A logbook loan is money you can borrow against the value of your car or van. It’s an ideal, safe way to raise money when you need it at short notice – in some cases, you can receive the money into your bank account on the same day you apply.
It’s possible for you to borrow between £300 and £25,000, depending on the current value of your vehicle and how much you’ll be able to afford to pay back within a reasonable time. You can keep driving it while you pay off your monthly amounts, the only thing taken for security is your logbook itself.
As with any type of lending, if you want to apply for a logbook loan (also known as a V5 loan), you’ll need to show documents to prove your ownership of the vehicle, your identity and that you can afford the monthly repayments.
Your car’s logbook/V5 document in your name
Current certificate of insurance
Current MOT certificate
A recent household bill, like a council tax or utility bill, in your name
Your most recent monthly payslip (or 4 weekly ones)
Last 2 months’ bank statements (or 3 without payslip)
Photographic ID, either your driving licence or passport
There is no need for a logbook loans company to contact your employer, and a reputable logbook loans company will never give or sell your details to anybody else.
Remember, you can apply for a logbook loan online, or if you’d prefer to have help from a real person you can call 0333 577 7002.