FAQS

Who qualifies to be considered for a v5 loan (logbook loan)?

You can apply for a logbook loan if you meet our eligibility criteria. Major requirements to meet include being 18 years or above, a UK resident and of course, a vehicle owner.

Can I apply even if I am self-employed?

Ideally, we work with borrowers who are fully-employed. But if you are self-employed with proof of steady income, you are welcome to apply and we’ll consider your financial circumstance.

What is the average amount of money I am entitled to under a logbook loan?

With logbook loans, you can literally borrow from as little as £500 to as big a sum of money as £25,000. The highest sum of money you can borrow is depended on two major factors – your income and the value of your car. In most cases, your lender may let you get access to amounts equal to 70% of your cars current market trade value.

How long do I repay the loan?

Our loan offers come with repayment terms from 12 months up to 36 months or longer in some cases depending on your situation. Repayments can be made weekly or monthly as dictated by your loan terms and agreement.

How do I repay for my loan?

You can repay for your loan in a number of ways. You can do it over the counter through our accredited payment centres. You can also issue a check or you can set-up an automatic debit arrangement with your bank. To avoid missed payments, we recommended the latter payment option.

What calibre of cars do you accept for collateral?

We consider all types and makes of vehicles. As long as the said vehicle is free or almost free of financing, you can use it as collateral for your logbook loan. Just make sure the vehicle is registered under your name and has been in operation for a less than a decade.

What is your approval rate?

As a leading name when it comes to logbook loan deals, we pride ourselves in our high approval rate. Oftentimes, if you meet the eligibility criteria, we can guarantee same day approval every time.

Do you have hidden fees?

We have a number of fees and charges related to your logbook loan but all these fees are disclosed. You can know more about such fees by reading the fine print. Alternatively, you can give us a call and we’ll explain these fees in details.

What are the risks of missing my monthly repayments?

If you miss a monthly payment, you’ll incur a penalty for late payment added to your next bill. If you continue to miss monthly payments, we’ll send out a debt collector to settle the matter. If you fail to meet your end part of the bargain even after follow-ups, you risk vehicle repossession as dictated by our loan terms and agreement, which you agreed upon. With the “bill of sale” document, we also have the option to resell your vehicle to cover for your loan balance.

Can I still retrieve my vehicle after repossession?

As long as we haven’t sold your vehicle, you can still retrieve your vehicle within the given time frame. Just update your payments and we’ll release your vehicle from repossession.