What are logbook loans?

Logbook loans are very simple. Whilst a bank, building society or high street lender delves into your financial history, your spending habits and other personal information—logbook loans only require information regarding two things before a decision is made: a vehicle and income.

The market value of the vehicle is used to work out the amount that can be lent out; this ensures that your loan is low risk. Secondly, information regarding a customer’s income is used to determine the rate at which the loan will be repaid, we will never ask you to pay more than you can afford—once again this guarantees that your loan is a low risk both to you, and to us.

Using this information we make a decision whether or not we can lend you money, more often than not, we can lend you exactly as much as you require, when you require it and create a repayment plan that you can easily afford.

Once an application has been approved and processed, we release the money from your car without you having to sell it, all that is required is that we receive the vehicle’s V5 (Vehicle Registration Document), in order that we may sell the car if your debt is not repaid within the terms of the agreement. As soon as you repay your loan, we send you the V5 straight back!

Providing logbook loans is a very quick process for us, and a very easy process for you. These loans can be used by anyone—even those who have been previously denied credit by banks or building societies.

We use the market value of your car to work out how much we can lend you using our sliding scale formulae. We will then work with you and the information you will have provided us to give you the best possible repayment rate that you can afford. Our method of precisely providing the highest loan at the lowest rates is unique and only shared by the other businesses in our partner network.

We are able to offer such excellent rates by using this sliding scale. It works because the rate you repay depends upon whatever you can afford. In order to do this we match the market value of your vehicle, and the level of income that you have, with a low rate that you can afford. Find out how much you can borrow by clicking here.

We then compare this rate with our partners to ensure that you are paying the lowest rate that can be found. If they can give you a better rate then we will pass you over to them, which guarantees that you receive the cheapest possible loan.

The best thing about a logbook loan is the fact that you keep your car. You can continue driving around freely and we will never impose restrictions on you or your driving.

Logbook loans are fast and secure, we lend to those with bad credit because your vehicle provides us with a backup plan. We will only sell your car if you can’t pay back your debt. Other companies may charge you rates that you can’t afford or may take ownership of your car behind your back, as you can see by clicking here. We promise to be simple, easy and clear, Eek Loans would never do this to our customers.