Implications of Non Payment
Lenders follow their own principles and policies regarding fees and interest if you don’t pay on time. While most of them will contact you by phone or letter to rearrange payment, remember that non-payment can lead to extra charges and increased interest rate which eventually affects your credit score. It’s important that you read the lender’s website’s charges section before finalising the loan.
Lenders usually contact you by phone, email or letter to arrange payment as non-payment can lead to charges and higher interest rates affecting your credit score. There is the possibility of your debt being passed on to a collection agency and consequent further charges with continued non-payment.
Make sure you contact your lender well before your repayment date if you plan to renew your loan. You will most probably be charged the same rate of interest and fees for the next month on the entire loan amount. The loan renewal/extension is automatic and leads to more interest and charges to your account in the event of a non-payment.
Find out the answers to all of your questions
How do I apply for a logbook loan?
Applying for a loan from Logbook Loan Online could not be simpler. All you need to do is fill in our application form online, and we will handle the rest. Alternatively you can call us on 033 33 441 925 during office hours (08:00 to 20:00 – Monday to Friday, and 08:00 to 16:00 on Saturday) and have one of our highly trained members of staff walk through the process with you over the phone and provide you with your free, no-obligation quote.
Will I qualify for a logbook loan?
There are few conditions you will need to satisfy in order to qualify for a logbook loan. As a form of secured lending, the vehicle itself will act as security, so your immediate and historical financial situation need not affect whether or not you can apply. The only real considerations are whether you will be able to repay the loan and whether your vehicle offers sufficient collateral to cover the value of the loan, should you fail to pay it back.
What happens next?
If you fulfill the criteria listed above, then you could be only moments away from securing your logbook loan. Simply fill in our online application form, or contact our team of advisers on 033 33 441 925