Mogo Finance Kenya Limited Guide, Loans, Jobs, and Contacts
Mogo finance Kenya limited is an example of a financial service provider, specializing in logbook loans, car financing, and boda boda loans.
This provider aims at ensuring that your current financial incapability doesn’t stop you from achieving your dream of owning a vehicle motorbike or meeting certain needs. For a deeper understanding of what Mogo finance has to offer, below is a review of how it operates.
Mogo Finance Loans
As stated above, Mogo finance mostly deals with car, logbook, and boda loans as explained below:
- Logbook loan
This product requires you to transfer ownership of your vehicle to Mogo finance by handing over your logbook or vehicle registration document. By doing so, you can receive the loan amount you need to service your needs. As long as you’re paying back the loan as stipulated in the contract, you can keep using the car.
In case you default payment, the car will no longer belong to you seeing that it was the guarantee that you’ll pay back as expected. Therefore, you must be sure of your ability to service your loan before offering your car as security.
On applying for this product with Mogo finance, you’ll receive up to 80% of your vehicle’s worth.
For example, if your car is worth Ksh 1 million, you can get a Ksh 800,000 loan. On repayment, you will have a maximum of 60 months to have paid back the loan, after which the consequences of defaulting will be effected. The minimum amount you can borrow is Ksh 100,000, with the maximum being Ksh 1,500,000.
- Car financing
In simple terms, car financing is borrowing money with the sole purpose of buying a car. This option is different from logbook loans, where you can spend borrowed money on any other investment apart from purchasing a vehicle. This type of borrowing is indirect, as you will not meet face to face with your lender. Instead, Mogo finance will contact one of the many financial service providers that they deal with and settle on the one that can offer you a loan, depending on your characteristics.
In terms of repayment, you will pay the loan amount plus the financing costs. Note that the financing cost or interest rate will be a combination of the lender’s rate and that of your dealer, Mogo finance.
Just like logbook loans, the repayment period for this product is up to 60 months. However, you must pay an initial installment of 20% of the vehicle’s value before using the car.
- Boda boda loans
In Kenya, motorbikes are referred to as boda bodas. They have changed many people’s lives seeing that motorbikes have been adopted by many Kenyans as a form of transportation. If interested in owning your boda boda but do not have the full amount required to buy it, consider visiting Mogo finance. You’ll receive an attractive offer as below:
- Repayment period of between 52 and 78 weeks.
- An initial deposit of Ksh 15,000 only.
- Payment plan of as low as Ksh 300.
Mogo offers boda loans for models such as TVS, Honda, Sonlink, Haojue, Tiger, Yamaha, and, Jincheng.
To apply for any of these loan products, you can visit Mogo Kenya’s website (www.mogo.co.ke), call 0768469112, or visit any branch.
Mogo Finance jobs
To get a job as a sales agent with Mogo finance Kenya, follow the steps below:
- Visit Mogo’s website, which is www.mogo.co.ke
- Scroll down the page and click sales agent network.
- Read the instructions and benefits of being a sales agent at Mogo, then click ‘Apply now’.
- Fill in your details such as name, email, phone number, and upload your resume.
- You’ll receive an email notification if your application is successful.
Look out for other job opportunities on platforms such as Fuzu.
Mogo Finance Contacts
Phone number: 0768469112
Email Address: [email protected]
Physical Address: Prestige Plaza, Ground Floor, Ngong Road, Nairobi or Jubilee Insurance Building, Ground Floor, Shop Number 3, Moi Avenue, Mombasa.
Accumulating a lot of money instantly may be a challenge, especially if you want to take care of an emergency.
It is for this reason that you need to consider approaching financial services, as they are ready and willing to meet your money-related needs. However, you shouldn’t apply for loans if the reason behind this action is not justifiable or if you do not have a plan on how to meet your obligations.
Remember that these financial service providers will take ownership of the property you put down as security if you default your payment.