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Unlock Quick Financing with Momentum’s Logbook Loans in Kenya

Unlock Quick Financing with Momentum’s Logbook Loans in Kenya

Discover how Momentum’s Logbook Loans offer up to KES 3 million with a flexible 24-month repayment period. Learn about the fast, transparent, and responsive service that gives you real-time account access and a 5-star customer satisfaction rating, all through the Momentum app

➤ Introduction ➤ Financial Products Offered by Momentum ✦ Logbook Loan ✦ Ezua Chapaa ✦ Motor Import Financing ✦ Sharia Compliance Finance ✦ Invoice Discounting ✦ Import Duty Financing ✦ SME Business Loan ➤ Features of Momentum's Logbook Loan ✦ Key Features of Logbook Loans ✦ Application Requirements For Individuals For Corporates ➤ Contact Momentum ✦ Email ✦ Phone ✦ Social Media ➤ Have you tried the services of Momentum? Give us your feedback!

Introduction

Since its inception in March 2017, Momentum has steadily grown with a clear focus: to lead in financing motor vehicle-related transactions throughout Africa . By leveraging the untapped value of vehicles as collateral, Momentum provides a unique financial service that allows vehicle owners to retain their assets while gaining access to needed funds. This approach not only prevents the need to sell their vehicles but also opens up various financing avenues to enhance their vehicle ownership experience.

Momentum's strategy is built around strategic partnerships and deep expertise in the automotive sector , which together facilitate a spectrum of affordable solutions. These solutions range from Logbook Loans and Motor Import Financing to a Revolving Credit Facility secured against motor vehicles. Additionally, Momentum offers services that cover the entire lifespan of a vehicle, including affordable insurance premium payments and financing for automotive repairs and key-to-key trade-ins. This holistic approach ensures that vehicle owners in Africa have access to tailored financial services that meet their specific needs throughout their vehicle ownership journey.

In the following sections, we will delve deeper into each of Momentum’s innovative financial products and examine how they contribute to simplifying the financial aspects of owning a vehicle in Africa .

Financial Products Offered by Momentum

Momentum provides a diverse array of financial products designed specifically for motor vehicle owners and businesses, enhancing their financial flexibility and supporting their economic goals. Here's a detailed look at each of the offerings:

Logbook Loan

The Logbook Loan is one of Momentum's signature products, allowing vehicle owners to borrow against the value of their vehicles while keeping possession of their cars. This loan is quick to process and ideal for those needing immediate funds without the intention to sell their vehicle.

Ezua Chapaa

Ezua Chapaa is a tailored financial solution that offers quick and accessible funds for urgent financial needs, providing a streamlined and efficient borrowing process for vehicle owners.

Motor Import Financing

Recognizing the challenges of vehicle importation, Momentum offers Motor Import Financing to assist buyers in managing the high costs associated with importing vehicles into Africa. This financing helps cover various expenses, ensuring a smoother and more affordable vehicle import process.

Sharia Compliance Finance

For clients seeking financial solutions that adhere to Islamic financial principles, Momentum provides Sharia-compliant finance options. These products ensure that all financial transactions remain in line with Islamic laws regarding lending and interest, catering to a specific demographic with unique financial needs.

Invoice Discounting

Momentum’s Invoice Discounting service offers businesses the opportunity to free up cash tied in unpaid invoices. This is particularly beneficial for maintaining cash flow and funding operations without waiting for long payment cycles.

Import Duty Financing

Import Duty Financing is another crucial offering that helps businesses and individuals manage the often substantial costs of import duties. This financial product ensures that importers can cover duty expenses without disrupting their cash flow.

SME Business Loan

Lastly, the SME Business Loan is designed to support small and medium-sized enterprises with additional capital to grow and expand their operations. This loan is adaptable to the diverse needs of SMEs, providing essential funding that can be used for various business activities.

Features of Momentum's Logbook Loan

Momentum's Logbook Loan stands out as a popular choice for vehicle owners needing quick access to funds. This product combines responsiveness, transparency, and speed, appealing to both individual and corporate clients. Below, we detail the key features that make the Logbook Loan a preferred financial solution:

Key Features of Logbook Loans

  • Loan Amount and Terms : Clients can secure loans up to KES. 3 million, with a repayment period extending up to 24 months. This offers substantial flexibility in terms of loan size and repayment time, accommodating a range of financial needs.

  • Highly Responsive : Momentum prides itself on its responsiveness. Applicants can expect a reply within 15 minutes, ensuring that initial queries and loan applications are addressed promptly.

  • Fast Processing : The processing of loans is remarkably quick, with the entire process—from application to disbursement—completed within 16 hours. This swift turnaround is crucial for clients who need urgent access to funds.

  • Real-Time Account Management : Borrowers can access their account details in real time through the Momentum app. This feature allows clients to monitor their loan status, make payments, and manage their accounts conveniently from their mobile devices.

  • 5-Star Google Rating : The high satisfaction rate of customers is reflected in the 5-star Google rating of Momentum's Logbook Loans, indicating excellent customer service and product reliability.

Application Requirements

For Individuals

  • Original Logbook : The logbook of the vehicle is required as collateral against the loan.
  • Copy of ID : A valid identification document is necessary to verify the identity of the borrower.
  • KRA Pin : The Kenya Revenue Authority Personal Identification Number is needed for financial and legal documentation.

For Corporates

  • Original Logbook : Like individual applications, the corporate vehicle’s logbook is needed.
  • Certificate of Registration/Incorporation : This document proves the legal existence of the company.
  • KRA Pin : Necessary for corporate financial transactions and compliance.

The Logbook Loan by Momentum not only provides financial relief when needed but does so in a manner that is quick and transparent, ensuring that clients can borrow with confidence and ease. Next, we will delve into the client experiences and testimonials to further explore the impact and satisfaction derived from using Momentum’s Logbook Loans.

Contact Momentum

For those looking to get in touch with Momentum, whether for inquiries about loan products or for customer support, several contact methods are available. Here’s how you can connect with Momentum:

Email

Phone

  • Contact Numbers :
    • +254 709 434 000
    • +254 709 434 900

These lines are open for direct communication, offering another layer of convenience for resolving queries or discussing financial needs.

Social Media

Stay connected with Momentum through their social media platforms for updates, news, and support:

Have you tried the services of Momentum? Give us your feedback!

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This article was updated on 7 may 2024