A logbook loan is a type of loan where your car is typically used as collateral to obtain cash, which you will later pay back with interest. Typically, lending companies will only offer up to thirty percent of what your car is worth, making the whole process not worth the hassle, especially if someone needs emergency money or quick cash. If you need fast cash but can’t find anyone who offers good loan terms, then we have the solution for you! Mwananchi Credit is the number one logbook loan provider in Kenya that we’re sure you will be more than satisfied with. We have various other services that include car financing, cheque discounting, import duty financing, and insurance premium financing in Kenya. This is a comprehensive guide that will help you understand what logbook loans are to get the best loan on a logbook in Kenya.
Logbook Loans in Kenya Explained
It is essential that you first understand what a loan against a logbook in Kenya is before you proceed. Lenders in Kenya will typically go through a long process of analyzing credit scores and borrowing history before approving a logbook loan. However, with Mwananchi Credit, you can get your funds very quickly, making them the best option to get fast cash and emergency logbook loans in the country. In addition, our offices are available all over the country, so you can get access to them from wherever you are and can even get an online loan. You can get a loan between 150,000 to 25,000,000 KSH depending on your car within a short time of only six hours. If you fail to repay this loan within the allotted time, the lender can seize possession of your car to settle the remaining money. However, you do not need to worry too much about this as they offer up to six years for repaying the money you owe them. It would be best to consider the factors mentioned above to understand what logbook loans are before you take one.
Understanding Logbook Loan Terms
Mwananchi Credit offers up to 90 percent cash of the value of your car, which makes them ideal for obtaining logbook loans in Kenya. They also offer loan interest rates as low as 1.6%, based on the plan and money you have chosen. The great thing about this is that even if you have a bad credit history, you can still receive this loan as you are using your car as collateral. Therefore, these terms are excellent if you are looking for some quick cash or emergency funds.
How to Obtain A Logbook Loan
Obtaining a logbook loan from Mwananchi Limited is a relatively simple procedure, and you can have the cash in your hand within six hours. It is important to note that you can get multiple logbook loans if you have multiple vehicles, including cars and motorbikes. You can even get online loans or weekend loans from their website. Here is the procedure for applying for a logbook loan:
- Visit their website https://mwananchicredit.com/ and click on the Logbook Loans option.
- Use the calculator module provided by the website to estimate how much you will be paying monthly. You will need to enter the amount you want to borrow and the duration within which you wish to pay for it.
- Click on the Get a Quota option and fill in all the needed requirements, like Name, Number, and ID.
- Once you have submitted, a member of their team will reach out to you within 30 minutes (provided it is during working hours).
- After you have been pre-approved, you will receive a loan contract to sign, after which you will receive the money within 6 hours.
It is important to note that you need to be the vehicle’s owner against which you are obtaining a loan. Additionally, you need to visit one of the Mwananchi branches located in Nairobi, Mombasa, Thika, Eldoret, Kisumu, and Kitengela to sign the contract so that you can receive your cash.
The minimum requirements that need to be fulfilled to get the logbook loan are:
- Original logbook (car or motorbike)
- KRA Pin
- Original National ID Card
- Two photos (passport size)
- Bank Statement of six months
- Comprehensive Insurance Certificate cover
Logbook loans are great options for fast cash as they allow you to use your car as collateral when borrowing money. Typically, lenders in Kenya do not provide satisfactory terms and can take a long time to approve the loan for you. We recommend Mwananchi Credit, which offers up to 90% value of your car, or even motorbike, depending on what model it is. We also have other services that include microfinance, salary checkoff, title deed loans, and trade finance in Kenya. Our online process is quick and efficient, and you can get between 150,000 to 25,000,000 KSH depending on your vehicle and the plan you use. We even provide an online calculator to understand precisely how you will have to pay them back and choose a plan accordingly. We hope this guide has helped you understand logbook loans so you can choose a plan accordingly if you need quick cash or emergency loans.