I am blacklisted. Can I still be considered for a logbook loan?
Generally, individuals who are blacklisted have difficulty availing a loan from mainstream financial lenders. However, that is not the case when it comes to availing a logbook loan from Chester Loans. At Chester Loans, you can avail a loan even if you are blacklisted, have a history of CCJs or defaults. So long as you have a car you can leverage on, an income and show proof that you are a citizen and resident of UK, you are good to go.
How much can I apply for under a logbook loan?
Quite frankly, the amount of money you can avail under a logbook loan is dependent on a number of factors. The first one is the value of your car. The higher the value of your car, the higher the amount of money you can apply for. Secondly, the condition of your car also determines whether you get a higher amount or a lower amount. A car that is a few years old and in good condition can entitle you to a higher amount as compared to one that is old and in poor condition. Last but not least, your income also determines how much you can apply under a logbook loan. We cannot advance you an amount which you will struggle repaying because your income is not sufficient.
What general requirements do I have to meet to be considered for a V5 loan?
The good thing about logbook loans is that the requirements are pretty basic and simple. For one, you need to reside within the UK and provide proof that you are a UK citizen. Secondly, you need to legally own a car in your name. Thirdly, you need to provide us with proof that you at least receive some for income either from full time, part time or self-employment.
Can you accept a car as collateral even if it belongs to my sibling or spouse?
We cannot. We require that the car you wish to use as collateral/security be legally registered in your own. The logbook of the car you wish to leverage as security should be in your own name and not any other person’s name. If the car is not legally registered in your own name, we are sorry but we can’t accept your application for a loan.
Can I repay my loan in one instalment early before the repayment period lapses or will I be penalised for that?
While some UK logbook loan lenders penalise individuals for early repayment, we at Chester Loans actually encourage early repayment. In fact, early repayment is in your good interest as it not serves to positively impact your credit rating but also ensure that you get favourable rates when you next apply for a V5 loan.
On average, what is the waiting period before my loan is processed?
If you’ve dealt with complex processing of loans in the past and waited on end before receiving your cash, you can consider that a thing of the past when doing business with us. We at Chester Loans endeavour to process your loan application within a few hours. What this simply alludes to is that you can get access to the cash you need within 24 hours of application!