V5 logbook loans

Company Name: V5 Loans Limited
Site Description: A Logbook Loan is a secured loan that is easy to obtain when you have bad credit, CCjs or cannot obtain personal finance as the loan is secured against the value of your car. Logbook loans are similar to a payday loans or bad credit loans but are secured.(as on the lender website).
Website: v5loans.co.uk
Region: England only

V5 logbook loans Features

Minimum Loan Amount: £500
Maximum loan amount: £20000
Typical APR: 439%
Administration charges: None
Maximum Age of car: 8 years
Credit Checks: No

V5 logbook loans Eligibility

Must own a car that is free/almost free of finance
Must be at least 18 years of age
Must have a proven source of income, enough to repay the loan
Must be a resident of the United Kingdom

Our Review

They seem to be regular logbook lenders with typical high charges. They have been trading since 2008. Users are warned that the absolute interest on the loan will be huge (about 2 times the principal) if they stick to their normal repayment schedule. The application form on their website in not SSL protected, however they do not ask for sensitive information like bank details.

To know more about this lender do a quick search in the consumer forums of UK and hear what people have to say about it.

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