In this section, I will show you where to get logbook loans in Kenya and how to apply for one.
A logbook loan as the name suggests is a form of loan where the borrower gives their car as collateral.
In this case, the borrower will still have the car and use it as they continue paying the loan but cannot claim ownership. This is because the lender has the car’s logbook.
The car belongs to the lender until the loan has been fully paid.
In most cases, this form of loan can be classified as an emergency loan especially if you are in dire need of emergency money and you have a car.
How does a logbook loan work?
This happens to be the most convenient way of getting quick money especially if you own a car and you need the money more or less worth your car.
When you take out a logbook loan, you hand over your registration documents or vehicle logbook to the lender until your loan is repaid.
Using a logbook loan you:
- Can choose to borrow between 6 months and 5 years
- Have to pay interest
- Can spend the money on anything you like (not just buying a vehicle)
Summary: Logbook Loans Providers in Kenya
- Fintech Credit
- Ngao Credit
- Platinum credit
- Jijenge credit
- Mwananchi credit limited
- Africa Credit
- Bridge Water Capital
- Momentum Credit
- Galpo Capital
- Mogo credit
- Samchi Credit
Where Can I get a Logbook loan in Kenya?
Here are places you can get a logbook loan in Kenya:
FinCredit offers you a secure way to access top logbook loans within the shortest turnaround time. It is therefore among the top logbook loan places in Kenya to try out the next time you require a quick loan.
Requirements to access this loan as just as those listed above for other firms. One will need to present the following:
- Utility bills copy to act as proof of your place of residence
- Copy of ID and KRA pin or a Passport if a resident in Kenya
- Car valuation certificate
- Certified bank statements as well as payslips for both 6 months and 3 months respectively.