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 are usually still able to attain a loan. Another major advantage is that the vehicle remains with you. The maintenance, insurance and MOT also remain the responsibility of the owner.
One of our friendly mobile underwriters will visit your home, and you will sign an agreement on the Logbook Loan. Once the agreement is signed, you will have your money usually within an hour, in whatever payment preference you choose.
How Much Can You Borrow?
Logbook Lender provide Logbook Loans ranging from as little as £250 to as much as £50,000. The value of your vehicle, which will be assessed by the mobile underwriter will decide how much you can borrow. 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.
Logbook Lender offer 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 pay day loan companies. To get an understanding of the repayments you will make, you can use the Logbook Loan Calculator and the top of the page, or you can check out the representative example at the bottom of the page.
What Happens If You Struggle To Pay?
At Logbook Lender, we understand that sometimes circumstances change, and sometimes 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.
We practice responsible lending, and our mobile underwriter will assess each Logbook Loan applicant to ensure they are able to make the repayments. We also expect our customers to practice responsible borrowing and hope they only borrow what they know they will be able to repay without leaving themselves in financial hardship.
As previously mentioned, we understand that sometimes circumstances change. Therefore, should your financial position be improved at any time during the Logbook Loan repayment period, then you are able to repay all the loan early. Moreover, we will not charge any early settlement fees and 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.