Who is qualified to make a logbook loan application?
If you are at least 18 years old, reside in the United Kingdom and possess a vehicle legally registered in your own name, you can make an application for a logbook loan. Your loan will be secured against your vehicle, which means that you’re essentially cashing in on your vehicle’s value with a logbook loan.
What basic requirements do I need to meet before applying for a logbook loan?
You only need to meet simple requirements to be considered for a logbook loan. You just need to provide the required documents and you’re ready to get approved. Among the documents you need to prepare include the following:
- Your vehicle’s V5 or logbook document
- Your car’s Ministry Of Transport certificate
- Your car’s Insurance details
- Proof of identification,
- Proof of billing address as well as income
How much am I eligible to borrow?
Ordinarily, if you meet the basic requirements, you have the privilege to borrow between £500 and £25,000. This makes the financial product a suitable option for a variety of financial needs including overdue bills, rent, car repair, home renovation, vacation, business capital, school tuition and medical expense.
What type of car do I need to own to be eligible for a logbook loan?
We accept any type and make of vehicles. Your vehicle needs to be free of any financial charge in order for it to qualify as collateral. Make sure your vehicle is also less than ten years in age to be considered.
Do I need to be employed to apply?
Essentially, full employment is a prerequisite in order to avail a logbook loan. However, we can also be flexible with our loan terms. You don’t necessarily need to be in full employment to be considered. We also under certain circumstances accept applicants that are either in self-employment or simply working part time.
What are the repayment terms?
We offer flexible repayment terms for our logbook loan offers. In general, you can repay for the loan from 12 months to 36 months. You have the option to repay the loan monthly or bi-weekly. Whichever option you go for remember that the repayment arrangement may affect your loan’s overall cost.
How much will the loan cost?
On average, logbook loans are advertised with a representative APR of 400% but it’s not a guarantee that you’ll get said rate when you apply. In most cases, there are a number of factors that can affect your logbook loan’s cost and these include your income, loan amount and repayment terms.
How do I make repayments for the loan?
You can make repayments for your loan in two ways. The first option is through one of our accredited payment centers and make an over-the-counter payment. The other option is through debit deduction from your bank provided that you make prior arrangements. This method is recommended as it ensures that you do not miss any payments as long as your account has sufficient cash.
What would be the consequence of me missing my payments?
If you miss a payment, you’ll get a call from your lender to remind you of your delinquency. If you miss several payments, the lender will likely send a debt collector to collect the payment. If you still fail to update your payments then your lender has the option to repossess your vehicle.