A logbook loan is a short term loan (up to 6 months with Mobile Money) that is secured against your car's logbook. This is one of the surest ways to get the cash you need today. The lender holds on to your logbook while you drive the car and make the loan repayments. These sort of loans are possible because a log book loan is based on the presumption that a car's logbook is a valuable asset as it contains all the vital details about your car and is essential if you need to undergo any repairs or servicing in the future. It is convenient as well, because, as mentioned above, instead of using your car as a collateral for the loan which would mean giving up your car for the period of the loan, you will still keep your means of transport and get to use the money that has become available to you.
Mobile Money are one of the biggest and longest established UK logbook loan providers and they have the lowest APR available, lower than all of their competitors. The typical APR is 385.2% (typical means two-thirds of their customers have this APR or lower).
This rate is even lower than typical rates for payday loans, where APR's for payday loans can be many multiples higher. A logbook loan can save you money and is a great alternative for people who might have otherwise taken out a payday loan.
Logbook loans are also easier to qualify for than payday loans as almost all logbook loan lenders do not carry out any credit checks. So for those of you with a poor credit record and also those not in full-time employment do not worry, you are likely to be eligible for a logbook loan even if you are not eligible for a payday loan. Even self-employed and bankrupt people are eligible.
Mobile Money also stands out as having one of the fastest approval decisions. And once approved, you can get your cash in less than 15 minutes. Usually when you apply online, they will arrange to meet with you to verify your car and that you are who you say you are! You can then get the cash there and then!
Mobile Money loan out anywhere between £100 and £25,000, subject to a minimum valuation on your car. Ideally, the car should be less than 8 years old. Their lending service is only offered in England and Wales.
Of course, the usual requirements apply. You must be over 18 years old, and be living in the UK and more specifically, either in England and Wales (as mentioned above). Additionally, you must be the legal owner of the vehicle, and your vehicle should be clear of finance.
As for the repayment methods, Mobile Money accept most forms of payment apart from credit cards and direct debit. These include cash into their brances or any branch of Barclays Bank. They also accept postal orders, bankers draft, debit cards and standing order payments.
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