If you’re looking for a way to finance your next car, Boda Boda, or a Tuktuk for business or need a loan for extra money, MOGO loans could be the right choice.
Boda Bodas, Tuk Tuks, and automobiles are popular in many areas of the country and keep on increasing in number. But, have you ever wondered where people get the money to finance them?
Disclaimer: This is not a sponsored post.
Who is Mogo?
MOGO Kenya is part of the Eleving Group, an international FinTech company operating in 15 countries on three continents. MOGO provides financing options for used cars, logbook loans, Boda Boda and Tuk Tuk loans at affordable rates.
Types of Loans offered by Mogo
Mugo offers secure loans to finance your car, Boda Boda or Tuktuk with repayment terms of up to 60 months.
Read also: Secured VS Unsecured Loans
1. Logbook Loans
A logbook loan is where you use your car as security for the loan. The lender becomes the legal owner of your car during the loan period, which means they can repossess it if you don’t keep up with repayments.
With a Mogo Logbook Loan, you can keep driving your car while repaying the loan. All they need is your vehicle’s Logbook (free of any other charges) and a copy of your ID.
How does Mogo Logbook Loan work?
With Mugo logbook loans, you can get from 100,000 to 2,500,000 KES within 24 hours and retain the right to continue driving your car. The loan covers up to 80% of your car’s value regardless of age, brand, or model.
You can repay the logbook loan in affordable instalments and choose your desired repayment period for up to five years. Your repayment schedule can be weekly or monthly, depending on what you feel is best for you.
Their quick logbook loans allow for old or new cars; therefore, anyone can do it- all they require is a review of your flexible credit history!
How do I get a Mogo logbook loan?
To get this type of loan from Mugo, visit any branches countrywide. Here are the 10 places you can find (more branches and partners will be available in the future). Mogo logbook loan branches
What do I need to apply for Mogo Logbook Loan?
The requirements are minimal and straightforward. All you need is your car Logbook (free of any other charges) and a copy of your ID.
2. Boda Boda Loan
The Boda Boda Loan is a financing solution that enables you to own a Boda without paying the full price upfront. You can get on the road and start riding your brand-new bike with affordable monthly repayments.
To qualify for a Boda Boda Loan, you will need to provide
- 3 months M-Pesa statement
- Personal ID
- Own KRA Pin
- Be 20 – 60 years old
- Have 1 guarantor
How does Mogo Boda Boda Loan work?
You choose any type of motorcycle you want from their selection, including models such as Bajaj Boxer, TVS, Honda, Captain, Haojin, Ranger, and Haojue – to name a few.
Visit any of their dealership that sells your preferred Boda Boda model. Choose conditions based on what you need. Select a loan term between 52 and 112 weeks and an instalment amount and leave them your contact information.
They will do a simple identity check, and then you sign a contract and pay the initial deposit of KES 15,000. At this point, your Boda Boda will be ready to ride in less than 3 hours.
Once you have your new Boda Boda, you can start a weekly repayment schedule, and after repaying the loan, you become the legal owner of your motorbike.
3. Car Loans
With Mogo car loans, you can finance your next used car purchase. Whether you’re looking for a family car or a commercial vehicle, they can help you get the financing you need.
How does Mogo Car Loan work?
You can acquire your dream car for as low as 20,000 KES per month. They will finance up to 80% of your car’s value regardless of age or make, so you can start driving your dream car. You can buy a car worth up to 2,500,000 KES with a 20% down payment.
Loan approval and processing are done within 24 hours, and they offer monthly or weekly instalments, and you can repay your loan in up to 60 months.
To qualify for a Car Loan, you will need the following:
- A Personal ID.
- Own KRA Pin.
- Be 23 – 70 years old.
- Provide driver’s license.
- Your first deposit.
To begin, select a vehicle from any car ad, market, or dealership. Next, select conditions according to what you need. After that, you choose the loan amount and repayment period as well as the first deposit amount and provide your contact information.
Once all the paperwork is done, you will be contacted to go sign a contract at one of their nearest branches — Nairobi, Mombasa Nakuru Eldoret Kisumu Thika or Meru where you will finally be able to ride off in your new car while conveniently paying monthly instalments until the loan is repaid in full.
You will legally become the vehicle owner upon repaying the entire loan sum.
10 Advantages of Mogo Loans in Kenya
- No Hidden Costs- the company is very transparent about its fees and interest rates
- They have a very fast application and approval process- you can get your loan approved and processed within 24 hours!
- They offer flexible repayment options to suit your needs- you can repay weekly, fortnightly or monthly.
- They have a customer care team that is always ready to help- you can reach them via phone, email or live chat.
- They have a very user-friendly website that is easy to navigate.
- They have a large network of branches across Kenya so you can apply for a loan at any of their branches nationwide.
- They offer competitive interest rates on all their loans.
- They are always innovating and introducing new products to meet the needs of their customers.