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From £1,000 to £25,000
Rates from 5.7% to 278%
3-36 month repayment
Borrow up to £3,000
Rates from 278% to 1576%
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.
Logbook Loans UK: What you Need to Know
All over the world, people are using road worthy vehicles as security assets in taking out a quick loan. In the United States they call it car title loans while in the UK it is popularly known as logbook loans. As the name implies, logbook loans utilize a borrower’s V5 document or logbook as a form of collateral. Thus, when taking out the loan, you will have to temporarily surrender your vehicle’s V5 document to the lender – transferring ownership rights to the lender as a result. But as long as you make the proper repayments, you can still use the vehicle even though you have not paid back all the money that was lent to you.
Log Book Loans UK
When taking out this loan in the UK, there are several important things that you need to bear in mind to have a better understanding on how the credit works. They can be summarized in six essential points, namely:
The loan utilizes vehicles as a form of security
Borrowers can still continue to use their vehicles even if the loan has not been completely paid off
How much you can borrow will depend on the value of your vehicle
To become eligible for the loan, you must be currently employed and enjoying a reliable income stream
You need to be the legal owner of the vehicle being offered as security
The log book loan industry operating in the UK is regulated by the Financial Conduct Authority (FCA).
Log Book loans and Other Short-term Loans
Although a lot of borrowers in the UK are unaware of it, log book loans work pretty much the same as other types of short-term loans. You make an application for the loan, your application is then evaluated by the lender, and once you have met the lender’s eligibility criteria, you are then approved for the loan. Money is then transferred to your bank
What Do I Need To Do For Logbook Loans?
*Subject to lender approval and requirements.