Logbook Loans –Fast, Easy Cash That’s Convenient For You
How Does A Log Book Loan Work?
The logbook lender keeps your log book (the V5 document), and you keep driving your car as normal. Loans are available from £500 - £50,000. There are absolutely no credit checks, and CCJ's are no problem. All enquiries are treated in the strictest confidence. There is a same day service; so you will receive money on the same day.
The Process
The logbook lender does a valuation on the car you wish to secure a loan against. If you have any finance on the vehicle, they will subtract the amount outstanding, and will lend you this amount. They will also check the car to see if it is taxed, has a valid MOT and has insurance. They will only keep the log book; the other vehicle documents will be returned to you.
Who Uses Logbook Loans?
Sometimes people with a poor credit rating will use logbook loans when they need short term cash, particularly when you know you will have a sizable amount of money coming to you in the same day. Many self employed people who have had problems obtaining credit in the past, or find it difficult to get any mainstream lending will turn to log book loans. If you need the certainty of collecting several thousand pounds, then log book loans can be used.
| Representative Example | |||||
|---|---|---|---|---|---|
| Total Amount Of Credit | Total Amount Payable | %APR Representative | Fixed Annual Interest Rate | Duration | Instalments |
| £1,150 | £3317.34 | 478.3% | 125.64% | 78 weeks | 78 x £42.53 |