Introduction
Progressive credit is a lending institution based in Kenya. They offers the following loans to their customers;
• Business Loans
• Bodaboda Loans
• Logbook Loans
• Salary Loans
• Agribusiness Loans
• Asset Finance Loan
• LPO Financing
• Youth & Women group financing
• Other Loans
Logbook loans are loans issued to a person with their car ownership details (logbook) taken in custody by the lender as a security for the loan issued.
In this article, I will take you through the process of acquiring an instant logbook loan. I will reveal the requirements you need to qualify for the loan, the process of applying for the loan and how to repay the loan. I will go ahead to answer some of the frequently asked questions about progressive credit at the end of the article.
I hope that this article will help you make an informed decision when looking for the most appropriate lender in Kenya.
When should one take a logbook loan?
Logbook Loan is not an appropriate loan, you should therefore opt for a logbook loan as a last resort when there is no other options. These are some of the situations which can push you to the corner;
• When you want to settle hospital bill
• When you want to settle school fee
• When you need instant cash in less than 72 hours
• When you need to repair your car instantly
Read also. How to get instant logbook loan from mwananchi credit
Progressive credit logbook loan
Progressive credit is one of the lending institutions that offer logbook loans in Kenya. Progressive credit offers instant logbook loans processed and disbursed within 12 hours of approval. This loan is disbursed straight into one’s account .
Progressive credit logbook loan requirements
Logbook Loans Requirements include,
• Original National ID or Passport
• Copy of KRA PIN
• Original logbook of the motor vehicle
• Coloured passport size photo
• Latest valuation of the motor vehicle by a valuers on our panel
• Six Month certified bank/Mpesa statement
Submit these requirements to your nearest progressive credit offices and the loan will be processed and disbursed to your account within 12 hours after approval of your loan. You can also contact progressive credit through their contact information available in this article to contact them if you don’t have any progressive credit offices near you.
Advantages of progressive credit logbook loan
• It processed and disbursed instantly, in most occasions within 12 hours after the approval
• It does not limit the age of a motorcycle that can be used meaning that one can use a vehicle of any age.
• Quick processing
• Flexible security requirements
• No interest if loan is cleared in advance
• No hidden charges
• No savings required before a loan is granted
• There’s credit life insurance on all loans
Disadvantages of progressive credit logbook loan
The loan cannot be fully processed online, customers are therefore obliged to visit their offices which are not in every corner of the country
One risk losing their vehicles if they fail to repay their loan
Some lending institutions progress logbook loans in six hours while they process loan in at least 12 hours.
They do not operate during weekends and public holidays.
Progressive credit contacts
+254 702 698577
info@progressivecr.com
0730669000, 0704448755, 0789796477
info@progressivecr.com
Can someone lose their vehicle if they fail to repay progressive credit logbook loan?
Yes. You can lose your motor car if you fail to repay your loan. But you can contact the lender using the contact details above to negotiate a new payment plan if you cannot cop up with the payment plan you chose at the beginning.
Click this link to visit their official website and start the process of acquiring your first logbook loan.
Marion Mwangangi is a Journalism student at Multimedia University of Kenya. Apart from being a student, she is a professional graphic designer, an SEO expert and a video editor. Email: mwangangimarion340@gmail.com