Bad financial situations are inevitable and sometimes a financial emergency is a good thing to take care of the situation. Logbook loans are one of the best financial options available if you own a vehicle and have an urgent need for cash. There are various lending institutions in Kenya that offer logbook loans. However, you need to be a vehicle owner with a valid logbook.
Apart from the logbook, you will also be required to produce other necessary documents like a valid national ID, bank statements, passport-sized photographs, KRA pin, car insurance cover, etc.
Here are the top 10 lenders that accept vehicles as security for loans in Kenya:
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Mwananchi Credit Limited (Car Logbook Loans)
Mwananchi Credit Ltd is one of the leading non-deposit-taking micro-finance companies in Kenya. They are efficient, with most of the loans on offer being disbursed on the same day of application.
The company’s most popular category is logbook loans, which are disbursed within six (6) hours of application. It is currently among the few Micro Finance companies offering loans in Kenya under the risk-based lending model, charging as low as 1.5% interest on low-risk clients.
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Platinum Credit Limited.
Platinum Credit is a popular company that offers excellent services with a fast disbursement process. The credit lender offers loans from Ksh.20, 000 to Ksh.2 million, with a maximum repayment period of one year. This is much better than other logbook loans available in Kenya.
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Ngao Credit Limited
Ngao Credit is a non-deposit-taking microfinance institution that offers fast, customised solutions for needy clients. You can access their logbook loans in Nakuru or any other location. You are only required to fulfil certain requirements to qualify.
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Meridian Acceptances Limited
Meridian Acceptances Limited is a great option if you’re looking for a secured logbook loan in Kenya. You can visit their office at the Anniversary Towers in Nairobi, where you can meet with representatives and handle all the paperwork. You can also find all the necessary information and forms on their website.
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Mogo
Mogo offers some of the highest quick logbook loans in Kenya. If you qualify, you can borrow up to 80% of your vehicle’s value, which is significantly higher than what most other companies offer. If you’re looking for the highest amount possible, Mogo is definitely the service to focus on. You can visit their Nairobi, Mombasa, and Nakuru branches to process your application. You can get your loan approved within 24 hours. This is regardless of your car’s age, as long as it is in a good condition.
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Africa Credit Limited
Africa Credit Limited provides auto logbook loans to customers needing fast cash. You can borrow up to Ksh.500, 000 which can be processed within 24 hours. Africa Credit Limited is a convenient option for those looking for quick financial assistance. Their offices are located at Anniversary Towers, Monrovia Street.
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Bashy African Credit Limited.
Bashy African Credit offers quick and cheap logbook loans in Kenya. You can borrow up to 80% of the value of your motor vehicle, which can be processed in less than 2hrs. The repayment period is within 12 months.
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Momentum Credit
Momentum Credit offers logbook loans of up to 50% of the car’s value. However, to qualify, your car must not be more than fifteen years from the date of manufacture to qualify. Once you have submitted all the necessary documents, you will get your loan after 24 hours.
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Samchi
Samchi Credit offers logbook loans at affordable interest rates. If you are caught up in an emergency or simply need some quick cash, you can use your logbook as collateral and borrow from Ksh.50,000 to Ksh.1,000,000.
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Sonix Credit Ltd
After trying to get a logbook loan from various popular financial institutions without success, you may feel discouraged. However, there are other companies like Sonix Credit Ltd offering similar loans. You can access their loans from Ksh.50 000 to Ksh.600 000 and finance up to fifty per cent of the automobile’s value.
