A logbook loan is a loan secured against your car. You can get upto 90% of the value of the car ( with newer models fetching higher ratios). You can as well combine several logbooks into one loan ( if you have a fleet of vehicles) and can qualify from a minimum of Kshs 100,000 to as much as Kshs 25,000,000 in a single loan.
Logbook Loans at Mwananchi Credit take six hours or less from the application, processing until disbursement is done. To help you get your loan even quicker than the six hours, you need to understand the process of logbook loan application which is as follows:
a) Online Application
1) On the site https://mwananchicredit.com/, click Logbook Loans and fill the calculator module with the amount you want to borrow and how long you want to repay it. The calculator shall estimate for you how much you shall be repaying on a monthly basis.
2) Click Get a quote and fill in the required fields . These are Name, Phone number, ID, and email. You may also fill in a PROMO CODE if you have some of the offers Mwananchi Credit runs.
3) Click Submit and your application will reach our team immediately. One of our customer care representatives shall get back to you within 30 minutes of your application ( During working hours )
4) After pre-approval, you shall be given our loan contract to sign and later you get your money within 6 hours.
- Have Your Car or Motorbike: This means being an owner of the vehicle registered under your name.
- Choose Your Loan Amount: Use the online calculator to determine your loan amount before applying.
- Fill an Online Form: Provide your details through an online logbook loan application form. These include your name, vehicle details, and more.
- Sign A Contract: After pre-approval, visit Mwananchi Credit branches in Nairobi, Mombasa, Thika, Eldoret, Kisumu, and Kitengela to sign a contract and get your logbook loan approved.