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WHAT IS A LOGBOOK LOAN

A logbook loan allows you withdraw the money in your vehicle by submitting the vehicle’s logbook or V5 document to the lender, making the vehicle serve as collateral against the borrowed money. The concept in the United Kingdom is slightly different than the one promoted in the United States, where it originated from, but the benefits are equal.

Borrowing money through a logbook loan or V5 loan has become significantly easier since there is no need to conduct credit checks on the borrower. Many customers are faced with the difficulty of securing a loan everywhere else because they have bad credit, while a logbook loan makes the process of borrowing available for people with all types of credit, from those who have CCJ’s and under debt management plans to those who have been bankrupt.

The biggest advantage is that through a logbook loan, the money that you have borrowed will be available in maximum 24 hours after your loan application has been approved, and you can continue to drive the vehicle without any problems.