What kind of a person is eligible a logbook loan application?

Anyone who lives in the UK and is of legal age can apply for a logbook loan. You must also own an acceptable vehicle to secure the loan against. Basically, you just need to meet the basic requirements to avail the best logbook loans available in the UK today.

What are the prerequisite documents required prior to applying for a logbook loan?

For your logbook loan application to be successful, the provision of the following documents is of essence – V5 document, tax and insurance details, proof that you receive income monthly, proof of address as well as Ministry of Transport certificate.

What is the maximum and minimum amount can I borrow?

Depending on the official value of your vehicle, you are eligible to borrow between £500 and £50,000 payable within 12 or up to a maximum of 36 months.

Can I apply even with a bad credit score?

Even if you have a history of CCJ or default, logbook loan application is possible. In fact, these loans are offered especially for customers like you. We don’t run credit checks on customers. You just need to have a vehicle to use as collateral to be able to avail a logbook loan you can use for a variety of personal needs from overdue bills to rent, groceries, travel, school tuition and many more.

What if my vehicle is still tied up to a financing plan?

To avail a logbook loan, your vehicle must not have any financial attachment. The vehicle must also meet the age requirement. It should not have been in use for a period exceeding 10 years.

How much does your logbook loan cost?

On average, logbook loans are advertised with a representative APR of 400% or more. With Swarm Loans, we can guarantee cheaper interest rates thanks to our partners. To offer you representative APRs lower than the market average, we only partner with the best providers in the UK lending market.

How can I repay for my logbook loan?

Repayment for your logbook loan can be done bi-weekly if you are capable or you can choose to make repayments every month. The repayment can be effected through automatic debit deduction or if you choose you can make repayments over the counter at one of our brick and mortar offices all over the UK. We recommend the debit deduction option for convenience and also to avoid missing or delaying your payments.

What happens if I miss payments?

In the event that you miss payments, we will send out a debt collector to collect the payment. If you continue to miss payment and fail to inform us the reason for the delinquencies then that’s the time that we may repossess your vehicle as payment for your outstanding loan balance.