To receive a cash logbook loan from Logbook Money, we undertake a personal affordability check along with other procedures (including vehicle checks) to determine your personal loan affordability.
Logbook Money will lend against cars of any age, make or model and with no hidden fees for taking out a loan with Logbook Money. You will be made aware of all the repayment terms when you apply for your logbook loan.
Below, we have outlined the process, Logbook Money undertake to make sure you are eligible for a logbook loan and that you can personally afford to repay the loan:
Applying for the logbook loan
1. A customer first determines how much they’d like to borrow and over their desired time period (between 18-48 months).
2. Either online or over the phone, a customer submits their logbook loan application to our team.
3. Our team will then undertake a Logbook Money affordability assessment to ensure you are eligible for a logbook loan. Some of our personal eligibility processes include checking that:
You’re aged 18 or over
You hold a UK bank account
You have regular income from work or sufficient pension/benefit payments
We also verify affordability through Open Banking
Before the personal affordability checks
Before we’ve carried out the necessary personal checks, it’s crucial that we have carried out vehicle eligibility checks.
This includes checking that:
Your vehicle (used for the loan application) is road legal, taxed, insured and MOT’d.
You are the legal owner of the vehicle
The car used is free from any outstanding finance.
If your loan application is successful, we will require some signed documents from you and then the money can be transferred into your account within 24 hours!