Are Loans from Mogo good?

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“I am Nashon from Nairobi.I own Totota Probox which I want to use to get a loan.I was referred by my friend to Mogo who told me to take a logbook loan.But I hear people complaining of these institutions, I am not sure whether Mogo is a good financial institution. I have already checked their website and looked at reviews online, everything looks okay.I want to know from those who have taken a loan from Mogo before I take any step”

Answers

Mogaka

“I took boda boda loan in 2021.I was given Ksh 60,000.I paid down payment of Ksh 20,000.I paid the loan for 100 weeks.In total I paid Ksh 95,000.Though I felt the amount was high,Mogo didn’t harass me,I paid in installments. I own the boda boda up to now.In terms of boda boda loan,I will recommend them over the likes of Watu Credit”

Jared

Mine was Logbook loan.I was told they give logbook loan of Ksh 70,000 to Ksh 2.5 million.But I only wanted Ksh 1 million.I applied and got the loan after 48 hours.I started a business which helped me to repay the loan for 2 years.But their interest is too high—imagine I paid Ksh 1.45 million, Ksh 450,000 more.

But I am happy the loan helped me start the business which I am running up to now.The returned my Logbook after fully paying the loan.

I don’t think Mogo is a bad company but what I didn’t like was their interest rate,it’s too high.They don’t specify when you get the loan,you will only be shocked to learn that it’s more than 40%.

Wekesa

Boda boda loan by Mogo is not bad.I was given mine last year.It was Ksh 70,000.I was paying Ksh 250 daily for 12 months.But I paid over Ksh 90,000.After completing the payment,I was given the boda boda.

I was impressed by the way they treated me and referred several of my friends.I have not heard anyone complaining except one who didn’t manage to repay the loan.

NB:In case you have any experience with Mogo,comment below so that other Kenyans can make their decision based on the reviews.

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