FAQS

Does my history of county court judgments affect my chances of availing a logbook loan?

Of course not! You are free to apply for our logbook loan products irrespective of how bad your credit rating is, your history of county court judgments (CCJ’s) or even arrears. If you have been denied elsewhere, we welcome you to try us today and we promise that you won’t regret it one bit.

I have a vintage car that is older than 10 years. Can you accept it as collateral?

Well, the rule of thumb is that we only accept as collateral cars that are less than 10 years old. However, there are instances where we might accept vintage or classic cars that are older than 10 years as collateral provided that they are in good shape. This is however not assured or rather guaranteed but is rather handled on a case by case basis.

Do I need to part with a deposit to be considered for a logbook loan?

Not at all. There is no requirement for you to part with any deposit before you can be approved for a logbook loan. In fact, so long as you have a car that you can set up as collateral and meet the basic requirements, you are good to go. Irrespective of how bad your credit score is, you can rest assured of approval.

Can I apply for a logbook loan even though I am a month short of 18 years old?

Well, in as much as we might want to accommodate you and approve your application, we are sorry to inform you that our hands are tied. The UK law specifically states that all contractual agreements should be between adults and not minors. In other words, any contractual agreement entered into with a minor is not enforceable in any court of law and is deemed illegal. As such, in as much as we might be willing to assist you, we simply can't.

How long am I required to repay my logbook loan?

When you apply for our logbook loans, you have up to 78 weeks to repay your loan based on the amount of money you applied for. Generally, the bigger the amount of money, the longer the repayment period.

Do you penalise people when they clear off their logbook loans in advance?

Not at all. In fact, we always encourage our customers to clear off their logbook loans as early as possible. For one, you will be in good standing with us which means that your subsequent applications will be approved in a jiffy. Secondly, timely or early repayment means that your credit score will be positively influenced.

How can I make my logbook loan repayments?

It is important to note that you have the leeway to choose whether you want to make weekly, biweekly or monthly repayments. While you are free to make payments anyhow you want (paying cash or even making the use of debt collection) we encourage you to set up for automatic deductions with your bank. That way you will drastically reduce cases of defaults.

What steps do you take in the event a miss a payment or two?

Well, we understand that every once in a while you might experience financial difficulties due to unforeseen circumstances. When that happens, we encourage you to talk to us so that we can work out a way forward on how you are going to make payments. This is very important. However, when you go silent and our communications to you go unanswered, we might be forced to resort to car repossession as a measure of last resort.