What does APR mean?
The term "Representative APR" describes the rate of charge on your loan for a whole year, expressing interest and other fees as an annual rate, which is a suggestive figure for our potential borrowers to know what the typical annual percentage rate for one of our Logbook Loans. The representative APR that applies to this product is 478.3%, which reflects the risks taken in order to provide finance to customers who are unable to go take out a loan elsewhere. Please note that this figure is often seen as unhelpful when applied to short term borrowing, and does not help you work out the cost of one of Logbook loans unless you are an expert mathematician! To find out if a Logbook loan is for you, we recommend you call us and our expert advisors will be happy to help.
Our Logbook Loans offers a solution to people who may have had problems obtaining credit in the past through no fault of their own, or who are currently experiencing cash flow issues and need a quick loan to tie them over.
By comparing Logbook Loans with other financial sources such as a payday loan, or longer term solutions such as secured lending from the bank, a Logbook Loan APR is fully justified, particularly as it reflects the fact that the applicant does not have to pass a credit check and is not subject to any other qualifying criteria. This needs to be considered when making a comparison against other loan products.
With our Logbook Loans we operate a transparent and responsible attitude to lending and have strict Best Practice guidelines to ensure customers are clearly aware of the terms and conditions including the repayment charges. An affordability check requires customers to complete an income and expenditure form to ensure they can afford the loan.
In the event of a customer being unable to pay, we will work with them to agree an alternative repayment plan to meet their obligations.
The standard loan term is 78 weeks; however, many customers pay back their loan within 40 weeks in order to settle their loan earlier.
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Apply today and one of our Underwriters will be in touch
in less than 2 hours to chat through what you need and process your loan application.
It doesn't matter if you've been refused credit before, have CCJ's or don't even
have a bank account. If you own a car that's free of finance, then you could go
from application to payout within 24 hours.
Complete the application form below and we will process your application within an hour. If required we can usually get the loan to you within 24 hours.
No credit check any purpose loan £500 - £50,000
A Logbook Loan is secured against your vehicle.
All loans subject to affordability.
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