Mogo Logbook Loan: Product Details and How to Apply

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Mogo

Logbook Loan

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View the Loan Breakdown

Loan Amount

Up to 75% of vehicle

Loan Period

6 months - 5 years

Interest Rate

2.5% per month

Total Cost
(incl fees)

2.8% - 4.6% per month

Total Cost Breakdown (Loan Fees):

‍‍Monthly Interest: 2.5%
Processing Fee: 2%
Application fee: 10%
Logbook Discharge: Free
Loan monitoring fee: $20

Loan Structure‍

Type: Secured
Interest structure: Reducing Balance

Loan Details‍

% Financed: Up-to 75% of FSV
Car Age limit: 1998
All vehicle makes accepted
Minimum tenure: 6 Months
Max tenure: 60 Months
Minimum Amount: ksh70,000
Max amount: ksh2,500,000
Repayment Frequency: Monthly
Early Repayment: Allowed
Late fees: 1% daily (of installment balance)

Documents

Original logbook
Original ID and copy
KRA pin
6 months bank statement
6 months M-pesa statement
Comprehensive insurance

Representative Example of Loan Costs:

Example Loan Amount: Ksh100,000
Example Loan Tenure: 12 months
Representative APR: 30%
Processing & Application Fees: ksh12,000
Monthly Loan Repayments: ksh14,848
Total Loan Repayment Amount: ksh174,000

This product is provided by Mogo Auto. Mogo Auto is a Non-deposit taking Microfinance Institution duly registered under the Companies Act No 17 of 2015.

Pros

Pay no fees unless you receive the loan: unlike some Logbook Loans, you do not need to pay the valuation fee, tracker or any other fees prior to the loan being approved and disbursed. These fees are added to the loan amount and paid back over the loan duration.

Receive a high loan amount against the value of your car: Mogo will offer you up to 75% of your car’s distressed sale value as a loan. This is higher than the industry average of 60%.

Good for people with bad credit: Mogo does not check your CRB status when you apply for the loan.

Cons

High additional fees: This loan comes with a high application fee of 10% which is added onto to the total repayment amount and paid back over the duration of the loan.

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How to Apply for a Mogo Logbook Loan: Requirements, Repayment Details, Fees and Contacts

Mogo Auto logbook loans are designed for individuals who own vehicles. Mogo offers logbook loans that cover up to 80% of your car's value regardless of age, brand, or model. As of May 2022, Mogo has branches in Nairobi, Mombasa, Nakuru, Eldoret, and Kisumu.

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