In today’s fast-paced world, financial institutions that offer accessible and affordable financing options are highly sought after.
Mogo Kenya, a microfinance company, aims to fulfil these needs by providing a range of financing products to Kenyans. The company falls under the Eleving Group, an international FinTech company operating in 14 countries.
Mogo Kenya offers financing options for used cars, logbook loans, Boda Boda, Tuk Tuk loans, and recently introduced smartphone loans.
According to their website, they strive to provide affordable and accessible financing solutions for individuals across different income levels.
The company raised KSh985.3 million ($7 million) from international investor Versant Capital Hybrid Fund to be lent to micro, small and medium enterprises (MSMEs). The investment will help Mogo Kenya expand its portfolio of motorbikes, tuk-tuks, and motor vehicle financing.
The financial services firm recently announced reaching its 100,000th customer milestone and has embarked on an aggressive acceleration of facilitating upward social mobility across Kenyan communities by creating access to innovative and sustainable financial solutions.
The Positives
Mogo Kenya’s financing products cater to various needs, including used car loans, logbook loans, Boda Boda loans, Tuk Tuk loans, and smartphone loans. This diverse range ensures that individuals can find a suitable financing option for their specific requirements.
One of the key advantages of Mogo is that borrowers can select a payment schedule that aligns with their budget. This feature is particularly beneficial for individuals who want to avoid financial strain while repaying their loans.
Mogo Kenya takes pride in their experienced loan officers who assist borrowers in finding the right financing solution. These professionals possess the expertise to guide borrowers through the application process, ensuring a seamless experience for customers.
Furthermore, Mogo Kenya provides flexible eligibility criteria tailored to the type of loan you are applying for. While each loan may have specific requirements, having a stable source of income, a good credit history, and the ability to provide a guarantor are some of the criteria to consider.
If you are uncertain about your eligibility, contacting Mogo directly will provide you with the necessary guidance.
Negative Reviews
As with any financial institution, Mogo Kenya has received some negative feedback, primarily based on online reviews.
To begin with, high-interest rates have been a common complaint among borrowers. While Mogo’s rates are competitive compared to other lenders, some individuals may find them higher than expected.
Also, some borrowers have voiced concerns about hidden fees, such as late payment charges. Other borrowers have also complained that Mogo loans are billed in dollars, not Kenyan shillings.
Consequently, as the shilling weakens, the instalments increase, making it challenging to clear the loan unless paid in a lump sum. This aspect requires careful consideration if you intend to pay in instalments.
Also, difficulties in cancelling loans, even after being fully paid off, have been reported by some borrowers. Transparency in loan cancellation procedures should be a priority for Mogo Kenya to ensure a hassle-free process for customers.
Furthermore, it has been noted that simultaneously applying for multiple loans, such as a smartphone loan, while still repaying a logbook loan, is impossible. This restriction may inconvenience borrowers who require multiple financing options.
Lastly, a few customers have complained about poor customer service experiences, including difficulties in reaching representatives and unhelpful responses to inquiries.
Conclusion
Before committing to a loan from Mogo, it is crucial to carefully read the terms and conditions before applying for a loan, ensuring a full understanding of all associated fees.
Making timely loan payments is crucial to avoid penalties and charges. If faced with difficulties, contacting Mogo Kenya to discuss restructuring or refinancing options is advisable.
Ultimately, the choice to utilize Mogo Kenya’s services rests with you, and weighing the pros and cons will enable you to make an informed decision best suited to your financial needs.
