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What you need to know about Logbook Loans in Kenya

Emergency loans have increasingly become popular over the recent years, from mobile app loans to logbook loans. Lenders realized that financial emergencies happen to the most of us and one thing that has remained constant is people’s need for cash. While getting a loan from a bank involves long procedures that take time, once approved, Logbook loans are processed in less than 12hours.

A Logbook loan is a great way to secure cash quickly or if you have been refused credit before and you are looking for a quick decision on a loan. As the name suggests, logbook loans are loans secured against the value of your vehicle (either a personal car or a company vehicle), most logbook loans lenders offer loans from 50% the value of your vehicle which you can repay within 20 months.

Who can get a logbook loan?

Anyone who owns a private, commercial or passenger service vehicle qualifies for a logbook loan. Loans can be secured against more than one motor vehicle at the same time. All Log Book Loans are subjected to a loan appraisal process. Once a loan has been approved the loan will be disbursed in less than 12 hours.

The minimum amount to borrow mostly is Ksh 50000 to a maximum of Ksh 2000000, however, the amount applied for and approved will depend on the general condition of the car, the age of the car, the mileage on the vehicle and the amount of money you make. This will also determine the amount of money you will be required to pay monthly.

How to get a logbook loan

There are many companies like Milhan Access Capital offering logbook loans in Kenya. However, it is important to do your research well on which company you can borrow from and their interest rates. Before handing over your logbook, it is essential that you learn how logbook loans work. If you are not able to keep up with repayments your vehicle can be repossessed to pay back what you owe.

One of the requirements before being granted this kind of loan is that you will have to transfer the ownership of the vehicle to the lender and once you have cleared your debt, it will be then transferred back to you. Hence, one needs to read carefully and understand the terms of logbook loans.

What you need to get a logbook loan

As part of the loan application and approval process, you will be required to have your logbook or registration documents of the car to prove ownership of the vehicle. The lender will then do a check on your vehicle to confirm that the value quoted is the correct amount and the car is free of any other financial obligations.

Some personal information will also be needed as part of the process, these might include financial details i.e. income and regular expenditure. Other logbook lenders require physical address. This process can take as less as an hour and money transferred to you within 12hours.

Why logbook loans

Approved fast and timely – Logbook loans are like emergency loan, they are approved fast to make sure financial needs are met quickly. With most lenders it takes less than 12hours given that you meet all the requirements. At Milhan Capital the money is transferred to your account without delays once approved.

Easily accessible– With logbook loans becoming popular by the day, more and more lenders are coming up to meet the demand. Getting a logbook loan is now easy provided you are eligible. You can even submit your application online.

Use as you want– When it comes to getting a logbook loan most lenders do not need to know how you intend to use the money as long as your car details check out. You can use the money on personal matters like paying for a vacation, invest, pay bills etc.

Flexible amount– Since logbook loans are secured against a car, the amount of money you can borrow is flexible, one can borrow up to 5million depending on the value of the car.

No Credit Check– One of the advantages of logbook loans in Kenya is that you can access them even when you have been denied credit elsewhere. The no credit check policy guarantees most people get a loan since the car is used as collateral.

Logbook loans are not just for emergency purposes although they are processes in the shortest time possible. This type of loan can be used for any purpose including starting a business, expanding or restocking, supplement the working capital cash flows deficits, pay workers, pay medical bills, complete a payment or maybe just going for a vacation.

Milhan Capital logbook loans

At Milhan, we offer fast logbook loans for all your financial needs. Once your application has been approved, you can expect money in your account in less than 12 hours.

Our logbook loans comes in handy for businesses and individuals. To know more about Milhan Capital Logbook loans and why they are the right choice for you call 0790309958.

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