FAQ

(1). What are the requirements for applying for a logbook loan?

The requirements are pretty simple. You must be a legal UK resident and 18 years of age or above. You must own a vehicle that is registered on your name and is in a good state. Also, you must provide a proof of your identity, address and ability to keep up with the month repayments. Documents that are required are the vehicle’s logbook, MOT certificate, insurance certificate and service history. Also, your vehicle must be free from significant debt secured on it.

(2). Can I still apply for a logbook loan with your company if I have a bad credit record?

We, at Cabinet Reed Loans, don’t care how many times you have been rejected before or how much of a bad credit history you have because the sole purpose of our existence is to help those who have been turned down everywhere else. All you need to own is a vehicle and we can help you turn it in cash within one or two days.

(3). How much amount do you generally lend?

The amount we lend greatly depends on the value of your car and your ability to keep up with the monthly payments. In general, we offer loans between £250 and £50,000. Thus, you can borrow anywhere between that.

(4). How fast do I receive the money?

It depends from application to application. Usually, if the agreement works out you can get the money the same day you apply.

(5). Do I get to keep my car?

Yes, absolutely. The best thing about logbook loans is that you get to drive your car throughout the duration of the loan as long as you keep up with the repayments.

(6). Do you have any additional or hidden charges?

At Cabinet Reed Loans, we are totally upfront with our customers and our basic aim is to help those who are going through a financial crisis. Therefore, we charge no additional or hidden fees to our customers to keep their overall budget in control and make the loan easily affordable for them.

(7). Do I have to be fully employed to be eligible for the loan?

It would be ideal if you are fully employed but the eligibility does not depend on that. It doesn’t matter if you are self-employed or doing a part-time job as long as you own a vehicle and are able to provide a proof of income, you can avail our logbook loan services.

(8). What if I miss payments? What if I am unable to pay the loan?

Log book loans involve a few risks, just like all other loans. As the loan is secured against your vehicle, so if you miss a payment or if you are unable to return the loan, your vehicle will be at the risk of repossession. Also, not making payments on time will deteriorate your credit score. If you are unable to keep up with the payments, you can always contact us and we can make new payments arrangement or seek more possible solutions.