A logbook loan is a popular type of short- term loan in the UK, giving vehicle owners the privilege to borrow money using their cars as collateral. Logbook loan is the perfect solution if you need to raise immediate cash, for whatever reason you may have.
Am I Eligible?
If you live in England or Wales, are 18 years old, have a car that is clear of any outstanding finance, and can afford the repayments, you can apply for a logbook loan.
In addition, your car needs to be fully insured. We won’t be responsible for any damages that the vehicle will acquire, so you need to be sure the insurance will protect it from any repairs, collision damages, or theft.
What Should I Bring During Application?
You need to bring your vehicle in order for us to examine its value. In addition, We need to see your car’s logbook (V5 document), MOT certificate, your current billing address, proof of income (bank statement if you are self- employed), and proof of identity with your recent photo.
When Can I Receive My Money?
Logbook loans are very popular due to the fast approval system compared to other types of loans. It only takes a couple of minutes to fill up our online application form. After we have reviewed your application, you can usually take home your money within 24 hours, and sometimes it only takes an hour to get approved.
How Much Can I Borrow?
Although we typically lend any amounts from £500 to £50,000, it will depend on your vehicle’s value and your ability to pay.
What are the Payment Terms?
The payment terms can be customized on your convenience, and how much you can afford. You can choose to pay on a weekly or monthly basis.
I have a poor credit rating. Will it affect my application?
No. Logbook loan companies do not perform any credit checks. As a matter of fact, a logbook loan is intended primarily for individuals who cannot secure a loan from traditional lenders due to bad credit.
Can I Pay for the Loan Balance Earlier?
Yes, you can. As long as you have the money, you can pay for the full amount of the loan anytime without incurring any early settlement fees.
Can I Keep My Car?
Yes. You only need to surrender your vehicle’s V5 document and MOT certificate to us, but you can keep driving your car as you wish. We will return the documents back to you after you have paid for the loan amount in full.
Will You Share my Personal Information to Third Parties?
A reputable site will NEVER share your personal information to anyone. Rest assured that all your personal details, including the loan details will be kept confidential.
What are the risks?
Just like any other types of credit, there’s always a risk involved. In this case wherein an asset is secured against your loan, we have the right to repossess your vehicle should you fail to make the repayments to us.