Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

Spot a Scam Before Taking Out a Logbook Loan

Get a no obligation quote!

Borrow between £250 and £50,000 and choose to spread the cost of your loan over 12 - 60 Months with easy to manage instalments.
450.5% APR Representative

Spot a Scam Before Taking Out a Logbook Loan

Are you familiar with logbook loans? If you didn't know, they are loans you can take by putting your car up as collateral. The transaction consists in handing over the logbook and registration papers to your car in exchange for a part of the value of the vehicle. While that may seem like a good idea in theory, in reality, it can be an extremely risky thing to do, and you could very easily be scammed.

Get Approved
450.5% APR Representative

You're probably wondering what's the difference between logbook loans and payday loans and things like " can I lose my car with a logbook loan?". That's why you need to learn everything about logbook loans before you commit yourself to one; being scammed with something like this can have severe consequences.

How Do Logbook Loans Work?

What Do You Need to Pay Attention to With Logbook Loans?

There are some possible risks you need to take into account when getting logbook loans, as well as drawbacks and certain limitations. You need to be very well aware of all of these aspects before you sign any papers, lest you agree to something you were not fully prepared for.

Obviously, you want to make sure that any contract you commit to is legal, and with all the ways in which logbook loans can become scam opportunities, it is important to check some things independently before signing the papers.

In conclusion, while logbook loans can be risky and opportunities for lending companies to scam you, there are ways to get them legally and safely. Just pay attention to the details and the finer aspects of the transaction and make sure everything is done according to the law.

Get Approved
450.5% APR Representative

This website or its third party tools use cookies, which are necessary to its functioning and required to achieve the purposes illustrated in the cookie policy.  By tapping on "I accept" you agree to the use of cookies. I accept