Are logbook loans for everyone?

Anybody above the age of 18 years can apply for a logbook loan and get approved. There are no restrictions or discriminations based on a person’s credit score. However, you must be over the age of 18 years, be a person of sound mind, reside within the greater United Kingdom and at least be receiving some form of income on a monthly basis.

Can I use my friend’s car as collateral for a logbook loan?

No. You cannot use your friend’s car, your dad’s car, your spouse’s car or any other car for that matter. It must be registered in your own name. This is an unnegotiable requirement. If you do not have a car registered in your own name, we are afraid that we will not be able to approve your logbook loan application.

Can I still be approved for a logbook loan even if I have a history of defaults or CCJs?

The amazing thing about logbook loans is that your history of arrears, defaults or CCJs do not in any way influence your approval or rejection. In fact, logbook loans are designed for such individuals who cannot avail a loan from high street banks or mainstream financial lenders because of their credit issues. As such, feel free to apply for a logbook loan irrespective of whether you have a history of defaults or CCJs.

How long do I have to make repayments for my logbook loans?

When you apply and get approved for a logbook loan, you have up to 78 weeks to make repayments. With such a prolonged period, you have the flexibility to properly plan out your repayments as you deem comfortable. You can either choose to make payments on a weekly basis, bi-weekly and also monthly if you prefer that.

Is there a penalty for clearing my loan early?

No. In fact, we encourage individuals to repay their loans as early as possible to avoid penalties as well as hefty fees. Repaying a loan early also works to your advantage because it positively impacts on your credit score.

Do I lose possession of my car when I set it up as collateral?

No. The beauty of logbook loans is that you continue driving your car and using it for income generating activities as you repay it.

Can I be considered for a logbook loan even though I am 17 years old?

No. We are sorry to inform you that the legal age of entering into contractual agreements is 18 and therefore we cannot approve your application if you are below that age.

I am self-employed. Can I still be approved for a logbook loan?

Before we approve your application, we find out whether you are in gainful employment. However, this does not mean that if you are self-employed or working part time you cannot be considered for a logbook loan. So long as you provide us with proof that you receive income on a regular basis we are more than happy to approve your logbook loan application.

What actions do you take should I default in payments for a number of months?

While we encourage timely repayments, we understand that there are times when a person might encounter unforeseen financial problems. When this happens, we encourage that you talk to us so that we can draft a new arrangement reflecting your current financial situation. However, if you keep mum and our efforts to contact you go unanswered, we might be forced to repossess your car as a last resort.