- Start trading with $1
- Earn up to 95% profits
- Fast payments
- $10 minimum deposit
- $10 minimum withdrawal
There are over 10 logbook loan companies in Kenya most offering up to Ksh 25,000,000.00 without CRB checkup. Sounds too god to be true right?
But it is true. Just the other day I applied for one and got the loan in a little under 6 hours.
On today’s post, I will share with you my story about applying for a logbook loan by Momentum credit and how my loan was disbursed in 6 hours.
- Start trading with $1
- Earn up to 95% profits
- Fast payments
- $10 minimum deposit
- $10 minimum withdrawal
Ensure you read this post to the end to avoid making some of the stupid mistakes that I did and almost cost me my loan approval.
Ready?
How I Applied And Got My First Logbook Loan in Kenya
Now, if you have read the majority of my posts then you would know that I am not the guy for loans.
- Start trading with $1
- Earn up to 95% profits
- Fast payments
- $10 minimum deposit
- $10 minimum withdrawal
When I need money, my first instinct is to try make it, always from trading before resolving to any other avenue.
But not on the 22nd of August 2024.
If you are a subscriber on my YouTube channel then you know that prior to this date, I ran a successful three week trading challenge to try generate up to KES. 1,000,000 for the payment of bride price for my wife. And a million shillings, I traded and generated.
Problem is, no one told me that these events are attended by more people than we anticipate.
- Start trading with $1
- Earn up to 95% profits
- Fast payments
- $10 minimum deposit
- $10 minimum withdrawal
And no one also mentioned that there would be other additional expenses not captured b pour budget that would need an extra KSH. 200,000.
So on 22nd of August 2024 when I think I am done raising money for my even, my wife tells me that we need more. And what better place to get emergency cash in Kenya than to turn to fast loans?
Note: I would have traded my way to an extra KES. 200,000 but that’s not how trading works?
Trading does not guarantee profits and it also needs you to be on your right mind to make the right trades.
o, after weighing my options, I turned to Momentum credit.
- Start trading with $1
- Earn up to 95% profits
- Fast payments
- $10 minimum deposit
- $10 minimum withdrawal
Momentum credit?
So why not MOGO Kenya, The NCBA logbook loan, Mwananchi Quick & Secure logbook Loans, Hakki loan, Watu Loan, HF Group logbook Loan, or Platinum credit logbook loan?
I chose Momentum credit because there’s an agent from the company I have personal history with.
We worked together at the previous company I worked for. In fact, he was my direct manager and for the longest time he’s wanted me to try their product but I am not guy for loans, so I never did.
Until
I needed 200K urgently and he was the only guy I could think of to help me through my financial emergency situation.
And what did the agent need to initiate the procedure?
Momentum credit logbook loan requirements?
- He needed me to go to the office to read, understand and sign the agreement
- Copy of National ID (to be certified against the original ID)
- Copy of the KRA PIN of the registered owner of the vehicle
- Motor vehicle logbook
- Motor vehicle valuation report
- Insurance sticker/Document Showing Comprehensive Insurance
- 6 months personal bank statements or pay slip for 3 months
- 6 Months Mpesa statements
Now, while these requirements may sound too many, they are not. Especially if you need the money urgently.
I remember filling the firms and providing everything in under 30 mins.
For example, we generated the Safaricom mpesa statements instantly and got them send to my Email address.
I Emailed my bank and asked them to send me my bank statements for 3 months and they responded in under 5 minutes.
And for getting a comprehensive insurance for my car, I allowed Momentum credit to use their preferred insurer so I’d not have to pay upfront.
Did I get the logbook loan?
Yes.
As I have already mentioned, I had my logbook ready and I cooperated with the agent to provide everything else they needed.
For example, providing the purchase agreement for my car was not part of the requirement but latter on before disbursement, I was requested to provide the document. And I did.
Another thing that came as a surprise is, Momentum credit also asked me to provide the original logbook from the previous owner.
Too good I had a copy and sent it to them.
In hindsight, the asked for too much information. Which I gladly provided.
Not forgetting that my diver spent an entire day at the Momentum Credit valuation yard just for the valuation and the tracker installation process.
You might want to clear your schedule when asked to present your car for valuation.
Form my experience, this is the longest waiting stage.
- Start trading with $1
- Earn up to 95% profits
- Fast payments
- $10 minimum deposit
- $10 minimum withdrawal
Cost of Logbook Credit
All said, what’s the cost of logbook credit or loan in Kenya?
Well,
These costs vary and they also depend on the loan terms and whether you choose to us a flat rate or a reducing balance rate.
Talk to your agents explain everything to you.
Upfront deductions
- 20% Insurance
- Valuation
- Exercise duty
Inclusive deductions
- Tracking KES. 5,000
- NTSA KES. 5,050
- Loan form KES. 2,450
- Credit life 0.03% of the loan amount
- Tracker Installation KES. 5,000
- Tracker deinstallation KES. 2,500
Everything added, I will be paying KES. 114,114 every month for 6 months.
That is the installment for KES. 505,000 loan approved by Momentum credit.
Multiply KES. 114,114 by 6 months and reduce the principle amount of KES. 505,000 then the entire interest and deductions becomes KES. 179, 684 for the loan period.
Divide that by 6 months, it means I will be paying KES. 29,947 for every KES. 84,116 principle amount that I return every month.
Conclusion
Is log book loan worth it?
Yes.
- Start trading with $1
- Earn up to 95% profits
- Fast payments
- $10 minimum deposit
- $10 minimum withdrawal
if you have an emergency that needs quick cash and you are sure you will manage to make prompt payments, go for it.
Also, you can increase the loan period to have more time to pay back.
I will keep you posted about my payments and if in the end I manage to payback everything.
Get in touch with Jared from Momentum on 0704046791 if you need a logbook loan from Momentum credit.
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