A logbook loan is a type of short-term loan that is secured on your car’s logbook. Getting a logbook loan must be absolutely the most effortless and fastest way to secure the amount of money you need on short order. The lender only takes the log book while you’re repaying the loan, but you get to keep the car and still use it. For more information on this and other logbook lenders: Mobile Money Review.
One logbook lender in the United Kingdom that we can recommend is Mobile Money, they are one of the most flexible lenders on the market. Two thirds of their customers have an APR of 385.2% or lower. This is less than other logbook lenders ask.
This APR is low by itself as a logbook loan, but doubly so when we look at payday loans, the other common type of loan for short-term financing. There the APRs can be five or six times higher than with logbook loans. If you’ve been considering a payday loan, then getting a logbook loan instead will help you save some money (sometimes a lot of it).
Logbook loans are also easier to get, as almost no logbook lenders at all require credit checks. That’s right, people with bad debt, a bad credit record, but also those who do not have full-time employment and thus are not eligible for a payday loan, are still eligible for a logbook loan. Even self-employed and bankrupt people are accepted.
Mobile Money also stands out as having one of the fastest approval decisions – you could get your cash in less than 15 minutes. After submitting the application form online, the company will meet you briefly to make sure the car is valued correctly, and you’ll receive the money on the spot.
The loan amounts with Mobile Money can range from anywhere between £100 to £25000. The restriction is that your car must be 8 years old or younger. They only do business in England and Wales, thus customers in Scotland and Northern Ireland are not serviced.
For more information on this logbook lender, go here: Mobile money review or here: Mobile money review.
