How can a logbook loan be of help to me?
The good thing about applying for a logbook loan is that you can use it for whatever purpose you intend it for. We never require of you to disclose why you need a logbook loan and therefore we can state without any fear of contradiction that it can be of help to you for any purpose you need it for be it clearing school fees, paying of an existing debt or simply going for a holiday.
What do I need to qualify for a logbook loan?
The major distinction between a logbook loan and other bad credit loans boils down to the simplicity of requirements. To be considered for a logbook loan, you need to be a bonafide UK citizen living and residing within the UK, be an adult, be sane, own a car registered in your own name and show proof that you receive some form of income on a regular basis.
Why should I apply for a logbook loan with you?
There are many reasons as to why you should apply for a logbook loan with us. For one, we have a solid reputation when it comes to provision of affordable logbook loans. Secondly, we take very seriously the aspect of professional advice prior to approving a loan application because we believe that we have a duty to our customers to ensure that they make an informed decision. We epitomize integrity, good customer service and always ensure that we go an extra mile in meeting and exceeding all your expectations.
Can my car be considered as collateral for a logbook loan even though it has been on the road for more than a decade?
Ordinarily, we insist on cars used as collateral to have been operating on the road for a period not exceeding 10 years. However, there might be exceptional cases where we accept cars that are over 10 years old as collateral. Classic or vintage cars that have been well maintained and are over 10 years can be accepted as collateral provided that you apply for a loan that does not exceed more than 50% of the current value of the car.
What are some of the reasons that might lead you to decline an application for a logbook loan?In as much as we aspire to approve every application we receive, there are times when our hands are tied and we are forced to decline a number of applications. The number one reason we reject your application is if the car you present as collateral is not legally yours, is unroadworthy or has been operating for more than 10 years. Secondly, if the amount of money you need as a loan is more than 50% the current value of your car, we will have no option than to reject your application.
Can I repay my loan early or do you penalize someone if they repay their loan early?
While there are a number of logbook loan providers that penalize customers for early repayment, you can be rest assured that we encourage it because it serves to positively influence your credit score and minimize risk on our side. If you are in a position to repay your loan well ahead of time, please be advised that no penalties will be charged.
What is the repayment period for a logbook loan?
The standard repayment period is 36 months but this can vary depending on the amount of money you’ve borrowed. If you borrow a small amount of money, you can repay it within 12 months or at the earliest time possible.