A logbook loan is a loan that one uses his car’s logbook to secure a loan. Many People are considering taking logbook loans in Kenya because of many reasons. Let’s discuss the advantages of taking a logbook loan.
Logbook loans are easily accessible.
In Nairobi and Kenya in general, there are many Banks and Microfinance where you can walk in and get a loan using your car. You can even contact their customer service and get advice on how to go about it.
While banks and few institutions may require a lot of documentation, some microfinance like Bashy African credit has very few requirements. They don’t ask for Banks statements or do a CRB Check.
You produce your ID, Original Logbook, KRA Pin, and two Passport photos.
I think you have heard of the title deeds tedious loan process. Bashy African Credit logbook Loan process is simple. It can be completed within one if all few requirements are in order. In fact, at Bashy, we do it for a maximum of 3 Hours.
You can get the loan with flexible terms. Like at Bashy they don’t have penalties or hidden charges. You can even clear the loan earlier without penalties.
Flexible Reducing Interest
The interest rates of most Microfinance like Bashy are on a reducing balance. That is the more you reduce the interest. That means you can pay less interest if you clear on the first month.