What exactly do I need to be approved for a logbook loan?

First and foremost, we wish to bring to your attention that the requirements are pretty basic. As long as you were born and bred in the UK (a UK citizen), a person of legal age (18 years or above) and legally own a car (it must be registered in your own name), you are good to go. However, you also need to furnish us with additional documentation such as pay slips (to prove you are in employment and receive an income regularly), MOT certificate (as proof that your car is roadworthy or in good condition, utility bills (for purposes of ascertaining your place of residence) as well as the tax and car insurance details. Once you furnish us with the aforementioned, there is no reason as to why we can’t approve your logbook loan application.

I have a poor credit rating. Do I have to worry about credit checks?

If there is something that makes our logbook loans amazing, it has to be the fact that we do not at any single moment judge your viability through credit checks. It doesn’t matter how bad or poor your credit score is. We do not carry out credit checks and as such you can apply for our logbook loan products with peace of mind.

Do you also accept vans or motorcycles as collateral or do you have a strict policy on the type of vehicle offered?

Be advised that we are an all-inclusive logbook loan provider. What this means is that we accept our customers irrespective of whether they provide a commercial lorry, a sports car, a van or even a motorcycle as collateral. Our core objective is efficient service delivery and ensuring that you receive your cash within the shortest time possible.

Why do you insist on a MOT certificate?

Well, we require you to produce a car that is in good condition and which undergoes service often and the only way we can ascertain this is if you produce a Ministry of Transport certificate. This certificate proves that your car is roadworthy and in good condition.

Can I use a friend’s car as collateral to take out a logbook loan?

No! The car you set up as collateral must be registered in your own name. If it belongs to your friend or any other person, we are sorry but we can’t accept it as collateral.

What is the maximum amount of money I am entitled to when I apply for a logbook loan?

Be advised that the maximum amount of money you can apply for and get approved for a logbook loan is fully dependent on the condition as well as the value of your car. We generally accept you to borrow up to 50% of your official current car value. Needless to say, you can apply up to 50 000 pounds depending on the value of your car.

Do you penalize a person for early repayment?

No. in fact, we do advise our customers to hasten and clear off their loans in the fastest time possible.

Is my car at risk of repossession if I miss one or two payments?

Let’s categorically state that we do not like repossessing our customers’ cars. In fact, we highly recommend that you make efforts to reach out to us should you face some problems with repayments. When you miss one or two repayments, what will happen is that you will have to bear the brunt of additional fees. However, if the situation persists, we will have no choice but to repossess your car. Please note that car repossession is usually an act of last resort.