Logbook loans are expensive and put your vehicle at risk. Make sure you understand the costs before you apply.
Representative APR 1272% (Variable)
Representative Example: Borrow £250 for 90 days. Total amount repayable is £411.63. Fixed interest rate of 292% per year.
Logbook loans in UK are good alternatives to payday loans, some times refereed as V5 Loans. As logbook loans are secured on the basis of present value of auto-mobiles, so they bears low APR in comparison to payday loans which are unsecured. Any type of vehicles can be used for security of loan agreement; like bikes, vans and even vintage cars.
A logbook loan is also sometimes known as a V5 loan – it offers a great, lower rate alternative to payday lending, unlocking the cash value of your car by using it as security for your agreement. The loan amount offered from £100 to full value of your vehicle, depends on its age, condition and milometer readings; and loan repayment capacity of borrower, what he can afford with his monthly income.
The main advantage of logbook loan that you need not to sell your auto and get its value, also keep on driving.
You can search logbook loans online and quick finalize the deal with our associated lending firms 24/7 from any where. If our lenders find difficulty in instant approval of your loan, they may ask for additional details to check your suitability like bank statement or salary slip of last few months. This is because of mandatory requirement of regulator to check affordability of borrower before any loan approval. You can send above requirements via email and lender will inform his decision in next few minutes. If you and lender agrees to sign the loan deal, money will be directly transferred in to your bank account in few hours or even in the same day.
Logbook loans are financed on security of your vehicle and work as cash converters of your vehicle. So these loans put your vehicle on risk and if you fail to repay loan on time lender may sale your auto without court order.
Read carefully all terms and conditions put by the lender before signing the deal
Your loan default may affect your credit score adversely.
If you are struggling to make repayments on a logbook loan you should contact your lender right away. You can also get free advice from debt charities like StepChange, Citizens Advice Bureau and the National Debtline.
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Representative Example: Borrow £250 for 90 days. Total amount repayable is £411.63 in 3 monthly instalments of £137.21. Fixed interest rate of 292% per year. 1272% APR Representative.