What is a logbook loan?

A logbook loan as the name implies is a type of loan secured against a person’s vehicle. Unlike common car loans, logbook loans simply use your car logbook as collateral for whatever amount of money you need. The good thing is that you continue to make use of your car as you make repayments.

How can I apply for a logbook loan?

Essentially, there are two ways in which you can apply for a logbook loan with us. You can do it by visiting any of our brick and mortar offices where one of our customer personnel will attend to you and take you through the logbook loan application process or you can simply apply for the same loan online from wherever you are within seconds.

Do you carry out credit checks prior to approving a logbook loan?

It is imperative to note that we do not carry out credit checks nor use your credit score to deny you a loan. In fact, we have been able to approve loans to thousands of UK individuals with a poor credit rating. All we require from you is that you be a UK citizen of sound mind, receive a regular income and own a car that can be used as collateral.

What are the basic requirements for applying a logbook loan?

Application for a logbook loan in the UK is pretty simple and straightforward. In fact, the requirements are so simple that you can get access to the cash you need within hours of application. To fast track and facilitate approval of your loan application, we require that you must have attained the minimum age of 18 years, be a citizen of the UK, own a vehicle registered in your name, produce ministry of transport certificate, provide proof of address, bank details, proof that you receive a regular income as well as insurance and tax details of your car.

What is the maximum amount of money I can get through a logbook loan?

Unlike payday loans or cash advance loans, you can get access to higher amounts of money. We can advance you up to 70% of your current car value so this is definitely the loan to go for if you wish to accomplish a huge project.

What would make my logbook loan application rejected?

So long as you meet the basic requirements you can always be assured of an approval when you apply for a logbook loan application with us. However, there are some instances when we are forced to reject your application based on the following reasons:

  • 1. If you furnish us with wrongful information
  • 2. If you fail to produce the necessary documents
  • 3. If your vehicle is more than 10 years old
  • 4. If your application contains errors of omission and commission

How long do I have to make repayments for the logbook loan I take?

Well, the good thing about logbook loans as compared to payday loans is that you have up to 36 months to make repayments for your loan. The onus is on you to decide whether you wish to make repayments weekly or monthly.

What is your preferred mode of repayment?

While you can repay using a debt collection agency or simply resort to bring the required amount to us, we strongly advise you to set up automatic debit card deduction with your bank to ensure that you do not default on any repayments as earlier agreed.

What happens in the event that I am unable to repay my logbook loan?

We understand that circumstances can change any time and you might find yourself unable to furnish your weekly or monthly repayments. If such a thing happens, we advise you to get in touch with us and inform us so that we can write up a new arrangement on how you will be making repayments moving forward. However, if you don’t contact us and our efforts to reach are futile, we might be forced to repossess your car.