Who is eligible for a Logbook Loan
To be eligible for a Logbook Loan, you must:
- be over the age of 18 and a UK resident
- be able to show that you can afford the repayments
- own a vehicle which is free (or nearly free) of finance which is taxed, MOT'd and insured
- supply relevant documentation
Why choose a Logbook Loan?
Here are some benefits of choosing a Logbook Loan:
- Alternative way to get cash if you don't have any jewellery of value
- Loan approved and paid out the same day*
- Easy application process
- Fast and friendly same day service
- Money in your account the same day*
- Any vehicle with V5 considered
*Subject to availability of required documentation & proofs. Only applies to applications received prior to 4.00pm GMT.
What does it cost?
The amount borrowed and the loan term are flexible according to your requirements.
Representative example: if you borrow £1000 over 18 months at a flat rate of 120% per annum (fixed) with a representative 442.66 %APR you will make 17 monthly payments of £155.55 and 1 payment of £155.65 repaying £2,800 in total. However, the interest charged will only be for the length of time you have the loan giving you favourable early settlement discounts.
If you do not repay your loan:
If you are unable to maintain your payments, Logbook Money will do everything it can to work with you, but missed payments can result in additional charges, legal action being taken against you and/or in the repossession of your vehicle (which Logbook Money always see as the last resort).
All agreements are secured against your vehicle and subject to affordability. In association with Logbook Money Ltd (the lender) who are members of the Consumer Credit Trade Association and are authorised and regulated by the Financial Conduct Authority.