Personal Loans

Mogo Credit Logbook Loan Details

Rates available from as of 1st April 2021
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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.

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