It’s perfectly normal to run short of cash. Luckily, we live at a time when Kenya is recording a surge in the number of logbook loan companies meaning the options to get some cash to navigate through tough times are in plenty.
Unfortunately, as rosy as their deals might sound, these companies often have a truckload of hidden details.
One simple mistake and you could find yourself wallowing deep in mountains of debt stemming from expensively-priced financial products.
Fortunately, you don’t have to risk all that as we have done all the spadework for you and compiled a list of logbook loan companies offering what might be the cheapest facilities in Kenya. The word “cheapest” here is relative.
Get A Logbook Loan Today For Up To 75% The Value Of Your Car
The Most Affordable Logbook Loan Institutions in Kenya
In a nutshell, the following are the leading and most affordable institutions to borrow Logbook loans from.
- Mogo
- Platinum Credit
- Mwananchi Credit
- Jijenge Credit
- Momentum Credit
- Ngao Credit
- Hakki Africa
So, how do these car collateral loan firms compare? Let’s delve deeper.
Table of Contents
MOGO is a finance and technology company with its roots in Eastern Europe. The firm recently embarked on expanding its footprint in Africa starting with Kenya and Uganda.
The company is part of the Eleving Group a conglomerate with a presence in over 15 countries across Africa, Asia, and Europe.
MOGO offers a wide variety of financial products including bodaboda, car import, and logbook loans. Talking about logbook loans, this firm has got to be one of the most affordable providers in town.
Just to put this into perspective, if you borrow KES1,000,000 from them to repay in a period of 12 months you’ll only be required to repay the loan in monthly instalments of KES131,030.
However, you can only borrow amounts ranging from KES70,000 to KES2,500,000. The repayment period is up to a maximum of 60 months.
This might not seem exactly cheap but you have to consider that there are no hidden fees here. Other companies may offer lower monthly instalments but corner you with all manner of hidden fees.
It is for this reason that MOGO offers a low-price guarantee meaning they can guarantee long-term value for money if you borrow from them.
Mogo Logbook Loans Requirements
- Original Logbook
- Copies of your National ID
- KRA Pin
- You must be aged 23 to 70 years
One thing we absolutely love about MOGO is that they have a wide branch presence with branches in Nairobi, Kiambu, Kitengela, Meru, Thika, Kisumu, Ruiru, Eldoret, Nakuru, Tala, and Mombasa among other major towns.
The company claims to process loans in as few as 2 hours making it one of the fastest car certificate of title loan processors in this part of the world.
Mogo Loan Application Form
Why pay more? Enjoy lowest monthly payments with Mogo Logbook loans. The loan covers up to 75% of your car’s value regardless of age, make, or model.
Simply fill out the form below and a Mogo loans officer will get in touch with you shortly.
NOTE!
- Please provide a phone number that you can be reached with on call.
- By filling out the form below, you consent to receive a call from a Mogo loans officer who will follow up on your request.
- On the message box below kindly indicate the amount you wish to borrow.
Have you ever parked your car in a busy street in town only to come back and find a logbook loans business flier neatly placed on your windscreen? Chances are that it came from an agent working for this firm. Platinum Credit is known for its cut-throat marketing methods which is something that has made them a household name throughout Kenya.
According to their website, the company has been around since 2003 and has branches in pretty much all the 4 corners of the republic.
Platinum provides all manner of emergency loan products including check off loans, import duty financing, and most of all logbook loans.
One thing to note about this company’s logbook loans is that they are typically processed in 24 hours making it significantly faster than commercial banks. Once the loan is disbursed one is expected to repay it in a maximum of 36 months.
Also, you can only borrow from as low as KES70,000 to a maximum of KES2,000,000.
How affordable are Platinum Credit’s logbook loans? Well, if you borrow KES1,000,000 from them to repay in 12 months you’d be expected to part with Ksh125,000 per month in repayments. That’s roughly 4% per month.
Platinum Credit Logbook Loans Requirements
- Original Logbook
- A Copy of National ID
- Passport photos
- 3-month bank statement
Platinum is the kind of company you can work with if you’re looking for a firm with a wide branch network. This ensures that you can get prompt support anytime you need specialized assistance.
If you’re fond of watching animation clips chances are that you have come across a character called Sospeterson. Sospeterson is a middle-class man who hails from Nyanza but lives in the city.
Upon losing his job, he embarks on the journey of rebuilding himself by taking advantage of his fleet of personal cars and chunks of land. The rest as they say is history.
Well, Sospeterson is a cartoon character that is also the face of Mwananchi Credit a company that offers cheap logbook loans in under 6 hours. Yup, you read that right.
You can borrow amounts ranging from as low as KES100,000 to KES25,000,000 and spread the repayments for up to 48 months.
Let’s say you take a KES1,000,000 logbook loan from Mwananchi Credit with the plan to repay it in 12 months, you’ll need to fork out KES113,300 per month. That translates to roughly about 3% per month.
Mwananchi Credit Logbook Loans Requirements
- Original Logbook
- A copy of your ID card
- KRA PIN
- Passport photos
- 6-month bank statements
- Comprehensive insurance (for the car)
Known for its tagline “Investor in People,” Mwananchi Credit is a company you can count on when life gives you lemons.
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Jijenge is a Swahili word meaning “build yourself” or “empower oneself.” So, does the finance company that adopted that beautiful name give you a chance to do exactly that?
Well, Jijenge Credit prides itself on having a long-standing track-record of loaning small businesses and individuals. The company which has branches in Kenya, Sudan, and Tanzania claims to have over 10,000 active clients which is no mean feat.
How affordable are the Jijenge Credit logbook loans though? Well, according to their online calculator if you take a KES1,000,000 loan and repay it within 12 months you’ll be expected to part with KES133,333 per month. That translates to about 5% per month.
The company, however, claims on their socials that they can offer rates from as low as 3% per month. So, either their online calculator needs to be updated or they need to harmonize their communication.
Once your Jijenge loan is approved you’ll have up to 60 months to repay it. Worth noting is that the company offers loans from KES50,000 to a maximum of KES10,000,000. All loan applications are processed in under 1 hour.
Jijenge Credit Logbook Loans Requirements
- Original Logbook
- Copy of National ID
- KRA Pin
- Passport
- Comprehensive Insurance
- Valuation Report
- 6-Month Bank Statement
Patrick Macharia Kamau is the CEO of Jijenge Credit. It is also worth noting that Jijenge was among the first emergency loan companies to be licensed by the Central Bank of Kenya (CBK) following an announcement made in 2022.
Founded in 2017 Momentum Credit is one of the emergency lending companies that offer affordable logbook loans in Nairobi and the whole country in general.
The company targets small & medium-sized enterprises (SMEs) as well as individuals all thanks to their wide variety of financial products that range from insurance premium financing to import duty loans.
Our core focus today is their logbook loans and in that regard, the company offers loans of up to KES 2,000,000 repayable in up to 24 months. The longer the repayment period the smaller the monthly repayments become.
According to their online calculator, if you borrow KES 1,000,000 to repay in 12 months, you’ll be required to part with Ksh131,000 per month. That translates to about 5% interest rate per month.
All loans are processed within 24 hours upon approval.
Momentum Credit Logbook Loans Requirements
- Original Logbook
- A Copy of your National ID Card
- 12-Month Bank Statement
The company has branches and agencies spread throughout Kenya. What’s more, they give you logbook loans amounting to 70% of your car’s value. So, if you own a Toyota Allion valued at KES1,500,000 Momentum will be willing to lend you up to KES1,050,000. How cool is that?
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Ngao Credit is part of the Anvil Shield Group Holdings a company with interests in real estate, fleet management, insurance brokerage, and finance. Ngao particularly focuses on things like logbook loans, insurance premium finance, and car import finance.
Once you provide them with an original logbook and other requisite documents they will approve/reject your loan application after an internal review. Should they approve it you will be eligible to borrow anything from KES100,000 to KES4,000,000.
Basically, this company allows you to borrow up to 50% of the value of your car. That is, if you own a Toyota Probox that is worth KES800,000, you can borrow up to KES400,000 with its logbook. The best part is that the company processes such loans in under 6 hours and allows you to repay in up to 24 months.
What about the cost of borrowing? You might be wondering. Well, Ngao Credit is among the cheapest logbook loan companies in Kenya – and here’s why. Let’s say you borrow KES1,000,000 from Ngao to be repaid in 12 months. Well, you’ll only need to part of KES115,400 in monthly repayments.
That translates to about 3% per month excluding any hidden fees that might apply.
Ngao Credit Logbook Loans Requirements
- Original Logbook
- KRA PIN
- A Copy of your National ID
- Comprehensive Car Insurance
- Post-Dated Cheques
A major catch with Ngao Credit is that you have to write them cheques in advance. These cheques act as promissory notes ensuring you are committed to honoring your obligation when the debt is due.
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Sometimes all you want when looking for quick logbook loans is a company that can offer them perfectly both online and in an office setting. That’s precisely what HAKKI Kenya is all about.
From their headquarters along Ngong Road near Dagoretti Corner in Nairobi, HAKKI stands out as a modern, approachable lender. The company has high ratings on Google reviews and seems to be doing a good job of maintaining a thriving social media presence.
The firm offers both logbook loans and import finance services. Their logbook loans are based on 50% value of your car.
Based on the information we managed to unearth during our research, HAKKI is open to all kinds of customers including those in the taxi business or those looking for nothing but motorbike logbook loans.
Regarding affordability, if you borrow KES1,000,000 from HAKKI with the plan to repay it in 12 months you will be expected to repay KES119,500 per month. That translates to roughly about 3.5% per annum which is considered fair as per industry standards.
Hakki Logbook Loans Requirements
- Original Logbook
- KRA PIN
- 6-Month Bank Statement
The company processes all loans within 24 hours and in some cases can get the funds disbursed in under 45 minutes. The maximum time to repay a HAKKI car collateral loan is 36 months but you can only borrow a maximum of KES1,000,000.
Frequently Asked Questions
Does Equity Bank offer logbook loans?
You can borrow a loan against your logbook from Equity Bank of Kenya but only if you have an active bank account with them. The bank account needs to have been active for at least 6 months.
You’ll also need to provide evidence of a consistent source of income along with other key documents prior to the approval or rejection of your loan request.
A physical visit to a nearby Equity Bank branch is recommended for those looking to apply for loans against logbook loans. When visiting the branch you should carry your original ID card, KRA PIN, and a copy of your car ownership documents.
Does KCB offer logbook loans?
Yes, it is possible to access a personal secured loan from KCB using your car’s logbook as collateral. All you need is to have an active account with the bank for at least 3 months and of course a valid car logbook.
However, you will need to provide proof of consistent income if you’re a self-employed individual to qualify. Employed folks simply need to provide their pay slips.
Does Cooperative Bank of Kenya offer loans against logbook?
Coop Bank of Kenya does not have a logbook product per se but they do offer personal and business loans with logbooks as collateral. If you’re employed you can use your pay slip as evidence of income but if you’re in business you will be required to have an actively transacting business account with the bank spanning over 6 months.
Conclusion
Logbook loans can be your saviour during tough times. After all, why have your car idle in some parking lot while you could tap into its value for commercial gains without having to sell it off? We hope you have found the discussion above informative and educative.
Have you ever borrowed a logbook loan before? Let us know your experience via the comment box below.
Kevin Muya is an award-winning entrepreneur and the visionary Founder and CEO of Scepture Empire Limited. With a passion for e-commerce and digital marketing, Kevin has revolutionized online marketplaces in Kenya through innovative ideas that transform buyer-seller interactions.