FAQ's

What is a logbook loan?

From the sound of the name, this is a type of loan where you use your car as collateral before you can be approved. It is a secured kind of loan where you use your car as security to get the amount of money you wish for.

Can I be denied a logbook loan due to my credit status?

No. it’s not possible for you to be denied a logbook loan because your credit score status is in doldrums. So long as you own a car that you can use as collateral and your car is in good condition, your application will always be approved. We strive to approve as many logbook loans as possible.

What is required before I can be approved for a logbook loan?

The requirements for a logbook loan are quite simple and straightforward. The basic requirements are that you should be a person of legal age, be a United Kingdom citizen and legally own a car that is registered in your own name. Additionally, we require that you provide us with a ministry of transport certificate, provide us with proof that you receive income on a monthly basis as well as proof of where you stay (address).

What could make my logbook loan application to be rejected?

While we can never reject your logbook loan application based on your credit score, there are certain circumstances under which we might be forced to reject your loan application. For one, if we deem you under age (that is you haven’t attained 18 years), then we will be forced to reject your application. Secondly if your car has some form of financing attached to it or is more than 10 years old, we will be forced to reject your application.

How long does it take before I can get access to my loan cash?

Generally, provided that you furnish us with all the required documents, we strive to ensure that we approve your loan and avail your cash in the shortest time possible. We can write you a cheque or you can simply make arrangements to get access to your cash instantly at a fee.

What is the repayment period and method of repayment preferred?

Ordinarily, the standard repayment period for a logbook loan is up to 78 weeks. However, the exact period you wish to make repayments is up to you. You also get to choose whether you wish to make repayments weekly or monthly. As for the repayment mode, you can choose to make repayments through a debt collection agency or through bank account debit deductions. We however recommend that you set up a debit deduction in your bank account to immensely reduce chances of defaulting.

What happens if I am unable to make repayments as earlier agreed?

We understand that financial circumstances can change any time. When this happens, the best course of action would be for you to contact us immediately so that we can work a new payment arrangement in light of your circumstances. However, if you fail to contact us and our communications to you go unanswered, we might be forced to repossess your car. However, please note that this is only done as a measure of last resort.

Do you penalize if a person clears all the outstanding amount in advance?

No. we won’t penalize you if you clear your logbook loan before the expiry of the period we initially agreed to. In any case, we encourage payments on time to avert a situation where your credit score continues to suffer a beating.

Do you have an exception where you might accept cars that are more than 10 years old?

While we do not normally accept vehicles that are more than 10 years to be used as collateral, there are instances where we might have an exception especially as concerns vintage, sports cars and classic cars.