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Applied Loans

FAQ

1) What are the requirements?

To apply for a logbook loan at Applied Loans, you only need to meet the following requirements:

  • You must be of legal age.
  • You must be a resident in the UK.
  • You must be a vehicle owner.
  • You must be able to provide the following documents: proof of income, proof of identification, billing address and your car's V5 or logbook documents.
  • Other documents you need to prepare include your MOT certificate and insurance details.
2) What types of car do you accept?

We accept majority of car brands and types provided that your car is less than 10 years old and is free of any financing.

3) How much can I borrow?

We offer logbook loans anywhere from £500 up to £50,000 payable at terms from 12 months to 5 years. The exact amount you can borrow, however, will depend on your car and your financial circumstance. In general, you can borrow up to 70% of your car's official trade value.

4) How much is the interest rate?

The average Representative APR for logbook loans is 400%. We aim to offer you rates less than the average APR the market offers. Rates vary from deal to deal and situation to situation but we guarantee your rate will be competitive enough depending on your financial circumstance.

5) What if I have a bad credit score?

If you have a bad credit score or a history of CCJs, we still welcome you at Applied Loans. Since you're going to secure the loan against your car, we can guarantee more flexible lending terms and conditions on a case to case basis.

6) Do I need to be employed?

You can be working part time, full time or as self-employed, it doesn't really matter. All we need is proof of steady income to make sure that you can handle the monthly repayments comfortably.

7) Where can I use the money?

You can use the money any way you want. Since logbook loans are basically personal loans, you can use it to meet a range of personal needs including to pay for overdue bills, to take care of financial emergencies or for major investments.

8) How long before I can receive the money?

Once your application is approved, you can expect to receive the money within 24 hours or less either by check or through your bank account.

9) What happens if I can't repay the loan?

In the event that you can't repay the loan, we will first contact you to make new arrangements if necessary. We may send out a debt collector to collect your payments hereafter. If you can't still keep up with your repayments, we may be forced to repossess your car and eventually sell it to cover for your outstanding balance.

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