Common Logbook Loan Questions

What about employment?

Employment is not a key factor when it comes to getting a logbook loan. The fact of whether you are employed or not narrows down to one question; Are you in a position to repay back your loan?

Will I have the money the same day?

This is a bother to many who seek to take up logbook loans. It will help you to know that most loans are processed fast and the time taken in order for you to get your money is not that long. You will, however, get your money on the same day you applied.

Is there a reason recurred?

To most lenders, you do not need to explain to them how you are going to use the money. The important thing is that you are able to repay them back in the stipulated time frame.

Do I have confidentiality?

In matters concerning confidentiality, there is no need to worry, the only instance where you will be required to involve another person is if the lender sees fit. And by so doing they must inform you first before they do so.

What if I am self-employed?

Self-employment is not an issue while acquiring a logbook loan as long as you show you can afford to pay the lenders back the money you borrow.

What happens if I struggle to make payments?

It is advised that if you are struggling to pay back your loan you contact your lender and try to sort things out. This goes a long way to building your trust and the lender will give you additional time to pay the loan back. Contacting the lender is crucial but in the event of you defaulting, and there is no indication of you paying the loan, then your car will be confiscated.

Can I repay early?

Yes, indeed you can repay your logbook loan early. In fact, why wait until the last minute to repay if you are in a position to repay early? Save yourself the trouble of all the hustle with your loan provider by paying them weekly and it will reduce the total no generally.

Can I borrow a lot of cash?

The sad news here is that you can only borrow half the net worth of your car and in some few cases probably three-quarter the price of your vehicle. But this compared to other loan lenders is quite a large amount of money.

How safe is my logbook

The safe keeping of your log book is dependent on the lender and most make sure it is well kept. They must keep it safe for if they lose it you have the right to take them to court. Always remember to focus more on repaying the loan and by the end, you will have your V5 document back.