 147 000
- Email: info@mwananchicredit.com
2. MOGO Kenya
MOGO Kenya, part of the Mogo Finance Group, offers logbook loans ranging from KES 100,000 to KES 1.5 million. They provide flexible repayment options, allowing borrowers to choose repayment schedules of up to five years.
Contact:
- Phone: 0768 469 112
- Email: info@mogo.co.ke
3. Auto Advance Logbook Loans
Auto Advance is a transparent and reliable logbook loan provider. It stands out for not requiring CRB checks or additional fees, making it accessible to more borrowers.
Location: Millennium Place, Buru Buru, Nairobi
Contact:
- Phone: 0765 650 650
- Email: info@autoadvancelogbookloans.co.ke
4. Jijenge Credit Limited
Jijenge Credit offers loan amounts from KES 50,000 to KES 10 million with repayment terms ranging from one to 12 months. This provider is ideal for those seeking both small and large loan amounts.
Requirements:
- Original logbook
- KRA PIN
- Copies of ID and passport-sized photos
- Comprehensive insurance
- Motor valuation report
Contact:
- Phone: 0711 282 727, 0703 282 727
- Email: info@jijengecredit.com
5. FinCredit Limited
FinCredit is a microfinance institution with operations in both Kenya and Uganda. It offers various loan options, including logbook loans, SME loans, and instant loans. FinCredit’s loans are known for their flexible terms and quick disbursement.
Location: 1st Floor, Methodist Ministries Centre, Lavington
Contact:
- Phone: 020 386 1673, 0735 880 417
- Email: credit@fincredit.co.ke
6. Bidii Credit Limited
Bidii Credit offers logbook loans with transparent requirements. Borrowers must have the vehicle in their name and provide comprehensive insurance, among other documents. The company emphasizes clean credit history as a condition for loan approval.
Requirements:
- Original logbook
- Six months of bank statements
- Comprehensive insurance
- Proof of ownership transfer forms
Contact:
- Phone: 0709 840 000
- Email: info@bidiicreditkenya.co.ke
7. Platinum Credit
Platinum Credit provides logbook loans ranging from KES 50,000 to KES 2 million, with flexible repayment periods between one and 12 months. Their fast approval process makes them a strong option for those in need of quick cash.
Requirements:
- Original logbook
- Bank statements
- KRA PIN
- Comprehensive insurance
Contact:
- Phone: 0709 900 000, 0730 900 000
- Email: online@platinumcredit.co.ke
8. Momentum Credit
Momentum Credit offers loans up to KES 2 million, which are approved within 24 hours. They lend up to 60% of the vehicle’s value, making it ideal for borrowers who need larger amounts.
Requirements:
- Original logbook
- ID and KRA PIN
- Motor vehicle valuation report
- Comprehensive insurance
Contact:
- Phone: 0709 434 000, 0709 434 900
- Email: info@momentumcredit.co.ke
9. Citizens Credit Limited
Citizens Credit is unique in that it allows borrowers to secure loans using more than one vehicle as collateral. This offers greater flexibility, especially for businesses or individuals who own multiple vehicles.
Requirements:
- Original logbook
- ID and KRA PIN
- Bank statements
- Comprehensive insurance
Location: Finance House, Loita Street, Nairobi
Contact:
- Phone: 0722 646 687
10. Ngao Credit Limited
Ngao Credit provides logbook loans of up to 60% of the car’s value, with repayment periods of up to 24 months. They have a reputation for providing quick approvals and competitive interest rates.
Requirements:
- Original logbook
- National ID and KRA PIN
- Six months of bank statements
- Post-dated cheques
- Comprehensive insurance
Contact:
- Phone: 0709 650 000
- Email: info@ngaocredit.com
Key Considerations Before Taking a Logbook Loan
Before taking a logbook loan, it’s crucial to assess your ability to repay the loan. Consider the interest rates, repayment terms, and any additional fees involved. Some lenders might offer flexible terms, while others have stringent conditions, so ensure you thoroughly evaluate each option. Additionally, failure to repay the loan could result in the lender repossessing your vehicle, which is why understanding the terms is key to making an informed decision.
Logbook loans provide a quick and accessible financial solution for many Kenyans, but it’s essential to carefully choose a lender and assess your repayment capacity. With this list of reputable logbook loan providers, you now have a starting point to explore options that suit your needs. Always make sure to verify the terms and conditions before committing to any loan.
