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N Whole of Market panel
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N From £1,000 to £25,000*
N Rates from 5.7% APR to 278% APR
N 3-36 month repayment




N Online decision
N Responsible lenders
N Borrow up to £3,000*
N Rates from 278% APR to 1576% APR
N 3-12 month repayment

Representative example: £500 borrowed for 5 months. Total amount repayable is £991.85 in 5 monthly instalments of £198.37. Interest charged is £491.85, interest rate 236.1% pa (variable). Representative 481.6% APR.

What Is A Logbook Loan? And How to Use Them to Get the Financing You Need

If you are tired of waiting on your bank for an overdraft and struggling to get a nod elsewhere, then a logbook loan could be a better fit for your cash needs especially if you are looking to borrow a generous amount. It’s a type of finance that can make it a little easier for people to get financing who might otherwise struggle. Yes, a bad credit history won’t stop you for getting the funds you need with this alternative at hand. This is an option similar to a guarantor-style lending or secured-based agreements, that can be a great choice for anyone who find it rather difficult to get approved of the right finance and at the right rate for them.

How It Works

Comparing a secured finance agreement with that of dishing out logbook loans would reveal more perks on choosing the latter. Apart from the easy and fast access to cash, you also get to retain ownership and still drive your vehicle while you are in the process of making loan repayments. This is however not the same with that of a secured finance agreement made with a bank. Essentially, when you take out a secured finance agreement on your car, you will choose an asset that you can transfer to the bank or lender. This usually means a vehicle, so you might transfer possession of a car, van, or motorbike.

This is different from a secured finance because the bank will now literally own your vehicle in all legal senses (as opposed to having the option to repossess it). However, the borrower will still keep possession of the vehicle and be able to use it as they normally would. Once the loan is paid off in full, the possession of the vehicle will then return to the borrower in full.

Why Take Out A Logbook Loan?

With your car as a collateral, you create a leverage and increase your chances of approval especially if you are eyeing a sizeable amount of loan. This being a secured loan creates more flexibility in range on the amount you can borrow depending on your collateral of course but doing it online will help. People who find it difficult to take out a loan because of bad credit can easily score a logbook loan just as long as they own a car to serve as security. No credit check is necessary and with immediate or fast approval.

The only downside would be having much higher interest rates and the risk of repossession which is often of course the last resort or maneuver done in case you are not able to keep up with repaying your debt. Although many lenders are pretty flexible on making the necessary adjustments or even make new arraignments to provide more leeway and flexibility for you to be able to repay what you owe.

When taking out any money in the uk, the lender will base the APR they charge partly on how much risk they are taking on by lending the money. If for any reason it seems likely you will default on your agreement (if you have a bad credit score, for instance), then the lender will often increase APR in order to cover that potential loss. This also helps a lender to get more low-risk borrowers on their books – and some companies might even refuse to service you.

Considering the above pros and cons, logbook loans may not be for everyone but is a most preferred choice for those who are struggling to get a loan due to poor credit score or rating. This is also regarded as ideal option for those who have been rejected or a loan and is in need of fast cash due to urgent final emergencies.


This then leaves you several options on your plate. One is to look for a bad credit , which will normally be from a specialist company and could cost you a lot more. Another option is to use a guarantor cash, where someone else will co-sign the agreement and pay any missed repayments on your behalf. This poses a risk though on the guarantor but is a good alternative especially if you are responsible with making timely repayments. Yet another option you can try is to secure finance against property.


This is an ideal solution for anyone who doesn’t have a property to secure a against, or who is worried about taking a conventional route or security out in case they end up losing their home. Losing a vehicle is of course a much more manageable outcome than being homeless – you get the picture. It’s like choosing between two evils – you get to choose the lesser one and strike a sizeable deal of cash depending on the retail value of your vehicle.


A logbook loan is just one more way to reduce the risk for the lender which provided you more opportunities to strike a relatively good deal. This way, with something to fall back on like your car for security; they can lend you the money knowing that they’ll be able to get some or all of the amount back in the event that you fail to make your repayments. This creates a WIN-WIN situation for both you and the lender. Assuming you make your repayments on time though, there will be no difference to you. This now means you can take out cash with a better rate, or ask for more money than you otherwise would not have been able to.


Of course, it’s still important to only ever take out money that you can afford to repay. While it may be tempting to go for the maximum fund amount, you should not bite off more than you can chew. However, if you should be unable to pay off a logbook loan, this can still hurt your credit rating to a great extent and this is something that will make it even harder for you to get anything in the future.

What Do I Need To Do For Logbook Loans?

What Happens If You Crash Your Car?

When trying to figure out whether a logbook loan is right for you, a good question to ask is what would happen if you were to write your car off in an accident?

This is the part that says “it pays to read.” Everything would depend on the fine print in your agreement and it’s very important that you read this carefully before you make your decision. However, very often, a term of the agreement will be that you have fully comprehensive insurance which serves as protection for you and the lender. This means that the car will be covered by your insurance in case of a vehicular accident and the company will then automatically send the payout to your lender, seeing them as the legal owners of the vehicle. More so, If there is any shortfall owing to an excess, then you’ll have to pay that amount yourself.

Now, this can very often pay off the agreement instantly – but it’s not a good way for that to happen, for numerous obvious reasons! Your insurance premiums being one of them…

You need cash now but can you afford the repayments are you on benefits? This is an important consideration for another reason, as it means you now need to factor the insurance premium into the cost of the total lending amount before deciding if it is something you can afford.

Tips And Advice?

As with any loan, it’s always a good idea to shop around first before sealing the deal with a lender. Check out and try using comparison sites before settling on a lending offer. You’ll find that different companies have varied terms, rates, and policies that will help you decide whether one is a better fit than the others. Now, just because one lender won’t loan you the money, it doesn’t mean the others would decide similarly. You would find then that the more options you consider, the greater your chances are to be approved and get your cash. Moreover, some lenders will offer you better rates than others.


Always compare different types of financing before zeroing in on one option such as a logbook loan. You might find that a guarantor or a remortgage is a better option for you. Evaluate whether a logbook loan is something that you could successful carry out to completion or perhaps other options could be less riskier or more suited to your budget and needs. Other options might include asking for an advance from your employer, or even asking for a loan from parents. You can also try getting a credit card with 0% APR as a sign-up bonus.

Does The Logbook Company Own The Car?

There is some degree of risk when you take out a loan against your own car. You may end up losing it once you fail to settle your end of the deal. So, yes, that is definitely one way to look at it as the logbook for the vehicle is nine times out of ten held at the main office securely until the agreement is settled in full. So, until that is done and it is returned, the vehicle is theirs. On the other hand, there are set limits to car management when the logbook company has the car in their possession. For one, obviously, they can’t sell or even drive it. You still have control of the car so you can still use it once payment is settled in full.

Tell Me The Basics I Need!

Cars are practical buys and good investments as this can also serve as a collateral for borrowers. In order to get a loan against a car, you must first be the owner of the vehicle because If you are not, please stop here as this product will not suit you. A personal or guarantor type product will be of more use to you. Routine credibility checks will be made to validate ownership. We and the lenders will ask for some very basic details about the car in question like registration, make, and model; and other similar information which are normally enough to let them know who owns the car and what finance is left on it. The application will then go through the normal steps making sure that the monthly installments are affordable for you. If everything is okay, they will proceed and pay the money out in a fast and timely manner.

Understand Value!

Be in the loop and know the actual resale value of your car in the current market. Another tip is to think about the type of vehicle you own before you go ahead. You’ll avoid being shortchanged this way. Most likely, the loan will be tied to the resale value of your car or bike rather than the amount you paid or its actual tag price. This means you can’t assume that a very expensive car will necessarily help you to get a very good loan. You have to think of its current market value when assessing repayments and not how much you actually paid for it.

How Do I Apply For A Loan?

Look at your different options and consider the strengths and weaknesses of each before settling on any type of loan. Yes, know how to shop around for financing options and be able to weigh which one complements your budget type and has more flexibility in payment terms. It is wise to consider different companies and make sure not to just think about how much they’re willing to lend or the rates but most importantly, check on their flexibility. It may be that you do better to pay slightly more over a longer period of time versus paying less but paying in a big lump sum. While trying to compare and contrast financing offers, consider your cash flow and think about whether you’d be able to recoup some of the lost interest by putting the money into savings while you make your repayments.

How Can I Pay?

We understand that making your monthly installments couldn’t be any easier. Most companies will give you several options of repayment. Same grind goes for us too. We make payments a breeze! We provide you payment options that are convenient, fast, easy, secure, and reliable. The most popular of these options is a month direct debit but you can also pay over the phone with your debit card. This keeps everything smooth and you are also entitled to make over payments on your agreement so you could settle the finance off as quickly as possible.

My Car Is On Finance, Is That An Issue?

Unfortunately, this is more than likely to cause issues if you still owe money for your car. With such scenario, It’s highly unlikely that the lender will approve of it and allow to lend money on that vehicle. The reason for this is in the event that you fail to make your monthly installments, the finance company has the right to repossess the car and sell it to recover their expenses. So, in order to avoid such inconvenience, please make sure you can afford to keep the monthly installments up when you apply, if not then be prepared to lose the item you use for collateral.

There are some circumstances wherein the company may decide to lend on a particular item currently on finance. Under normal conditions, this could still be considered especially if you are due to make your final payment on your current finance as this is often seen as low risk.

*Subject to lender approval and requirements.