Logbook Loans in Kenya
The unexpected dire financial situation may befall anyone at any time without warning. This calls for expedited access to cash to settle the imminent threat that may range from being late in mortgage payments to paying business premise rent. According to the Central Bank of Kenya, Gross loans increased by 2.3 percent from Ksh.3,040.45 billion in March 2021 to Ksh.3,110.07 billion in June 2021. This points to the increased demand for loans and hence commercial banks have put in place stringent background and eligibility checks that may frustrate you if you need expedited access to cash.
Using the Logbook loan product, Elevate Credit has provided a gateway for car owners to secure a substantial amount of cash against their car in just 24hours. However, the loan requires to pass through the approval process that is put in place by Elevate Credit. Important information to know beforehand includes:
How the Logbook Loan Works.
The loan is secured using the vehicle’s logbook. You can use the car as usual and once the loan is paid off, the logbook will be returned to you. However, it is worth noting that the logbook will act as security for the loan, which means that if you are unable to pay back your loan, the company can use the vehicle as a deposit to recover the borrowed amount. Elevate Credit finances up to 50% of the value of the car at an interest rate of 4.5%.
Requirements for the loan.
- You’re over 18 years of age.
- Copy of ID, driver’s license, or passport.
- You’re the owner of the vehicle.
- You have your name on the logbook.
- You have no outstanding finance on the car.
- The vehicle has valid car insurance.
- The car is roadworthy and in reasonable condition. Not older than 15yrs.
- The car is private (Commercial vehicles are not accepted).
How to make payments.
There are various repayment options available so that it makes the process quick and efficient for everyone. To achieve this, Elevate Credit accepts the following payment options:
- Electronic back transfer
- Direct cash or cheque payments
- Mpesa payment.
How to apply for the loan.
You can apply for the loan by booking an appointment at our office located at Sameer Business Park, Mombasa Road, Nairobi. If you want to get the loan hassle-free, download the ready-to-use Elevate credit app available at the google app store or apply for the logbook loan right here at our website.