FAQS

Who can apply for a logbook loan?

If you are of legal age, you live in the UK and you own a vehicle registered under your name then you may be eligible to apply for a logbook loan. Even if you have a poor credit rating, you are still more than welcome to avail a logbook loan.

What are the requirements?

The requirements are basic which includes the borrower providing the following documents: V5 document, MOT certificate, insurance details, proof of identification, billing address and proof of income.

Do I need to be a homeowner to apply?

No, you don’t need to be a homeowner to apply for a logbook loan. You just need to be a UK resident who owns a vehicle you are willing to use as collateral to be able to borrow money against the value of your vehicle.

How much can I borrow?

If you’re eligible for a logbook loan, you can borrow anywhere from £500 up to £25,000, which you can use for any personal need or financial emergency. The maximum amount of money you can avail is up to 50% of your vehicle’s official trade value. There are cases when you may be able to borrow up to 70% of your collateral’s trade value but only if you meet the eligibility criteria.

Do you run credit checks?

When you apply for a logbook, there’s no need to worry about credit checks. The financial product is especially offered for customers with bad credit hence credit checks are no longer needed. Your credit score may affect the rates you may get for your logbook loan but it won’t affect your chances of approval.

Can I apply even if I am self-employed?

If you are self-employed with proof of steady income, you are more than welcome to apply for a logbook loan. As long as you can prove that your income can handle the monthly repayments then you shouldn’t have any problems.

What types of vehicles are acceptable collateral?

We accept any type or make of vehicle. Just make sure your vehicle is free of any financing to get approved. The vehicle must be less than ten years old so you can secure the loan against said vehicle.

How much is the interest rate?

The interest rate of your logbook loan will depend on a number of factors. One is the current market rate, which is usually at 400% representative APR on average. Another is your credit score and the amount of loan you are applying for.

How can I repay for my loan?

You can repay for the loan through one of our certified payment centers or you can always set-up an automatic debit arrangement with your bank. For convenience and to avoid missed or delayed payment, we highly recommend opting for the latter payment option.

What happens if I can no longer repay my loan?

In the event that your finances can no longer handle the monthly repayments, there’s a possibility of vehicle repossession. Before your vehicle is repossessed, your lender will usually give you enough time to update your payments. If you are still unable to repay the loan then that’s the time your lender will recover your vehicle then resell it if necessary.