Frequently Asked Questions about Logbook Loans

What are the rules of eligibility to apply for a logbook loan?

The rules of eligibility are simple and straightforward. First, you need to be a resident of the United Kingdom, and are at least 18 years of age. If you own a fully-insured vehicle that is clear of outstanding finance, then you are eligible to enrol for a loan.

What requirements do I need to prepare?

You need your vehicle’s logbook, also called the V5 document, as well as your insurance details and MOT certificate. Furthermore, online lenders may also request to see the vehicle. It is also a must to bring proofs of your identity, of your address and of your income.

How much can I loan?

Logbook loans can provide amounts from £500 to £50,000, which depends on your vehicle’s value. Borrowers can usually get up to 50% of the worth of the vehicle.

What kinds of vehicles can be used to apply?

It can be a car, a motorcycle, a van or a truck. Our website offers links of different logbook loan lenders who can look and check your vehicles during application.

If I am self-employed, is there a difference in the requirements?

You may submit your bank statement as a proof of income.

What will happen to my car in the duration of the loan?

One advantage of logbook loans is that you can keep your vehicle at the duration of the loan, provided that the payments are made on time. However, it is important to note that you are responsible for any damages done to the car – this is the rationale behind the requirement that the car be fully insured.

How soon can I receive the money?

Upon receiving your application, it is immediately reviewed and approved if the requirements are complete and correct. You can receive your money within the same day, or in some cases even within an hour after a successful application.

Can I pay back the loan earlier than agreed?

This is very much recommended to ensure you are debt free at the soonest possible time. There are no additional charges for paying earlier than the agreed deadline.

How long do I need to pay back the loan?

It depends on you, on the loan amount and your capability to pay. You can choose either a shorter or longer repayment term, as well as the frequency of payments.

How do I know which company to choose?

When considering which online lender site to make a loan from, consider those that provide the lowest interest rates and those that have the best, most convenient terms for repayment. Annual Percentage Rates (APR) range from 345.9% to 493.94% among the top companies. You may use our loan calculator to have an idea of how much it will cost, as well as our comparison tool to get the best offers available. Of course, it is always a good idea to check the reputation of the online lending company you are considering.