Am I eligible for a logbook loan?
If you are of legal age, a resident in the UK and you own your car, you are eligible to apply for a logbook loan. You can apply online or in the high street. Lenders may also ask you to provide proof of steady income to prove that you can comfortably handle the monthly repayments.
What are the documents required when applying for a logbook loan?
To expedite your loan processing, we recommend preparing the following documents beforehand which includes proof of identification (IDs with photos), proof of steady income, billing address and bank details for the wire transfer. You’ll also need to provide your vehicle’s logbook document, MOT certificate and insurance details.
Do you accept any type and brand of cars?
At Green Loans, we accept all types and makes of cars provided that your vehicle is less than 7 years in ages and is free of any financing.
How much can I borrow?
The maximum amount you can borrow will depend on the type or make of the car you own as well as your income. But in general, you can borrow up to 50% of your car’s official trade value. Green Loans offers logbook loans anywhere from £500 to £50,000.
Do I need to be employed to apply for a logbook loan?
Ideally, we require applicants to be employed to be eligible for a logbook loan. Green Loans, however, strives to offer more flexible terms. As long as you can provide proof of steady income whether from your business or self-employment, we can make adjustments to accommodate you.
How do I repay for the loan?
Prior to your loan’s approval, automatic debit deduction is arranged to cover for your repayments. You can opt to repay the loan weekly or monthly depending on which set-up is more comfortable for you. Make sure your debit account has sufficient balance to meet your repayment needs to avoid associated fees and charges.
What happens to my car if I get approved for my loan?
With Green Loans, we’ll only keep your V5 document along with other necessary documents. You still get to keep and continue using your car after loan approval.
When do I receive the money?
Once approved for a logbook loan deal with Green Loans, you can expect to receive the money in 24 hours or less. The money will be wired to your bank account. You can withdraw it right away and use it to meet a wide variety of personal needs.
What happens if I can’t repay the loan?
In case you are unable to repay for the logbook loan, we recommend that you speak with us immediately to make new arrangement. If you continue to miss your monthly payments, we will send over a debt collector to collect your payments. After several attempts and you are still unable to pay, we can opt to repossess your car as per the debt agreement.