Cheapest Logbook Loan Companies in Kenya
Logbook loans have become a popular financial solution in Kenya, offering quick access to cash by using your car as collateral. Many Kenyans opt for these loans due to their relatively easy application process and the ability to get funds fast without selling their vehicles.
If you’re looking for affordable logbook loans, it’s important to choose a lender that offers competitive rates and favorable repayment terms. Here are some of the cheapest logbook loan companies in Kenya that stand out in 2024:
- Jijenge Credit Limited
Jijenge Credit Limited is known for its flexible and affordable logbook loan offerings. They provide fast loan approval and disbursement, usually within 24 hours. Jijenge Credit also offers competitive and affordable rates, with flexible repayment terms tailored to suit your financial situation.
- Mwananchi Credit
Mwananchi Credit is another affordable option for logbook loans, offering competitive interest rates and quick approval processes. They focus on flexible repayment options that allow customers to borrow against their car’s value and keep the vehicle on the road.
Also Read: Need Quick Cash Loan? Explore Kenya’s Leading Logbook Loan Providers
- Mogo Kenya
Mogo Kenya is a well-established lender that offers some of the most affordable logbook loans in the market. With a focus on transparency, Mogo provides loans at rates as low as 2.5% per month, with flexible repayment terms of up to 60 months. Borrowers can access loans of up to 80% of the car’s value and keep driving their vehicle during the loan period.
- Platinum Credit Kenya
Platinum Credit offers convenient and affordable logbook loans with fast processing and disbursement. Their interest rates are competitive, starting at 4% per month, and they offer flexible loan repayment periods ranging from 6 to 24 months. Platinum Credit allows you to retain ownership and continue using your vehicle during the loan period.
- Momentum Credit
Known for low rates and flexible terms, Momentum Credit provides affordable logbook loans with no hidden fees. They allow borrowers to access up to 80% of their car’s market value, making it a suitable choice for those seeking an affordable financing solution.
Also Read: Win Tenders with Bid Bonds In Kenya
Tips for Choosing a Cheapest Logbook Loan Companies in Kenya
When looking for the cheapest logbook loan provider, it’s essential to consider more than just the interest rate. Here are a few tips to help you make the best decision:
- Check for hidden fees: Some lenders might have processing fees, penalties, or other charges that can increase the overall cost. Always check for any hidden penalties and restrictive contracts. Some lenders do not provide discounts on penalties.
- Repayment flexibility: Look for a company that offers flexible repayment terms based on your financial situation. Certain lenders do not renegotiate payment terms in case of eventualities, such as sickness or unemployment.
- Loan-to-value ratio: Consider how much of your vehicle’s value you can borrow, as some lenders offer up to 80% of the car’s market value.
By comparing different providers, you can find an affordable logbook loan that best suits your needs while keeping your vehicle on the road.
