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People applying for logbook loans often use cars at hand as collateral to access funds essential to solve any impending financial problems. Banks and other independent lenders provide logbook loans in Kenya, enabling car owners to get instant cash readily. Like most secured loans, these loans accompany specific interest rates based on the repayment plan and amount borrowed. If you need quick cash using your vehicle as security, a logbook loan is a great option.
With logbook loans, borrowers have limitless access to a significant amount of loan amount, though varies depending on the car value. However, getting a better understanding of how logbook loans work and applying is crucial for first-time borrowers. That said, this guide helps you to familiarize yourself with logbook loans.
Understanding logbook loans terms
Sometimes, logbook loans meaning can become confusing or interchanged with other loan types. In definition, logbook loans are loans offered to individuals with the vehicle used as collateral. If you fail to repay the debt within the specified period, the lender has the right to possess the car intending to settle withstanding amounts. The primary benefit of this loan type is that you still use the car while repaying the loan.
Most lenders offering logbook loans tend to consider credit scores and the history of borrowers before processing and granting loans. But with Mwananchi Credit, all people with car ownership can access funds without any difficulties. Therefore, this has become one of the best options to promptly get emergency funds whether you need logbook loans in Kitengela, Nairobi, Mombasa, or Kisumu.
Logbook loans in Kenya
Mwananchi Credit thrives in providing logbook loans in Kenya, especially with its swift processing and disbursement approaches. Irrespective of the loan amount you need, Mwananchi Credit can quickly grant you the funds depending on your car market value. Essentially, borrowers can get any amount sought when looking to handle different emergencies.
What makes Mwananchi Credit stand out from banks and other financial lenders is approving loans without considering credit scores. The lender solely focuses on getting ownership of the vehicle in question and the capability to repay the granted amount. Several banks and independent lenders in Kenya will deny borrowers auto logbook loans instantly, more so when they have a bad credit history despite mending it over time.
Besides, most logbook loan lenders contemplate a substantial risk leading to borrowers to expect increased interest rates. But with Mwananchi Credit, you get logbook loans solutions at competitive rates. Besides higher loan amounts, borrowers have a flexible repayment schedule, ensuring you get what you need without compromising your finances.
Who’s eligible for logbook loans
Whether you need logbook loans in Nakuru, Eldoret, Kisumu, Nairobi, or Mombasa and own a car, you are eligible for this loan type. Besides, Mwananchi Credit accepts anyone with ownership of private, commercial, or passenger vehicles. Sequentially, you can get up to 80% of your car’s value when you apply for your logbook loan at Mwananchi Credit. This is because the car secures the debt granted while considering the vehicle’s depreciation value over time.
At Mwananchi credit, you have between 1 to 24 months to repay your existing logbook loan. Typically, you can choose your preferred period within the timeframe to repay the principal amount plus interest rates. Borrowers can settle the debt before the period specified elapses without any penalties as it is also an effective method of repaying loans on logbook.
Logbook loan amounts
Though logbook loans vary depending on vehicle model, year of manufacture, and make, Mwananchi Credit ensures borrowers gain access to significant amounts. Notably, the lender offers logbook loan amounts from a minimum of 150,000 KES up to 20,000,000 KES. However, the lender will initially evaluate your vehicle, considering market value to determine the maximum loan amount you qualify for.
Logbook loan requirements
If you have once or twice googled ‘log book loans Kenya’ and own a private, commercial, or passenger service vehicle, you are eligible for a logbook loan at Mwananchi Credit. Yet, you need to meet the minimum requirements before getting approved. These requirements include;
- Original car or motorbike logbook
- KRA PIN of the applicant
- Original national ID card of the applicant
- Two passport size photos
- Six months bank statement
- Comprehensive insurance certificate cover
How to apply for car and motorbike logbook loans in Kenya
Mwananchi Credit has a seamless application of logbook loans online either secured by a motorbike or car. Besides, the process takes place online, where borrowers can quickly apply for any amount they seek. Here is how it works;
- 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.
What to expect when you apply for logbook loans at Mwananchi Credit
Mwananchi Credit offers the best logbook loans hence meeting borrower expectations regardless of the amount borrowed. With several logbook loan lenders promising the best services yet to deliver, Mwananchi does meet your needs. That said, here is what to expect;
- Clear-cut, fast, and precise logbook loan application process
- Swift processing and approval of logbook loans
- Cheap logbook loans in terms of interest rates
- Timely funds disbursement to borrowers
- Higher logbook loan amounts
- The flexible repayment plan for all borrowers
- Any vehicle can secure a logbook loan.
Logbook loan calculator
Before applying for any logbook loan amount, it is essential to understand the variation of interest rates. The principal amount often accompanies specific interest rates based on the repayment period. Shorter repayment periods tend to have lower interest rates than prolonged plans. The logbook loan calculator helps you determine the rates applied on different loan amounts depending on your preferred repayment period.
Mwananchi Credit has an online calculator that helps borrowers determine interest rates based on the principal amount and the repayment plan at hand. If you need car loans in Kitengela or logbook loans in Kisumu, using an online calculator helps you get the right amount. Therefore, it is vital to consider a logbook loan calculator before applying for any loan.
Which logbook loans are available?
The most common logbook financing available remains secured by vehicles, meaning the vehicle’s original logbook secures the loan granted. Besides, you can also get logbook loans for motorbikes if you don’t own a car.
What makes you the best logbook loan lender?
We offer higher loan amounts value to all your clients and guarantee fast processing of all logbook loan applications. Our easy logbook loans ensure our clients enjoy flexible repayment schedules at competitive rates.
Where can I get quick logbook loans in Kenya?
Mwananchi Credit offer logbook loans in Nairobi, Mombasa, Nakuru, and different areas in Kenya. We ensure you different applicants get premier logbook loan services across different parts. This is because we offer a higher logbook loan amount at competitive rates and with flexible repayment plans.
What is Your repayment plan?
We have a monthly repayment plan of up to 24 months to choose your preferred period. That is, you can choose to repay the loan within a period of one to 24 months.
Do you offer logbook loans in Thika?
Yes, we have offices located in Thika to apply for your logbook loan and get instant funds from us. Again, you can apply online, and we’ll get back to you within no time.
How do logbook loans work?
Car loans are loan types where borrowers deposit vehicles as collateral using logbooks. The vehicle secures the loan while settling the debt within the specified period. When the borrower fails to repay, the lender gains the vehicle’s rights to recover the debt.
Which areas do you offer logbook loans?
We offer car loans to different people across Kenya to ensure everybody who owns a car can access fast cash. However, we have offices that facilitate logbook loans in Eldoret, Nakuru, Mombasa Thika, Nairobi, Kisumu, and Kitengela.
How can I get logbook loans in Mombasa?
You can visit our offices located at Jubilee Arcade, Moi Av. Road Ground Floor in Mombasa, and make your logbook loan application. You can also visit our online platform and apply for your logbook loan application.
Most car owners can face financial issues, hence opt for logbook loans to access fast cash. However, comprehending this loan type is vital before applying, and this is where this guide comes in. You can thus apply for a loan at Mwananchi Credit if you own a car or motorbike.
Make your application here!
Talk to us on 0709 147 000 today and apply for your logbook loans today.