Logbook Money

Good:
They will offer loans to anyone, regardless of credit history and circumstance

Bad:
They will repossess and sell your car if you miss repayments

Verdict:
Like all other logbook lenders, they take a spare set of your keys and the logbook as security for the duration of the loan - only apply with this company if it is your last resort as they are known for ripping people off

You will only be accepted for a Logbook Money loan if you have a car which is under 10 years old, is free of finance, that is legally yours and is worth more than £1,000. You will have to sign over ownership to Logbook Money and give them a spare set of keys, however you will be able to keep driving you car. You will only be able to borrow a percentage of the value of your car, which will be decided when they see it.

You can apply online for a Logbook Money Loan. This should only take a minute or two to complete. The next stage is to get a call back from the lender to discuss your needs and agree terms. You will then need to drive in to a local Logbook Money branch to meet the lender. You then show your documents and sign your agreement. Once this is done you can receive your loan either by cheque, bank transfer or a cash loan. You then drive away in your car as normal and start making repayments as agreed with your lender.

Like other logbook lenders, this company do not carry out any credit checks so the loan will not leave a footprint on your file but this means they can help regardless of your circumstance. If you have exceptionally poor credit and cannot get a loan elsewhere then this might be an option you can use. However, please read the small print as this type of loan is renowned for having stupidly high interest rates. If you miss just one payment, they can sell your car to get their money back, leaving you with a loan to pay off and no car. This type of loan should only be considered as your last resort.