Your Untapped Financial Freedom
According to the Association of Microfinance Institutions (AMFI), microfinance institutions as key players in ensuring every Kenyan is bankable by 2030. These key players in the non- deposit taking category are typically – inaccurately classified as shylocks, scammers or even predatory lenders.
- Are clients to these financiers’ victims of predatory lending? Or
- Do the clients default payments, accumulate absurd penalties, and file cases for exploitation? Or
- Are these loans channelled to source financial freedom?
As at 2022, Kenya’s public external debt stands at approximately KSH. 4 trillion which is 56% of the country’s Gross Domestic Product, meaning every Kenyan owes the government’s at least KSH. 100. For sustainability in a struggling economy, acquisition of money-making assets, such as, motor vehicles to venture in business with the mind of repaying as agreed in the terms and conditions is ideal, hoping for return on investment. Most lenders have loan restructuring procedures to allow repayment flexibility, in leu of collateral that compensate unfulfilled repayment. Repossession is the end result when push comes to shove.
Momentum Credit Limited was founded to meet an overwhelming demand to provide structured working capital to SMEs; drivers of chronic poverty out of Africa, steered by a strong value of integrity.
The basic requirements of acquiring a logbook loan;
- Copy of identification card
- Original Logbook to the vehicle
- KRA Pin
The onboarding team is committed to walk all clients through the application process, explain the terms and conditions with the business only lending against a potential borrower’s affordability. Mr. Peter Gacheru, a Mombasa based hospitality entrepreneur was in dire need of a vehicle to facilitate his restaurant business, based in Diani. Referred by his brother on an ex-government Landcruiser sale, he approached Momentum Credit Limited to take a logbook loan facility for his dream first car: A Landcruiser 79 series.
Unable to raise the 100% vehicle cost, he opted to deposit 50% of the vehicle cost, agreeing to a flexible repayment plan of up to 18 months. Rockstarz Restaurant will continue to be a harbour of exquisite hospitality experience and Momentum Credit gains a happy client!
Logbook loans are as good and reliable as any source of credit, dependent on personal commitment to settle the loan. A logbook loan can help settle personal emergencies and even grow your business.