To be eligible for a logbook loan, you need to meet the following basic requirements:
Anyone with a car is eligible for a logbook loan. If you have bad credit and have been refused a personal loan elsewhere, logbook loans are great alternatives that do not require credit checks on borrowers.
You can borrow anywhere from £500 to £50,000. The amount you’ll get approved for will depending on your car’s official trade value. Typically, you can borrow up to 70% of said value.
In case of delayed or non-payment, your vehicle may be subject to repossession. This is after we’ve sent the debt collector and spoken with your to make arrangements and you still fail to meet your obligations.
Yes, you may pay the loan in advance if you wish too but there may be early repayment fees you may incur by doing so.
Considering that a logbook loan is a personal loan, borrowers have the freedom to use the money however way they want. From paying overdue bills to car repair, medical expenses and more, you can use your loan to cover any personal need.