FAQs

Who can apply for a logbook loan?

Any vehicle owner who is of legal age and who lives in the UK can apply for a logbook loan. It is especially suitable for borrowers with a poor credit history. If you can avail a personal loan from major lenders then taking logbook loans into consideration makes sense.

Do you run credit checks?

Since logbook loans are especially offered for borrowers with bad credit, we skip the credit check requirement. Even if you have a poor credit history that includes defaults or even CCJs, we can guarantee quick approval for your logbook loan application.

Can I apply if I am self-employed?

Yes, you can apply for a logbook loan even if you are self-employed. You just need to provide proof that you have a steady stream of income per month to get approved for a loan.

What type of cars do you accept?

We practically accept all types and makes of vehicles. Just make sure your vehicle is free of any financial attachment to be acceptable as collateral. Ideally, your vehicle must be less than ten years in age to be considered.

How much can I borrow?

We offer logbook loans from £500 up to £25,000. The maximum amount you can borrow will depend on your vehicle’s value as well as your monthly income. In general, we can approve loans up to 70% of your vehicle’s official trade value.

What are the requirements when applying for a logbook loan?

When applying for a logbook loan, we require borrowers to be of legal age and a UK resident. We’ll also require you to be a vehicle owner. Among the documents you need to prepare include your vehicle’s logbook document, MOT certificate and insurance. You’ll also need to prepare proof of identification, billing address and proof of income.

When do I receive the cash?

As soon as your logbook loan application is approved, you can receive the cash within 24 hours. It will be wire transferred to your bank account, which you can withdraw and immediately use to take care of any financial emergency.

Will you keep my car?

No, we won’t keep your car once your loan is approved. You can keep your car and still drive it. What we’ll need instead is your logbook document and your signature on a bill of sale document. This essentially transfers temporary vehicle ownership to us until you’ve fully paid your logbook loan.

How do I pay for the loan?

You can pay for the loan through verified payment centers or you can set-up a monthly debit deduction with your bank. In any case, you can choose to pay the loan bi-weekly or monthly.

How long can I repay for the loan?

Our repayment terms for our logbook loans start from 12 months up to 36 months. We may offer shorter or longer terms for special cases.

Will you repossess my vehicle?

Vehicle repossession is one of the risks associated with logbook loans. If you are unable to repay your loan for several months, we’ll give you time to catch up. If you still fail to update your payments then this is when we’ll have to recover your vehicle to cover for your loan balance.