Everyone knows that it is now extremely difficult to get a conventional lender giving out loans easily especially during this uncertain times caused by the pandemic.
We used to have loan apps, these being the most popular digital lenders in Kenya sometimes back before the Coronavirus pandemic invaded the world.
Loan apps are not reliable anymore. The lenders discovered that it is too risky to give individuals loans during this COVID-19 period. Most borrowers lost their jobs while others lost their businesses.
The Coronavirus therefore has forced lenders to identify the most secure and profitable among the loan products they used to offer. This way they discovered a secured loan facility that is both profitable and convenient to the borrowers.
There are alot of loan products that the lenders are giving out there including; asset financing, title deed loans, working capital loans, insurance premium financing, loans against shares (stocks),mortgages, LPO, hid bonds, payment guarantees and much more.There's one however, which is popular now and it involves cars.
Logbook loans now is the most popular facility among borrowers and lenders especially during this time of COVID-19 pandemic.
The loan facility has a very high rate of approval by many lenders even during this time of shaken economic conditions caused by the virus.
Many lenders approve this because it it safe and a win win situation. When the borrowers fail to repay the loan,the lender confiscate the car, sell it and get back their money.
All other loan facilities are hard to be approved during this time. The logbook loan is therefore the right choice during this time.
Most of the borrowers like it because it is done in a quick way, just within 1 hour and the approval rate is almost 100 per cent. The other good thing about a logbook loan is that as the borrower, you still have the car and can use it the way you like ,for leisure or even for business.
We used to have loan apps, these being the most popular digital lenders in Kenya sometimes back before the Coronavirus pandemic invaded the world.
Loan apps are not reliable anymore. The lenders discovered that it is too risky to give individuals loans during this COVID-19 period. Most borrowers lost their jobs while others lost their businesses.
The Coronavirus therefore has forced lenders to identify the most secure and profitable among the loan products they used to offer. This way they discovered a secured loan facility that is both profitable and convenient to the borrowers.
There are alot of loan products that the lenders are giving out there including; asset financing, title deed loans, working capital loans, insurance premium financing, loans against shares (stocks),mortgages, LPO, hid bonds, payment guarantees and much more.There's one however, which is popular now and it involves cars.
Logbook loans now is the most popular facility among borrowers and lenders especially during this time of COVID-19 pandemic.
The loan facility has a very high rate of approval by many lenders even during this time of shaken economic conditions caused by the virus.
Many lenders approve this because it it safe and a win win situation. When the borrowers fail to repay the loan,the lender confiscate the car, sell it and get back their money.
All other loan facilities are hard to be approved during this time. The logbook loan is therefore the right choice during this time.
Most of the borrowers like it because it is done in a quick way, just within 1 hour and the approval rate is almost 100 per cent. The other good thing about a logbook loan is that as the borrower, you still have the car and can use it the way you like ,for leisure or even for business.
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