What is a Logbook Loan?
Logbook loans are a secured personal loan for people who own a vehicle and want to borrow anything between £250 and £50,000, depending on the value of the vehicle.
The advantage of a logbook loan is the vehicle is used as collateral; therefore those suffering with a bad credit rating, self-employed or on benefits are usually still able to attain a loan. Another major advantage is that the vehicle remains with you so you can continue driving it. The maintenance, insurance and MOT also remain the responsibility of the owner.
How Much Can You Borrow?
Logbook Lender provides logbook loans ranging from as little as £250 to £50,000. We consider vehicles of all ages no matter what the value. When we see your vehicle its value will determine exactly how much we can consider, subject to affordability. The repayment duration will depend on a number of factors, including how much you have borrowed and how much you can afford. You can even choose to make the repayments weekly or monthly. At Logbook Lender we pride ourselves on the flexibility of our logbook loans.
Once the agreement is signed, you will have your money typically within one hour, in whatever payment preference you choose.
Logbook Lender offers a competitive APR of 450.5%. Although this interest rate is higher than rates offered by most banks, it is much less than the interest rates you can expect to pay with alternative lenders such as pay day loan companies. To get an understanding of the repayments you will make simply enquire now and speak with one of the team who will be happy to talk you through your options.
What Happens If You Struggle To Pay?
At Logbook Lender we understand that sometimes circumstances change and our customers find themselves in an unfortunate position of being unable to make their repayments. Rest assured our team of friendly advisors will work with you to find a suitable solution. You must contact us as soon as possible so we can assess your situation and agree a way forward.
Should your financial position improve at any time during the log book loan repayment period, then you are able to settle the loan early with no charge or early settlement fees. You will only pay interest on the loan amount for the time that you had borrowed.
To find out more about logbook loans, please refer to our How It Works and FAQ pages for more information. Alternatively, if you already have all the information you need, you can apply now.