Mobile Money Review

Mobile Money (mobilemoney.co.uk) is a walk in logbook loan lender offering a fast decision and the promise you will driving away from one of their branches within the hour. They have 30 branches covering most of the main cities although if you aren’t close by it would be an idea to apply online first to save yourself what might be a wasted trip.

We say a wasted trip because unlike Logbook Loans (www.logbookloans.co.uk) who allow you to settle within just 4 weeks if you want to, Mobile Money require you to take out a loan over a minimum of 6 months. This bumps up the cost of your loan considerably.

This means if you borrow the minimum £200 over the shortest loan period of 6 months your repayments are £62.33 per month bringing a grand total of £373.98

Mobile Money only operate in England and Wales and offer loans from £200 up to £25000 secured on a car less than 10 years old.

The good news is they are happy to accept customers who might struggle elsewhere for a loan such as people with bad credit, self employed etc.

The application process.

In the first instance apply online (click here) and find out if you are accepted and whether you are going to accept the terms. If you are and you do your next step is to visit one of their branches to sign the agreement, hand over your logbook and collect your money. You should be driving away within the hour and you will find the service very professional.

You will need to take with you your logbook (V5) and MOT certificate, your insurance details, photographic ID, two recent utility bills and proof of your income.

How much does it cost.

We’ve already covered the cost but lets take a look at another example, this time for a larger loan:

Borrow £800 for 18 months and you pay £134.11 per month for a total of £2414 plus a £30 document registration fee. That’s a fixed annual interest rate of 132% or representative APR of 465%

The 465% APR is actually just under that of Logbook Loans APR but what makes the loan expensive is the amount of time you are making the repayments.

Our Mobile Money Review

If you are looking for a larger loan over a longer period and can’t get a bank loan because of CCJ’s or poor credit history then Mobile Money is going to be a serious contender for your business. If on the other hand, you are looking for some quick cash to see you through until the end of the month you will be far better off going with Logbook Loans or a payday loan lender.

You can visit the Mobile Money web site and start the application process by clicking here.