Mogo Credit Logbook Loan Details

Rates available from as of 1st April 2021

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Mogo

Logbook Loan

Amount

Ksh100k - 2.5M (75% of vehicle)

Duration

6 months - 5 years

Total Cost

2.8% - 4.6% per month

Typically approved within 24 Hours

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Total Cost Breakdown (Loan Fees):

‍‍Monthly Interest: 2.5%
Processing Fee: 2%
Application fee: 10%
Valuation: Free
Logbook Discharge: Free
Car Tracker: Free
Monthly Loan monitoring fee: $20

Loan Structure‍

Type: Secured
Interest structure: Reducing Balance

Loan Details‍

% Financed: Up-to 75% of FSV
Car Age limit: No limit
Minimum tenure: 6 Months
Max tenure: 60 Months
Minimum Amount: ksh100,000
Max amount: ksh2,500,000
Repayment Frequency: Monthly
Early repayment: Allowed, not charged
Late fees: 1% daily (of installment balance)

Documents

Original logbook
Original ID and copy
KRA pin
6 months bank statement
6 months M-pesa statement
Comprehensive insurance

Representative Example of Loan Costs:

Example Loan Amount: Ksh100,000
Example Loan Tenure: 12 months
Representative APR: 30%
Processing & Application Fees: ksh12,000
Other Fees: ksh27,000
Total Loan Repayment Amount: ksh174,000
Monthly Loan Repayments: ksh14,509

This Product is provided by Mogo Auto. Mogo Auto is a Non-deposit taking Microfinance Institution duly registered under the Companies Act No 17 of 2015.

Money254 Review

Pros

Pay no fees unless you receive the loan: unlike some Logbook Loans, you do not need to pay the valuation fee, tracker or any other fees prior to the loan being approved and disbursed. These fees are added to the loan amount and paid back over the loan duration.

Receive a high loan amount against the value of your car: Mogo will offer you up to 75% of your car’s distressed sale value as a loan. This is higher than the industry average of 60%.

Good for people with bad credit: Mogo does not check your CRB status when you apply for the loan.

Cons

High additional fees: This loan comes with an application fee of 10% which is added onto to the total repayment amount and paid back over the duration of the loan.

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Mogo Auto logbook loans are designed for individuals who own vehicles. Mogo offers logbook loans that cover up to 80% of your car's value regardless of age, brand, or model. As of May 2022, Mogo has branches in Nairobi, Mombasa, Nakuru, Eldoret, and Kisumu.

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