Mogo Kenya is a lender that specializes in car financing and other different types of loans like boda boda loans and logbook loans. Mogo Kenya is a part of Eleving Group, a fintech company that provides a variety of loans in 14 countries on 3 different continents; Asia, Africa, and Europe. You can use their loan to buy a car, motorcycle, or even a tuk-tuk. Mogo Kenya is transparent about their fees and offers borrowers a long repayment period of up to 60 months. Besides, it does not have age limits for cars when it comes to car financing. The following is a review of Mogo loans in Kenya.
Requirements to Qualify for a Mogo Loan
To get a Mogo loan, you need to meet the following requirements:
- At least Ksh 20,000 of income
- Valid ID or passport
- Mpesa or bank statement
- Original logbook
- Driver's license
- KRA Pin
- Two referees
Types of Loans Offered by Mogo Kenya
Mogo Kenya offers three types of loans. They include:
1. Mogo Car Loans. You can get car financing for any model without restrictions of the car's age. You can get a loan of up to Ksh 2,500,000 with a repayment period of up to 60 months. You are required to make a first deposit of 20%. You can have the loan approved in 24 hours.
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2. Logbook Loans. If you have a car and you are looking for a loan, Mogo Kenya can lend you one. They will give you a loan of up to 80% of the car’s market value. Mogo will give you a loan and you can continue driving the car. You can get a loan of up to Ksh 2,500,000 with a repayment period of up to 60 months. You can have the loan processed within 24 hours.
3. Boda Boda Loan. If you want to start a boda boda business, Mogo can give you a motorcycle loan. You need to make a first deposit of Ksh 15,000 and you can start paying as little as Ksh 300 per day. You can opt to make weekly payments instead of daily payments. You can become the full owner of the motorcycle within 52 to 78 weeks.
Mogo offers boda boda loans for the following motorcycle models: Bajaj Boxer, TVS, Honda, Haojin, Dayun, Yamaha, Skygo, Lifan, Jincheng, Shineray, Tiger, Kifaru, Sonlink, and Haojue.
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Mogo Loans Interest Rates and Terms
Mogo offers loans of between Ksh 100,000 and Ksh 2,500,000. Their loan term is between 6 to 60 months with a fixed interest rate of 2.5% per month. The annual percentage rate ranges between 26.4% and 92.5% depending on the type of loan, repayment period, and the vehicle you wish to purchase.
Mogo Branch Offices in Kenya
Mogo Kenya has branch offices in the following towns:
Mogo Supported Countries
Mogo operates in the following countries in Africa, Asia, and Europe:
How to Repay Mogo Loan
If you want to repay your Mogo loan, there are two options. You can repay it through Mpesa or a bank.
For Mpesa Repayment
You can repay the loan using Mogo paybill number 7034211 for loans issued before February 2020 by Mogo Auto Limited. If your loan was issued after February 2020 by Mogo Kenya Limited, you should pay using Mogo paybill number 793965. The account number is the plate number of your boda boda.
For Bank Repayment
If your loan was issued before February 2020 by Mogo Auto Limited, pay through:
- Recipient Name: Mogo Auto Limited
- Bank: NCBA
- Branch: Upper Hill
- Account Number: 8368080018
If your loan was issued after February 2020 by Mogo Kenya Limited, pay using:
- Recipient Name: Mogo Kenya Limited
- Bank: Commercial Bank of Africa Limited
- Branch: Upper Hill
- Branch Code: 07000
- Account Number: 8190880012
- Recipient Address: P.O BOX 29107,00100
You can dial *695# to repay your loan or check your loan balance.
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Mogo Customer Service
You can reach Mogo Kenya for queries through their email firstname.lastname@example.org or their phone number: 0768,469,112 or WhatsApp. You can also chat them through Livechat available on their website. You can also visit their offices located at Prestige Plaza along Ngong Road, Nairobi or Jubilee Insurance Building along Moi Avenue, Mombasa.
Is Mogo Safe?
Mogo is a safe and reliable lender. Mogo is a part of a reputable fintech company known as Eleving Group which has been in operation since 2012.
Mogo Kenya Alternatives
You can get car financing in Kenya from the following alternative lenders:
Summary of Mogo Loans Review Kenya
Mogo loan is a lender that offers different types of loans in Kenya. You can get a car loan, boda boda loan, or a logbook loan. You can also borrow a loan for tuk-tuk financing. You can apply for a Mogo loan online and have it approved within 24 hours. It is an excellent alternative loan to traditional banks, or offline lenders.