FAQs

Q: What’s the exact process for making an application?

You can complete our 30 second quotation form online here. You will then be contacted by a fully accredited logbook loan lending company (CCTA) by telephone. They will arrange to discuss your application at a convenient time. When all the details are agreed and explained fully to you, they will tell you where to take your logbook or V5 document to your nearest branch and obtain your loan.

Q: I have CCJ’S and/or a poor credit rating. Am I eligible for a loan?

YES! As long as you own the car and it is finance free then you are eligible.

Fastest Logbook Loans only introduce suitable applicants to approved and industry accredited lenders who assess each customer on merit taking into account ability to repay and the value of the vehicle.

Q: How quickly can I get the loan?

Usually the same day or the next day.

Q: I want to keep this loan confidential! Will you contact my employer?

NO! Fastest Logbook Loans understands that sometimes people like to keep their business to themselves. We pride ourselves on a discreet service. And our lenders will call you back at a time of your choosing to discuss the best logbook loan for you.

Q: How do I repay my logbook loan?

You can repay your Logbook Loan in various ways, though usually it is on a weekly or monthly basis by means of a standing order, over the phone or via the Post Office. The repayment process will be explained fully during the application.

Q: Are there any credit checks?

NO

Q: I am self employed, am I still eligible?

Yes

Q: What can I use the money for from a logbook loan?

Anything you like! The beauty of a logbook loan is that you are free to use the cash on virtually anything. You can even pay off or clear other loans

Q: What would happen if I become unable to repay the loan?

If your circumstances change and you become unable to keep up with repayments you should contact your lender to discuss the situation. Your lender will make every effort to work with you to overcome the problem. However where there is no willingness or effort to repay the loan the lender would ultimately recoup their money from the sale of the vehicle.

Q: Are Logbook Loans Legal?

Yes. If you have done any research regarding logbook loans, you are guaranteed to run into discussion boards or even blogs asking about the actual legitimacy associated with them. Rest assured logbook loans are perfectly legal and legitimate. Anyone who claims otherwise is making a false allegation.

Providing you are dealing with a reputable lender logbook loans are perfectly safe. The industry does come under scrutiny not for it’s legitimacy but for the high interest rates associated with this type of lending. As they are deemed to be offered to those with bad or poor credit then it makes sense that a higher interest rate is applied than a standard bank loan. Similar companies also offer high interest loans such as payday loans, cash advances and same day loans. However a log book loan is cheaper as you are offering the lender a form of security. The government have investigated this type of lending and has concluded that the loans are of good practice. Good logbook lenders are accredited members of the consumer credit trade association or (CCTA) which is a recognised government financial institution.

Other concerns that some people have with regards to the legitimacy of logbook loans is the security of the collateral. The lender essentially owns the title to the vehicle in the same way as any other finance company. Funding your vehicle using a log book loan is perfectly legal. Both parties agree the terms and conditions and everything is documented regarding the possession of your vehicle. You should ensure you read all the documentation carefully and make sure you understand the contract fully.

Q: Are Logbook Loans Safe?

Due to adverse publicity on higher interest loans recently. Lots of people ask the question “Are logbook loans safe” As your vehicle is used as collateral against the loan the sums involved could be substantial. It is wise to act with caution before entering into such a loan. However all of our lenders are extremely reliable and offer safe and regulated log book loan agreements. All are lenders are members of the (CCTA) Consumer Credit Trade Association. So rest assured you will have security and peace of mind that you are dealing with reputable companies and organisations. Don’t let bad press stop you from getting the emergency cash you need today via a logbook loan.

Q: Will I lose my vehicle?

No. If you adhere to the terms and conditions of the agreement your vehicle will always remain yours. However just like if you didn’t pay your mortgage or rent you could indeed be repossessed. Logbook lenders cannot just repossess your vehicle whenever they would like. Upon getting the cash for your logbook loan, you will retain your vehicle and it will stay in your possession until your loan is paid off. Logbook lenders rarely ever have to actually repossess vehicles and will undergo a complete legal process before it ever gets to that point. Your vehicle will be safe throughout the duration of your logbook loan.

How to Stay Safe:

Always look for logbook loan lenders that are accredited to the Consumer Credit Trade Association. Logbook loans are legal and safe but as with any industry there are unscrupulous people looking to take advantage of the uninitiated.

Bad reviews online:

Bad reviews do not necessarily mean that a company is not reputable. However lots of complaints against one particular company might give you an indication to avoid that company. You can do a lot of research online and find suitable logbook loan lenders through companies like Fastest Logbook Loans that only deal with accredited lenders to give you total piece of mind when applying for a logbook loan.

Complicated Loan Terms:

Logbook Loans are simple, easy and fast to acquire. If a company or individual are making things seem harder than they are then we suggest you find a verified and  accredited logbook loan lender. The chances are that this type of company is not an approved or an accredited lender. Get started here for an accredited member.

All loans granted subject to affordability. Proof of income will be required. A Log Book loan is secured against your vehicle, which may be repossessed if you do not make payment. Late or missed payments may incur a charge for chasing letters and telephone calls. Lenders abide by the CCTA voluntary Code of Practice. We do not have a renewal policy.

Representative Example

Total amount of credit

£850

Total amount payable

£2471.82

%APR Representative

491.36%

Fixed annual interest rate

127.2%

Duration of Loan

78 weeks

Number of Instalments

78 x £31.69

DISCLAIMER: Logbook Loans – Unlock Cash In Your Car With The Fastest Logbook Loan does not directly offer any financial products, but refers customers to companies that are registered with the Office of Fair Trading and hold a Consumer Credit Licence.