TOP 10 Best Logbook Loans in Kenya: Comprehensive Guide to Fast and Accessible Financing

Need fast cash? Dive into Kenya's logbook loans scene. Find out which lenders offer the best rates, flexible repayment options, and quick disbursement

Aug 7, 2023 - 11:08
TOP 10  Best Logbook Loans in Kenya: Comprehensive Guide to Fast and Accessible Financing
TOP 10 Best Logbook Loans in Kenya: Comprehensive Guide to Fast and Accessible Financing

Disclaimer: This article is intended for informational purposes only and does not constitute financial advice. Borrowers should conduct thorough research and seek professional guidance before making financial decisions.

Logbook loans, a popular form of secured loan, flourish in Kenya, especially among those who find traditional credit systems elusive. This article unravels Kenya's top 15 best logbook loans and provides a holistic guide for potential borrowers.

Logbook Loans Explained

What is a Logbook Loan?

At its core, a logbook loan is a financial agreement where borrowers use their vehicles as collateral. Unlike traditional loans, these do not hinge upon your credit score. Instead, your vehicle'svehicle's value is the decisive factor.

How does it work?

You provide the lender with your logbook or vehicle registration document. After assessing the car'scar's value, they grant a loan, usually ranging from 50% to 70% of the vehicle's value. Repayment spans range from 6 months to 3 years.

Pros and Cons

The beauty of logbook loans lies in their accessibility, especially for those with poor credit histories. Yet, the coin has a flip side; defaulting on repayment can lead to repossession of your vehicle.

Deciphering the Top Players In Kenya

1. Platinum Credit Limited: A Leading Logbook Loan Provider

Platinum Credit Limited is one of Kenya's most reputable logbook loan providers. Established in 2003, the company has expanded its operations across East African countries, including Uganda and Tanzania. Apart from logbook loans, Platinum Credit offers salary advance loans, asset financing, and mobile banking services through its PesaPap App.

Requirements for Loan:

  • Vehicle logbook
  • Copy of your national ID
  • Proof of income

2. Bashy African Credit: Quick and Cheap Car Logbook Loans

Bashy African Credit is known for offering quick and cheap car logbook loans in Kenya. Borrowers can obtain up to 50% of their car'scar's value and receive the funds in less than 2 hours. The company prides itself on simple processing procedures and no CRB checks, making it accessible to many borrowers.

Requirements for Loan:

  • Original Car Logbook
  • Original National ID
  • 2 Passport Photos
  • Application Fees: Valuation Fees Kshs 2,500, Legal Fees Kshs 1000, and Logbook Search Fee Kshs 1,000

3. Phoenix Capital: Flexible Logbook Loans for Instant Cash

Phoenix Capital offers flexible logbook loans of up to 70% of your car'scar's value, providing instant cash within 2 hours. Borrowers can continue using their vehicles while repaying the loan. The loan amount and interest rate depend on the collateral value and repayment period.

Requirements for Loan:

  • KRA pin
  • Passport photo
  • Original logbook
  • Certified 6-month bank statements
  • Comprehensive insurance cover

4. Ngao Credit: Fast Turnaround Time for Loan Disbursement

Ngao Credit, established in 2017, offers logbook loans with a fast turnaround time for disbursement. Borrowers can receive their funds within 24 hours of application approval. The company does not charge prepayment penalties, allowing borrowers to pay off their loans early without extra fees.

Requirements for Loan:

  • Original motor vehicle logbook
  • Original national ID
  • KRA PIN certificate
  • Bank and M-Pesa statements for the last 12 months
  • Comprehensive motor vehicle insurance cover

5. Momentum Credit: 24-Hour Fast and Transparent Financing

Momentum Credit, a premier non-banking financial lender, aims to transform Africa through fast and transparent financing. Borrowers can receive up to Ksh 2,000,000 within 24 hours without selling their cars. The company offers flexible loan terms and finances up to 60% of the car'scar's value.

Requirements for Loan:

  • Original Logbook
  • Copy of ID
  • KRA Pin

6. Jijenge Credit Ltd: Quick Approval and Access to Funds

Jijenge Credit is a microfinance institution headquartered in Nairobi, offering unique logbook loans with quick approval and access to funds. Borrowers can secure a logbook loan within just 1 hour from start to finish.

Requirements for Loan:

  • Clear copies of the original ID
  • Copy of KRA Pin
  • One recent color passport-sized photograph
  • Original Vehicle Logbook
  • Valid Comprehensive Insurance cover
  • Motor valuation report or renewal notice
  • Sales Agreement

7. Mwananchi Credit Limited: Versatile Financial Services Provider

Mwananchi Credit is a microfinance institution offering various financial services, including logbook loans of up to Ksh.20 million. Their loans cater to individuals with different financial needs and come with competitive interest rates.

Requirements for Loan:

  • Original logbook
  • KRA Pin of the applicant
  • National ID
  • Two passport photos
  • Six months' bank statements
  • Comprehensive insurance certificate

8. Sonix Credit Ltd: Affordable Interest Rates for Logbook Loans

Sonix Credit Ltd offers logbook loans ranging from Ksh.50,000 to Ksh.600,000, financing up to 50% of the automobile'sautomobile's value. Their loans come with affordable interest rates and are an excellent alternative to traditional lenders.

Requirements for Loan:

  • Copy of the logbook or title deed
  • Valuation report for the motor vehicle or property
  • Legal charge over the property within one week
  • Joint registration of the pledged motor vehicle on the same day
  • Copy of the employee's work ID Card
  • Two personal guarantees from third parties
  • A post-dated cheque for the approved loan amount, together with interest

9. Africa Credit Limited: Speedy Access to Loans

Africa Credit Limited provides logbook loans of up to Ksh.500,000 within 24 hours. Their efficient service and quick loan disbursement make them an attractive option for those needing fast cash.

Requirements for Loan:

  • Personal or business bank statements for the last six months
  • Copy of national identity card or passport
  • Motor vehicle records with the Kenya Revenue Authority
  • Latest utility bill or rental lease for proof of residential address
  • Motor vehicle logbook and copy
  • Document showing proof of comprehensive insurance

10. Fin Credit: Multiple Channels for Loan Application

Fin Credit offers logbook loans through various channels, including their website, app, and USSD code (*424#). Their loans come with specific conditions, which borrowers must meet before approval.

11. Maendeleo Capital: Finance up to 50% of Your Automobile'sAutomobile's Value

Maendeleo Capital can finance up to 50% of your car'scar's value, with a maximum loan amount of Ksh.500,000. The application process is straightforward, and borrowers can expect quick approval and disbursement.

Requirements for Loan:

  • Duly filled and signed loan application form
  • Original logbook and a copy
  • Identity: Copy of National ID, two passport photos, KRA pin
  • A checkbook account and six months' bank statements
  • Vehicle valuation report and records with NTSA
  • Proof of residential address
  • Proof of comprehensive insurance

Quick Summary of the Best Logbook Loan Lenders in Kenya

No. Company Name Loan Amount Range Interest Rate Loan Processing Time
1 Jijenge Credit Ltd Ksh. 50,000 - 10,000,000 Not specified 1 hour
2 Mwananchi Credit Limited Up to Ksh. 20,000,000 5% for 6 months, 6% for 12 months 6 hours
3 Momentum Credit Up to Ksh. 5,000,000 24 hours
4 Platinum Credit Limited Ksh. 20,000 - 2,000,000
5 Ngao Credit Limited 6 hours
6 Samchi Credit Ksh. 50,000 - 1,000,000
7 Meridian Acceptances Ltd
8 Century Microfinance Bank Up to Ksh. 3,000,000
9 Sonix Credit Ltd Ksh. 50,000 - 600,000
10 Wezesha Credit Limited
11 Mogo Up to 80% of car value 24 hours
12 Mombo
13 Africa Credit Limited Up to Ksh. 500,000 24 hours
14 Fin Credit
15 Maendeleo Capital Up to 50% of car value 24 hours

READ ALSO: Top Logbook Loan Providers in Kenya: Where to Turn When You Need Cash Fast


Logbook loans in Kenya provide a practical and efficient solution for individuals needing immediate cash. By leveraging their vehicles as collateral, borrowers can access funds within 24 hours without the hassle of traditional loans. However, before committing to any logbook loan, it's essential to consider the terms, interest rates, and repayment plans offered by the various.


Are logbook loans safe in Kenya?

    • Logbook loans in Kenya are generally safe if obtained from reputable and licensed institutions. Before proceeding with the loan, borrowers should understand the terms and conditions, including interest rates and repayment schedules.

Can I get a logbook loan with a poor credit history?

    • Logbook loans are accessible even for individuals with a poor credit history since the loan is secured against the vehicle'svehicle's value. However, borrowers should know the higher interest rates associated with such loans.

What happens if I fail to repay the logbook loan?

    • Failing to repay a logbook loan can result in the lender repossessing the vehicle used as collateral. Borrowers should be cautious and ensure they can meet the repayment obligations before taking out a logbook loan.

Can I use my vehicle during the logbook loan period?

    • Some logbook loan providers allow borrowers to continue using their vehicles while the loan is active. However, confirming this with the specific lender before proceeding with the loan is essential.

What is the maximum loan amount I can get with a logbook loan?

    • The maximum loan amount for a logbook loan varies among lenders and is typically a percentage of the vehicle'svehicle's value. Borrowers should inquire with the lender about the specific loan limits.

Is there a penalty for early repayment of a logbook loan?

    • Some logbook loan providers may charge penalties for early repayment, while others, like Ngao Credit, do not impose such fees. Borrowers should clarify this with the lender and choose one that offers flexibility in early repayment.

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Joseph Richard Joseph is a graduate of Mathematics and Computer Science (Applied Option). With expertise in Technology and Finance, he brings his knowledge to the field, demonstrating an authoritative understanding of these interrelated areas. Joseph is pursuing a Master's in Software Engineering, further expanding his skill set.