Mogo Credit Logbook Loan Details

Rates available from as of 1st April 2021
Customise your results to find loans you're eligible for by answering 5 more questions
Customize Results
Money254 strives to provide relevant and accurate product information, which Money254 obtains directly from each institution’s tariff guide. If you believe a product’s details are incorrect, please report the product to Money254.

Mogo

Logbook Loan
Easy Apply
Amount
Ksh100k - 2.5M (80% of vehicle)
Duration
6 months - 5 years
Interest Rate
2.5% per month
Total Cost Including Institution's Other Fees
2.8% - 5.3% per month
Typically approved within 24 Hours
visit website
Easy Apply

Loan Type

Logbook Loan

Total Cost Breakdown (Loan Fees):

  • Monthly Interest: 2.5%
  • Processing Fee: 7%
  • Application fee: 10%
  • Valuation: Free
  • Logbook Discharge: Free
  • Car Tracker: Free

Representative Example of Loan Costs:

  • Example Loan Amount: Ksh100,000
  • Example Loan Tenure: 12 months
  • Representative APR: 30%
  • Processing & Application Fees: ksh17,000
  • Other Fees: ksh27,000
  • Total Loan Repayment Amount: ksh174,000
  • Monthly Loan Repayments: ksh14,509

Loan Structure

  • Type: Secured
  • Interest structure: Reducing Balance

Loan  Details

  • % Financed: Up-to 80% 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

Documents

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

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 80% 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 a 7% processing fee and 10% application fee which are both added onto to the total repayment amount and paid back over the duration of the loan.

See more Personal Loans available in Kenya on Money254

From short-term app loans to long-term bank loans, we have aggregated all of the unsecured Personal Loans from Kenya's top financial institutions.

See All Personal Loans

Welcome to Money254!

Money 254 is a new platform focused on helping you make more out of the money you have. We've created a simple, fast and secure way to find and compare financial products that best match your needs. All of the information shown is from products available at established financial institutions that our team of experts has tirelessly collected. Instantly search loan products from established providers in Kenya and compare on the terms that matter most to you.

Explore All Products On Money254

Stay up to date with your money - sign up for our newsletter today.

Get updates from the Money254 team on financial news and new Money254 features.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.