Logbook Loans Review

Logbook Loans are one of the UK’s oldest logbook lender. Set up to serve the needs of customers who found themselves missing out on a payday loan because of a poor credit history, they offer loans secured on your car from £500 all the way up to £50,000.

The application process.

The application starts online with a short form asking for the minimum of details making it quick and easy. Enter your name, number, address, car make, model and age, and then tell them when you would like them to phone. It is just a matter of then waiting for them to call you.

LogbookLoans.co.uk will then give you a call at the time you chose and go through how much you want to borrow, how long for and agree the loan terms with you. If all goes well and you agree to the terms, they will arrange for someone to call to see you so you can sign the forms, hand over your logbook and get your cheque. From start to finish, the whole process is complete within 24 hours.

How much does it cost?

The quicker you pay the loan back, the less you pay in interest. For example, a £1000 loan over 10 weeks will cost a total of £1486 whilst the same £1000 borrowed over a full year will cost you a total of £2635

The amount you can borrow is of course dependent on the value of your car. The car should be less than 10 years old and have no outstanding finance, or at 2 payments left maximum.

As well as the value of your car, you will also have to be able to afford the repayments so you may have to provide proof of income with some recent payslips.

Logbook Loans was the only lender we reviewed which covered Scotland as well as England and Wales so if you are north of the border these may be your only option for this type of loan.

Our Logbook Loans Review

Logbook Loans offer a quick and professional service and we like the fact they offer big incentives to pay off your loan early. It is an especially useful lender for those who have had recent CCJ’s or a poor credit rating.

The highlights for us include: