Logbook Loans: Cash Converters' Quick Access To Cash

Cash Converters is a broker with around 180 locations across the UK, offering cash loans and buyback services to customers. One of the services they offer is logbook loans, which are provided by Logbook Money Ltd. Cash Converters acts as a credit broker for these loans, which are ideal for customers with bad credit. Logbook loans are short-term secured loans where the borrower's vehicle acts as collateral, with the loan amount ranging from £1,000 to £10,000. The vehicle must be road legal and mostly clear of any existing loans or finance agreements.

Logbook loans are provided by Logbook Money Ltd

Cash Converters (UK) Limited is a broker, not a lender. It offers logbook loans through Logbook Money Ltd. (FRN 680947).

Logbook Money Ltd provides logbook loans to Cash Converters customers. A logbook loan is a type of loan where the lender takes ownership of the borrower's vehicle. The borrower must already own the vehicle before taking out the loan. The borrower signs a credit agreement and a bill of sale, and the lender provides copies of these documents to the borrower. Logbook Money Ltd. retains the registration logbook certificate until the loan is fully repaid.

The loan application and verification process can be completed in less than 24 hours. Once approved, Logbook Money will come to the borrower to finalise the verification and obtain their signature. The loan amount is then transferred to the borrower's account, with the entire process taking a maximum of 24 hours. The loan duration can range from 18 to 48 months, and borrowers can repay the loan in full or in part at any time.

Borrowers can make repayments online through Logbook Money's secure online payment service or via a recurring payment authority (RPA). If a borrower misses payments, Logbook Money may take steps to recover the security or initiate legal proceedings to recover the amount due. Additionally, missing payments can negatively impact the borrower's ability to obtain credit in the future.

The loan is secured against the borrower's vehicle

Cash Converters offers logbook loans through Logbook Money Ltd, a broker. These loans are for car owners and are secured against the borrower's vehicle. This means that the borrower must transfer ownership of their vehicle to Logbook Money Ltd until the loan is fully repaid. The borrower must be the legal owner of the vehicle, and it must be mostly clear of finance or any other loans secured against it. The vehicle must also be road legal, with a valid MOT, insurance, and road tax.

The loan amount available for car owners is between £1,000 and £10,000, with a representative APR of 442.66%. For example, a loan of £1,300 over 18 months has a fixed interest rate of 120% p.a., resulting in a total repayment of £3,640. The repayments are structured as 77 weekly payments of £46.67, followed by a final payment of £46.41. It is important to note that failing to keep up with repayments can put the borrower's vehicle at risk.

To be eligible for a logbook loan, the borrower must have a regular income from work, sufficient benefits, or pensions to cover the loan repayments. Additionally, the borrower should not be subject to a Debt Relief Order (DRO), an Individual Voluntary Arrangement (IVA), or have declared bankruptcy. An affordability check will be conducted during the application process, considering both the trade value of the vehicle and the borrower's ability to make repayments.

Logbook loans are ideal for individuals with bad credit or a poor credit score, as the loan is secured against the vehicle. This type of loan provides a short-term borrowing option, allowing borrowers to access quick cash by using their vehicle as collateral.

The borrower must be the legal owner of the vehicle

Cash Converters offers logbook loans through Logbook Money Ltd, a broker. Logbook loans are a type of secured loan where the borrower's vehicle serves as collateral. The loan amount ranges from £1,000 to £10,000, and the borrower must be the legal owner of the vehicle. This is a crucial requirement for obtaining a logbook loan from Cash Converters.

To be eligible for a logbook loan, the borrower must be the registered owner of the vehicle, as indicated by the V5 logbook being in their name. This document certifies the borrower's legal ownership and is essential for using the vehicle as collateral for the loan. Without legal ownership, the borrower cannot transfer ownership to Logbook Money Ltd, which is a requirement for this type of loan.

The borrower's legal ownership of the vehicle ensures that they have the authority to use it as security for the loan. By transferring ownership to Logbook Money Ltd, the borrower can access the loan amount, which ranges from £1,000 to £10,000. This transfer of ownership is a temporary measure, with Logbook Money Ltd holding legal ownership until the loan is fully repaid.

It is important to note that, in addition to legal ownership, there are other requirements for a logbook loan from Cash Converters. The vehicle must be road legal, with valid tax, MOT, and insurance. Furthermore, the vehicle should be clear of any existing finance or loans secured against it. These conditions, along with legal ownership, are essential for borrowers to meet when applying for a logbook loan.

The vehicle must be taxed, MOT'd, insured, and mostly clear of finance

Cash Converters is a broker, not a lender, and offers logbook loans through Logbook Money Ltd. To be eligible for a logbook loan, the vehicle must be taxed, MOT'd, insured, and mostly clear of finance. Here's what that means:

Vehicle Tax

Vehicle tax, also known as road tax, is a mandatory payment for any vehicle driven or parked on public roads in the UK. This tax must be paid even if the vehicle is parked outside your house. The tax can be checked on the UK government website using the vehicle's registration number. It is important to note that road tax does not carry over when a vehicle changes ownership. Therefore, if you buy a car with pre-paid road tax, you must still pay the tax from the day of purchase to drive it legally.

MOT

An MOT (Ministry of Transport) test checks that your vehicle meets the legal standards for roadworthiness and safety. All vehicles over three years old in the UK must undergo an MOT test annually. The test covers various aspects of the vehicle, including its engine, brakes, lights, and suspension. A valid MOT certificate is required to drive on UK roads and obtain vehicle tax.

Insurance

Insurance is essential to protect yourself financially in case of an accident or damage to your vehicle. While it is not mandatory to have insurance if your car has a SORN (Statutory Off-Road Notification) and is kept off the road, most drivers will need insurance to comply with legal requirements. Temporary car insurance is an option for short-term cover, providing fully comprehensive insurance for the desired period.

Clear of Finance

A vehicle that is "clear of finance" means that there are no outstanding loans or debts secured against it. In the context of logbook loans, it indicates that the vehicle's owner has full ownership rights and is not using it as collateral for another loan. While it is possible to obtain a logbook loan with an outstanding loan on the vehicle, the existing finance must be minimal, and the new loan would need to be affordable considering the borrower's financial situation.

Cash Converters acts as a credit broker for Logbook Money Ltd

Cash Converters (UK) Limited is a broker, not a lender. Cash Converters (UK) Limited and its franchisees act as credit brokers on behalf of Logbook Money Limited (FRN 680947) for logbook loans and may receive a payment as part of a successfully funded loan application. Logbook loans are ideal for people who need a short-term secured loan on their vehicle. With a logbook loan, you can use your vehicle (a car, van, motorcycle, caravan, or even a boat) to secure the loan by transferring the ownership of the vehicle to Logbook Money Limited. Your vehicle will be secured against the loan with a Bill of Sale, which means that Logbook Money will be the legal owner of the vehicle until the loan is repaid in full.

To be eligible for a logbook loan, your vehicle must be clear or mostly clear of finance or any other loan secured against it. It must be road legal (taxed, MOT'd, and insured), and the V5 logbook must be in your name, with you as the legal owner of the vehicle. You will also need to have a regular income from work or sufficient benefits/pensions to cover the loan repayments. When assessing your application, Cash Converters will consider the trade value of your vehicle and your ability to make the repayments through an affordability check.

Cash Converters offers a range of services, including logbook loans, pawnbroking, and buyback options. The buyback option allows you to sell your item to Cash Converters with the option to buy it back later. This avoids the need for a loan, as you can get instant cash without having to give up your item forever. Cash Converters also offers payday loans outside of the UK, in countries such as Australia and South Africa.

It is important to note that late repayment of loans can cause serious money problems, and if you do not keep up with your repayments, your goods or vehicle could be at risk.

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