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Platinum Credit: A Quick Logbook Loan Processed in 24 Hours
Platinum Credit: A Quick Logbook Loan Processed in 24 Hours
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Platinum Credit: A Quick Logbook Loan Processed in 24 Hours

Tony Mukere
July 17, 2023

Are you looking for a quick logbook loan to address an emergency such as medical expenses, school fees, or lucrative business opportunities? You are reading the right article.

It is now possible to apply for the Platinum Logbook loan on, Kenya’s premier financial comparison platform.

Below is an overview of the Platinum Logbook Loan, which is offered by Platinum Credit - a Kenyan-registered microfinance institution.


To qualify for the Platinum Credit Logbook Loan, borrowers need to own a vehicle, as the loan is secured against its forced sale value. The loan is available for vehicles with a date of manufacture that is not older than 2000, and all vehicle makes are accepted. 

The amount you can borrow with the Platinum Logbook Loan is determined based on the value of your car. Platinum offers financing of up to 60% of the car's forced sale value, slightly higher than the industry average of up to 50%. 

The forced sale value of your car is distinct from its market value. It refers to the amount your car would fetch if it were sold quickly, such as in a distress sale. The forced sale value can vary depending on the car model but typically ranges from 60% to 75% of the car's market value.

For instance, if your car has a market valuation of Ksh1 million and a forced sale value of Ksh700,000, you would qualify for a maximum loan amount of Ksh420,000 with the Platinum Logbook Loan, representing 60% financing.

Additionally, a comprehensive insurance cover is required, although Platinum Credit offers an Insurance Premium Financing (IPF) service for borrowers who may not have the funds to make an outright purchase. 

Here is the list of what you need when applying for the Platinum Logbook Loan: 

  • 6 months M-pesa Statements/6 Months Certified Bank Statements
  • Copy of KRA PIN
  • Copy of your original National ID
  • One coloured passport photo (preferably taken in the office)
  • Original logbook of your vehicle.

Other things to note: 

  • The vehicle's date of manufacture cannot be older than 2000
  • Vehicle must have comprehensive insurance cover. If you do not have this cover, Platinum Credit can finance via their Insurance Premium Financing (IPF) service
  • You may also qualify for a Platinum Credit Logbook Loan even if you have a negative record on the CRB (This is dependent on some internal factors that the lender considers).

Cost of the Platinum Logbook Loan: 

The Platinum Logbook Loan attracts an interest rate of 4% per month. The loan utilises a flat-rate interest structure, where interest payments remain constant throughout the loan tenure. This structure can be less advantageous compared to reducing balance interest structures offered by some lenders.

Processing Fee (4%): The processing fee is calculated based on the disbursed amount of the loan. For instance, if you borrow Ksh100,000, the processing fee will amount to Ksh4,000.

Credit Life insurance fee: This is used as insurance in the unfortunate event of the borrower's untimely death. If such an event occurs, the outstanding loan balance is paid off.

Monthly Tracker Fee: Platinum Credit charges a monthly fee of Ksh1,700 for the car tracker, which is a recurring expense. While this fee is lower than some competitors, other lenders either charge a one-time fee or do not require a fee for the tracker.

It is important to note that you have the option to have the fees deducted from the disbursed loan amount. So you receive the amount you applied minus the loan’s associated fees. Alternatively, you can choose to have the associated fees capitalised. This means that you receive the loan amount you applied, but the principal amount would be the loan amount plus the fees.

Mandatory Upfront Fees: The Platinum Credit Logbook Loan requires a mandatory upfront fee of Ksh600, which covers the cost of the logbook search conducted at NTSA. This fee is one of the most affordable among the mandatory upfront fees charged in the market.

To access the Platinum Logbook Loan, the following third-party fees are applicable: 

  • Valuation (Ksh2,700 - Ksh4,200)
  • NTSA In-charge (Ksh1,175)
  • Logbook Discharge (Ksh1,175)
  • Car Tracker installation (Ksh5,000)
  • Chattel Registration (Ksh1,050
  • Post Logbook Search fee (Ksh750)

If you are applying for a Platinum Credit Logbook Loan and do not have the money to pay for the third-party fees upfront, the institution gives its customers two options to ensure this does not prevent them from accessing the amounts they need.

Defaulting Fees: If you fail to make your monthly repayments on time, a late fee equivalent to 0.33% of the remaining balance will be imposed daily.

Where the Platinum Credit Logbook Loan Stands Out

Flexible Fees: Platinum Credit provides borrowers with the choice to deduct upfront fees from the loan amount or capitalise them. 

Acceptance of Older Vehicles: Unlike many lenders, Platinum Credit accepts vehicles manufactured as early as 2000, expanding opportunities for borrowers with older cars.

All Vehicle Makes Accepted: Platinum Credit does not restrict borrowers based on the make of their vehicles, increasing the chances of loan approval compared to lenders with stricter vehicle requirements.

Early Repayment without Penalties: Borrowers can repay the Platinum Logbook Loan before the agreed tenure without incurring penalties, providing flexibility and potential interest savings.

Higher Loan Amounts: Platinum offers loans of up to Ksh2.5 million, which is comparatively higher than some competitors, enabling borrowers to address substantial financial needs.

Quick Turnaround Time: The processing time for the Platinum Logbook Loan is among the fastest in the industry, with borrowers typically receiving their funds within 24 hours to a few days.

How to Apply for the Platinum Logbook Loan on

You can now apply for the Platinum logbook Loan on To get started, click on this link.

On the next page, you will find the Money254 application form where you will be requested to provide standard information that allows to fast-track your application. 

A Money254 agent will call you back within 30 minutes to provide you with a detailed quote on the Platinum logbook loan and offer advice on the application process. After this, a relationship officer from Platinum Credit will contact you to complete the process.

Once your loan is disbursed, you will get a Ksh2,000 cash bonus for using the Money254 platform in your application process.

Note that Money254 is not a lender. Money254 is Kenya’s first fully integrated financial marketplace that is helping Kenyans find the financial products that best meet their needs. 

This service is offered to all Money254 users at zero cost. Learn more about Money254. 

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Mukere is a digital journalist based in Nairobi. He is passionate about writing and shaping stories that make the world a better place. Connect with Mukere on LinkedIn.

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