Frequently Asked Questions

 

Here's our full FAQ:

 


FAQPayDayLoans What is a logbook loan?
FAQPayDayLoans What can the loan be used for?
FAQPayDayLoans What amount can I borrow?
FAQPayDayLoans What is the criteria for applying for loan?
FAQPayDayLoans What is the process involved in applying for a loan?
FAQPayDayLoans How much will the loan cost?
FAQPayDayLoans If I have a poor credit history, can I still get a loan?
FAQPayDayLoans Does it matter if I am not a homeowner?
FAQPayDayLoans What if I don't have a debit card?
FAQPayDayLoans Do you accept any nationality of applicant?
FAQPayDayLoans Will you contact my employer?
FAQPayDayLoans Can I get a loan if I am part time or self-employed?
FAQPayDayLoans What if I don't have payslips?
FAQPayDayLoans What if I have lost my bank statements / don't have bank statements?
FAQPayDayLoans What if I have just moved house and don't yet have a bill in my name?
FAQPayDayLoans Can I be accepted for a loan if I am in overdraft?
FAQPayDayLoans Can I be approved for a loan if I am not employed but receive regular tax credits, benefits or other income?
FAQPayDayLoans How is the loan received?
FAQPayDayLoans Is money transferred on a Saturday?
FAQPayDayLoans How are repayments made?
FAQPayDayLoans What if I don't want to borrow as much money as I'm approved for?
FAQPayDayLoans What if I want the loan for a longer period of time?
FAQPayDayLoans Do you require copies or originals of documents when applying manually?
FAQPayDayLoans Any other queries?

FAQs - answers to all your questions...

 

answerWhat types of loans are available and how do they differ?

A logbook loan is where you borrow money against the value of your car. The loan is secured on the registration (logbook) documents of your car. You get to keep and drive your car as normal and your documents are returned when the loan has been repaid.

 

answerWhat can the loan be used for?

Anything you want! Generally speaking most loans available today are offered for virtually any purpose.

 

answerWhat amount can I borrow?

This depends on the value of your car but is usually no less than £200 and no more than £25,000.

 

answerWhat is the criteria for a loan?


1. You need to be 18 or over.
2. You need to have a car that you are the legal owner of.
3. You must have no outstanding finance on the car.
4. You must live in the UK.
5. Your car must have valid car insurance and if applicable an mot.

 

answerWhat is the process involved in applying for a loan?

The process is simple, once you complete the initial online application form:
1. The value of your car is assessed as part of the application process.
2. The amount you can borrow will depend on the value of your car.
3. We inform you of your weekly or monthly repayments.
4. We will arrange to meet you at home or a local branch.
5. The car's documents are checked.
6. The car's condition is checked.
7. If you informed us when valuing your car of any faults or body damage etc, they will not be a problem.
8. Your ID documents are checked to make sure you are who you say you are and live where you say you live!
9. When all the above is in order we can release the payment immediately!

 

answerHow much does a loan cost?

We do not charge any fees to you for our services. If a broker arranges your loan they may charge a fee which is normally added to the loan amount.

 

Interest payments vary but in general they are much lower than thos of payday loans and other similar short term loans. When you make an application you will be presented on the representative and actual APR for the loan you have applied for.

 

answerIf I have a poor credit history, can I still get a loan?

Yes! The loan is based on your ability to pay and the value of your car. This means no credit check is required so even if you have ccjs, defaults or other bad credit markers this won't affect your acceptance for the loan.

 

answerDoes it matter if I am not a homeowner?

No. It does not matter what your housing status is, log book loans are availble for to anyone with a permanent address in the UK. Unfortunately if you are a Scottish or Northern Ireland resident you will not qualify for a logbook loan.

 

answerWhat if I don't have a debit card?

Debit cards nor even bank accounts are a requirement for taking out a log book loan.

 

answerDo you accept any nationality of applicant?

As long as you are living and working in the UK and your documents prove as much this will not be a problem.

 

answerWill you contact my employer?

No. Personal information will not be passed on to any third party unless required to by law.

 

answerCan I get a logbook loan if I am self-employed or just part-time employed?

Yes.

 

answerWhat if I have lost my payslips / don't have payslips?

Payslips are not a requirement when applying for a logbook loan

 

answerWhat if I don't have bank statements?

Bank statements are not a requirement when applying for a log book loan.

 

answerWhat if I've just moved house and don't yet have a bill in my name?

If you are a tenant, you can provide a tenancy agreement, instead of a utility bill. If you are a homeowner, you can provide any mortgage or insurance documents detailing your new address.

 

answerCan I be accepted for a log book loan if I am in overdraft?

Yes. This is not a problem.

 

answerCan I be approved for a log book loan if I am not employed or receive benefits or other income?

This is not a problem for a log book loan application as long as you can afford the repayments.

 

answerHow is the loan received?

On completion of the loan it is usually transferred directly into your bank account by same day priority payment or in some cases it can be made in cash if required.

 

answerIs money transferred on a Saturday?

In some cases yes, depending on who you bank with.

 

answerHow are repayments made?

Usually by direct debit, bank transfer, debit card or cheque.Direct debit or standing order are usually the easiest.

 

answerWhat if I want to borrow more than is offered?

The amount of loan offered is based on a percentage of the current market value of your car.

 

answerWhat if I don't want to borrow as much money as I'm approved for?

If you are approved for more money than you want, you can choose to receive less than what you have been offered. So, for example, if you are approved for £6,000, you can elect to only borrow £3,000, if this is all you need.

 

answerWhat if I want the loan for a longer period of time?

Until you have signed an agreement you may be able to change the repayment period. In some cases the payment period can be adjusted depending on the circumstances.

 

answerDo you require copies or originals of documents?

Yes originals are required. Copies of these will be made and handed back to you except for the mot and log book of the car which are kept until the loan is repaid.

 

answerAny other queries?

Please email us with any other enquiries you may have.