Mogo is a Kenyan financial services provider that avails loans to customers through different product levels, such as car loans, motorcycle loans, and logbook loans. If you have taken an Mogo loan, you should keep tabs on your balance, repayments, and general financial status with the firm. Here is a detailed guide to checking the Mogo loan balance and other related information in Kenya.

1. What is Mogo Loan?

Mogo gives loans to those in need of financing cars, motorcycles, and even logbook loans by using your car as collateral. The company has been more in the limelight due to its speed in processing and relatively easy access to financing. The car financing option at Mogo can enable one to buy vehicles and pay in installments over a certain period of time, while the logbook loans offer the opportunity to get cash using a pre-owned vehicle as security.

2. How to Check Your Mogo Loan Balance

Checking your loan balance is important so that one can be on top of their payments and know just how much they owe. Mogo has made it rather easy for its customers to get their loan details through the following channels:

a) Mogo Customer Care

The easiest way to check your loan balance is to contact Mogo's customer service team directly. You will then dial the customer care number provided on their official website, after which a representative will guide you through retrieving your loan details.

Here are the steps:

  • Call Mogo customer care at +254 709 978 000.
  • Provide your loan account details or personal identification.
  • Request for your current loan balance.

b) Check via SMS

Mogo Kenya has an SMS service that makes the status and balance inquiry of the loan pretty easy to access. One will be required to send a message to a provided shortcode, and the loan balance will be reverted to them. The charges for sending the SMS may apply depending on the network provider that one is using.

c) Email Inquiry

You may also contact Mogo Kenya's customer care through email for a balance enquiry. Include all relevant details, such as your loan account number or even your registered phone number, for timely service. The official email to reach out to is info@mogo.co.ke.

3. Other Ways of Mogo Loan Management

Other than the balance enquiry, you may manage your Mogo loan with:

a) Online Portal (If Available)

Mogo may offer an online platform through which borrowers can access their loan status, repayment history, and other important details by simply logging on. If you have your login credentials, do the following:

  • Access Mogo's website, www.mogo.co.ke.
  • Log in using your username and password.
  • On the loan management option, click to see your balance, the due dates of installments, and the amount you owe.

b) Mogo Branches

You can also physically visit any of the Mogo branches across Kenya, where the staff present will guide you through the process of balance checking and payment schedules by requesting your identification and the details concerning your loan.

4. How to Check Your Loan Repayment Schedule

Apart from having to check on the balance of your loan, you will need to know about your repayment schedule. Mogo offers flexible repayment options; each depends on the type of loan that one has taken. The key considerations are as follows:

  • Interest Rates: Be properly informed about the interest rates that come with your loan. It shall aid in deducing the total cost of the loan over the period of repayment.

  • Repayment Period: Mogo loans have a certain length for the repayment period. Most times, these vary from 6 to 48 months based on the product. Make sure you know when your payments are due so as not to incur penalties.

  • Late Payment Penalties: Mogo has penalties charged upon late repayments. It is important to keep track of your due dates for the repayment and ensure that they go through on time so that additional charges may be avoided.

5. How to Pay for Your Mogo Loan in Kenya

Repaying your Mogo loan is an easy process. Mogo has various convenient ways through which you can pay for your loan facility:

a) M-Pesa Payment

You can repay your Mogo loan using M-Pesa. Here's how it is done:

  • Go to your M-Pesa menu on your mobile phone.
  • Select Lipa na M-Pesa.
  • Enter the Mogo Paybill number: 511500.
  • Input your loan account number as the reference.
  • Enter the amount you want to pay.
  • Confirm the transaction and complete.

b) Bank Transfers

Mogo also accepts bank transfers. You can make deposits directly into their bank account using your loan account number for reference so that your payment reflects correctly.

6. Other Important Information About Mogo Loans

a) Loan Restructuring

Mogo offers restructuring of loans if one is experiencing financial difficulties and cannot pay the scheduled time as agreed upon. It reopens your case to renegotiate terms, either with time extension for payment or reduction of monthly installments depending on your financial status.

b) Early Loan Repayment

Mogo does not have any penalty for early repayment of loans. This may save you money on interest and, when repaid on time, boost your credit score.

c) Refinance Your Loan

If your financial needs change, refinancing at Mogo might be an option. It can serve either to lower your monthly payments or provide more money — the case depending on the value of the vehicle and the outstanding amount of the loan.

7. Lending Facilities with Mogo

  • Speedy Processing: Mogo offers very speedy processing for loans, and hence customers access funds or vehicles within a short time after application.

  • Flexible Repayment Terms: Mogo gives an opportunity for flexibility in repayment, availing the customer an opportunity to choose periods that will fit their financial capacity.

  • Affordable loan products: Mogo loans, especially car and logbook loans, are very competitive in interest rates and other repayment structures against competitors in Kenya.

Conclusion

Mogo offers a variety of loan facilities that enable one to own an asset, such as a car, or have access to cash, with the car provided as collateral. Being on top of your loan balance is key to hassle-free repayments without penalties. Customer care, SMS services, or online platforms are at your service to check your Mogo loan balance easily and conveniently. Besides, Mogo provides a number of ways to service and repay the loan, hence making it an attractive option to so many Kenyans in search of financial help.