Logbook loans and their benefits explained

Logbook loans and their benefits explained

Logbook loans have gained increased popularity over the years. More Kenyans are turning to this type of loan to quickly fix their cash problems.

A Logbook loan is a loan secured against the value of your car. This loan can be used for any purpose buy the borrower and is ideal for people who are looking to enter into new ventures, expand their businesses or even those who want to supplement their working cash-flow deficit.

At Ngao Credit, for example, you can borrow up to 60% of the value of your car in 6 hrs and repay within a period of up to 20 months.

Why should you then consider a Logbook loan?

Easily accessible

More lenders are now offering logbook loans so getting one won’t be hard. To get the loan, you just need to make sure you’re eligible. You can then submit your application and expect your confirmation as quickly as possible.

Fast approval

Provided you meet the needed requirements and have the necessary documents with your approval can be done very quickly.  At Ngao Credit, for example, you can get your cash in just 6 hours so that you can take care of your emergencies.

No Credit Check

No credit check policy is one of the biggest advantages of logbook loans. While other personal loans require you to have good credit, logbook loans really do not take this into consideration. Your car will serve as collateral.

Flexible Loan Amount

Logbooks loans are secured against a vehicle so the loan amount is always more flexible than what unsecured loans offer. With this type of loan, you can borrow even up to 5 Million against your logbook.

As we mentioned, your logbook loan can be approved under 6 hours as long as you meet the requirements. For Ngao Credit, the requirements include the Original logbook, Original national ID & PIN, latest 6 months bank statements, Post-dated cheque(s) and Comprehensive insurance. If you want to know more about Ngao Credit logbook loans and how it can help you when you’re in urgent need of cash. Call us now on 0709650000 or visit our website for more information. 

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