‘Make time for enjoyment, because pain also makes time’.
Problems and emergencies hit us when we least expect it, and you end up needing cash. It could either be paying a deposit at the hospital because your mother needs an operation, or you and your friend got arrested for one reason or the other… It’s safe to say we’ve all had a serious emergency that required instant cash.
Applying for a loan is usually a long pain-staking process. The solution to this is quick logbook loans. They are referred to as quick logbook loans for a reason. An applicant places their logbook as collateral for a loan amount that is comparable to the value of their automobile. In other words, it is an easy and fast way of borrowing money for automobile owners.
Logbook loans in Nairobi and other cities have provided a sufficient gateway for car owners to secure a substantial amount against their car. Imagine getting the amount you desire in 24 hours!
We have listed five Logbook Loan providers you can try out next time you’re in dire need.
Mwananchi Credit Limited
Mwananchi Credit is a microfinance institution incorporated according to the Companies Act (Cap 486) of the Laws of Kenya. They started offering financial services to interested clients on April 15, 2010.
Mwananchi Credit Limited offers loans at affordable rates from as low as 2.5% based on the repayment plan and amount borrowed. Offers credit to all vehicle owners regardless of their credit score. Loans are available at up to 80 per cent of the car’s value. The loan repayment period is between 1 and 24 months with customers being able to choose a suitable timeframe for themselves, thus offering flexibility. The process is swift and the loan will be processed within 24 hours.
What you need to apply for a loan with Mwananchi Credit
- Original car or motorbike logbook
- KRA PIN of the applicant
- Original national I.D card of the applicant
- Two passport size photos
- Six-month bank statements
- Comprehensive insurance certificate cover
Platinum Credit Limited
Platinum provides a minimum of Ksh.20, 000 and a maximum of Ksh.2 million. They give their clients a maximum of one year to finish payments. Considering other logbook loans in Kenya, their services are incredible.
What you need to apply for a loan with Platinum Credit
- A clear copy of your National Identity Card
- Copy of KRA PIN
- Certified bank statements for the past six months.
- A recent passport-sized photo
- The original vehicle logbook
- Valid insurance cover
- Certificate of registration/incorporation (This applies to business owners only)
- Personal checkbook
Sonix Credit Limited
Sonix Credit offers logbook loans between sh.50,000 and sh.600,000. They offer up to fifty per cent on the vehicle’s value.
What you need for a loan with Sonix Credit
- A copy of the Title deed or logbook
- Legal charges over the property within a week
- Copy of the employee’s work ID card (employed applicants)
- Joint registration of guaranteed vehicles on the same day
- A post-dated cheque for the approved loan amount and interest included.
- Valuation Report for the motor property/vehicle.
- Two personal guarantors shall be obtained from third parties
The service provides logbook loans at a 3.5% interest rate. They offer loans of up to 60% on the value of the vehicle. They provide fast solutions for customers in dire need of financial aid. Furthermore, they offer loans of up to sh.5,000,000.
What you need for a loan with Ngao Credit
- Original logbook
- Comprehensive insurance
- Post-dated cheque(s)
- Latest six-month bank statements
- Original national ID & PIN
- Valuation fee sh.4,000 paid upfront
- Processing fee 4% of the loan amount
- Insurance fee 1% of the loan amount
- Search sh.2,000
- Tracking fee sh.4,000
- Transfer fee sh.3,675
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