(1). Who can apply for a logbook loan?
Anyone with bad credit who cannot avail a personal loan anywhere else is welcome to apply for a logbook loan. Just make sure you are of legal age and you reside in the UK. More importantly, you must be a vehicle owner to be able to apply for a logbook loan.
(2). What are the documents required when applying for a logbook loan?
To speed up the processing, we encourage borrowers to prepare the following documents prior to your application:
- V5 document
- MOT certificate
- Insurance details
- Proof of billing address
- Proof of identification
- Proof of income
- Bank details
(3). How much is the maximum loan amount I can borrow?
We offer logbook loans from £500 up to £50,000. The maximum amount any borrower can apply for is dependent on the vehicle’s trade value. In most cases, we can offer loans as much as 70% of the car’s trade value.
(4). How do I pay for the loan?
You can pay for the loan through one of our branches or you can set-up an automatic debit deduction for convenience and to avoid nonpayment or delays. You can also choose to pay for the loan either bi-weekly or monthly.
(5). Can I keep my car?
Yes, you can keep your car and still use it even after your loan’s approval. We’ll only keep your car’s vehicle document and other necessary requirements.
(6). What types of vehicles do you accept as collateral?
To cater to more customers, LCMG Loans accepts all types and makes of car. Borrowers just need to make sure that the vehicle in consideration is less than ten years old. But more importantly, the vehicle must be free of any form or type of financing to be acceptable as collateral for your logbook loan.
(7). Do I need to be employed to apply?
It is ideal for borrowers to be fully employed when applying for a logbook loan. But we can be flexible too provided that you can offer us proof of steady income. Whether you’re self-employed or a business owner, you can apply as long as you have a steady stream of income.
(8). Do you run credit checks?
LCMG Loans don’t run credit checks. Because our main customers are borrowers with bad credit troubles, we simply look at your financial situation and consider your vehicle’s official trade value when assessing loan applications. This means that LCMG Loans is able to approve loan applications in as fast as 24 hours or even less. Just fill out our online application form to get a free quote and we’ll take it from there.
(9). How much does your logbook loan costs?
With the help of our partners, LCMG Loans is able to offer our borrowers affordable rates. If the current average APR for logbook loans is 400%, LCMG Loans guarantees our borrowers an APR that is less than the market average. When you partner with LCMG Loans, you’re sure that you will always get the best deals.