1Can I apply if I recently got denied a loan?
Ans.Of course. As a matter of fact, one of the main reasons why people opt for logbook loans is if they got denied a loan elsewhere, especially if this happens repeatedly. Continuous unsuccessful applications can bring further harm towards your credit, so it would be wise to seek logbook loans, where approval is 99.9% guaranteed.
2How much can I borrow?
Ans.Typically, we can help you borrow between £500 and £25,000, but we can help you release any amount equivalent to half of your vehicle’s current market price. While you can set the amount you want to borrow depending on how much your vehicle is worth, each loan will still be subject to affordability. Your income and other financial obligations will play a huge role in determining the amount that you’ll be most comfortable with.
3What are your rates?
Ans.Because we partner with not just one, but several lenders, the rates may vary depending on the best suitable deal that matches your needs. What we can guarantee to you, however, is that the rates you will get by applying through MyLogbookLoans are definitely more affordable that what you will receive from our competitors, simply because our rates are transparent and we don’t override the lenders’ fees.
You should keep in mind, however, that the APR’s alone do not dictate how much your loan will cost all in all. It pays to consider other factors such as the length of the loan term, setup fees, and other applicable costs.
4What vehicles can I use?
Ans.Any vehicle that is not more than ten years of age can be subjected to a logbook loan. So whether you own a sports car, a van, or a motorbike, we can still find a lender for you.
5What if my vehicle is still under financing?
Ans.Ideally, only vehicles which are outside of financing can have a logbook loan secured against them, but then, if the outstanding loan balance is relatively small, or if you are nearing the end of your financing agreement, an exception can be made. If this is the case, let us know and we’ll help you arrange a deal with one of our lenders.
6How soon can I get the money?
Ans.As soon as you’re ready! Anytime, you can apply at our website, and within a few minutes, we will call you back for advice. If your loan got approved, the cash will be ready in no more than 24 hours.
7How is the money sent?
Ans.Your money may be sent through cheque or directly through your bank account. If you prefer the latter option, you need to be a UK bank accountholder.
8When should I begin my first repayment?
Ans.Normally, your very first repayment will start on your next payday so that it will be easier for you to have the money ready. Don’t worry, because you can setup your payment schedule on a weekly or monthly basis.
9What if I want to pay off the loan early?
Ans.No problem! If you think you’re going to acquire some huge cash anytime soon, mention this to your lender, so that you will be informed whether you are allowed to do this or not. If your lender will charge you for this, don’t worry, because we have other lenders who are willing to let you make an early repayment without additional costs.
10How safe is it to apply?
Ans.We’ve got to be honest with you – a logbook loan is not risk-free. Things could happen, and if you find yourself falling short on your repayments, you could lose your vehicle.
Even if we’ve done all means to make sure that you will get the most affordable loan, you have your responsibilities as well. You need to keep close watch of your finances so as not to jeopardise your logbook loan repayments.
11Will you share my personal details?
Ans.Definitely not. Any information you submit will be sent through a secured server and will be treated by our staff with extreme confidentiality.
12What will happen to my vehicle?
Ans.Even when the loan starts, your vehicle will remain in your possession so that you can keep on using it. However, you need to make sure that you are up-to-date with your payments to avoid repossession.