Did you know that you could borrow cash quickly against your car?

V5 Solutions are specialists in secured loans on cars, also called logbook loans or V5 loans. We are based in the fine city of Norwich but cover the whole of the UK. We offer loans from £300 and up to £10,000 or more depending on your vehicle and requirements.

Family car suitable for a logbook loan

Family car suitable for a logbook loan

We offer logbook loans to people from all walks of life and with over 14 years experience you can be assured of the utmost privacy and customer care. We are responsible lenders and members of the Consumer Credit Trade Association too.

To find out how much you could borrow against your vehicle simply visit www.v5solutions.co.uk and put in your vehicle registration details. After a couple of minutes you’ll have a V5 Solutions logbook loan offer and we can arrange to see you to complete the paperwork and payout the loan within an hour!

Apply online or pop in and see us at our office on St. Benedicts Street, Norwich.

Logbook Loans – Car On Finance

At V5 Solutions we do our best to offer help and advice to our customers as best we can. We often have customers enquiring about various aspects of our logbook loan qualifying criteria and the question that comes up most is the one of existing finance on the car.

When you apply for  a V5 Solutions logbook loan you will complete your personal and vehicle details during the application process. As well as offering you an immediate, no obligation logbook loan offer we do ask whether your vehicle is free of finance. As part of our normal loan application processing we will check your vehicle for outstanding finance to ensure there are no other interested parties involved with your vehicle. This helps protect you and us.

If your vehicle has some outstanding finance we can often liaise with the finance company and settle the finance for you at the same time as taking out your V5 Solutions loan. In these instances you will receive the difference between the loan amont and the settlement paid to the finance company. This can all done seamlessly for you the same day you apply for the loan!

There are instances though when there is too much finance outstanding and we can’t offer you a V5 Solutions loan. This tends to occur if you have recently purchased your vehicle through your local Dealership or Garage on Finance. On these occasions you will have to settle the finance first before we can proceed with your V5 Solutions loan.

To apply for a V5 Solutions logbook loan simply apply right here for your no obligation loan offer. It only takes a few minutes to apply and you can have the money you need sooner than you might think.

Please remember to see our Representative Example at the bottom of the page.

Logbook Loans vs Payday Loans

Female with cashThe downturn in the economy and the bank’s reluctance to lend to individuals has left many people with damaged credit files. This has led many people to seek alternative lenders offering credit to people with credit problems in the form of short-term loans, two of the most popular being logbook loans and payday loans.

These loans have risen in popularity predominantly over the past 5 or so years because applications are not subject to stringent credit checks and so have high acceptance rates for being approved a loan.  There are some exceptions though. You will not be eligible for either if you are:

  • Bankrupt;
  • In an IVA;
  • In a Debt Management Plan.

Although these loans have very high interest rates they are available to almost everyone and so may be helpful if used as a short term solution to any financial problems you may be having.

So, if you are in the market for an alternative loan, are you better off taking out a payday loan or a logbook loan?

Payday and logbook loans each have their own distinct advantages and disadvantages which are discussed below.

The main advantage of both payday loans and logbook loans is their convenience and the speed at which they are processed. Most alternative lenders operate online and so decisions and payouts are generally processed instantly. Payday loans are probably the more accessible of the two as they are unsecured and so do not require any sort of collateral/security with which to secure the loan as with a logbook loan.

Logbook loans are strictly for vehicle owners and in order to be accepted, you need to own a vehicle and be in possession of the V5 Registration Certificate, also called the logbook. In addition to owning the vehicle, it must be free of finance and you must have a regular income each month to prove to the lender that you can afford the loan repayments. This is the lenders commitment to Responsible Lending and can usually be seen by their Consumer Credit Trade Association Membership details on their website. This is an encouraging sign that the lenders are being more mindful of their customers and ensuring that they do not get into unmanageable debts and risk their vehicles.

In the case of logbook loans, as the loan is secured against your vehicle you can often expect higher borrowing limits compared to payday loans. The amount that you can borrow is dependant upon the value of your car and so if your car is worth less than around £500 then a payday loan may be a better option as no logbook loan lenders will offer loans on vehicles of this value. However if you have a high value vehicle you could easily borrow in excess of £3000, and up to £50,000 in some cases, depending on your income and loan affordability. No payday lender will offer these loans values.

Although both products are convenient, one major disadvantage is that they have high annual percentage rates (APR) and so should never be considered as a long term solution to debt problems. As logbook loans are secured on your vehicle it could be recovered if you are unable to maintain the loan repayments. This could adversely impact on your life and work so you must proceed carefully and ensure you can afford the loan repayments before committing to the loan.

Payday loans differ from logbook loans in their repayments. Logbook loans are typically instalment loans whereas payday loans are often single payment loans. A logbook loan will typically be over 18, 24 or 36 months while a payday loan is a 1 month loan. It is often easier and more manageable to repay a small amount each week or month in the case of a logbook loan, rather than the whole amount plus interest in one payment in the case of a payday loan.

Overall, both logbook loans and payday loans are a useful product for anyone that has an urgent need for a short term loan, particularly anyone with a poor credit history and unable to borrow from their bank. It is important that you determine exactly how much you need to borrow and work out which loan is best for you. But remember, these loans are only short term and are likely to add to any long term debt problems if not used correctly.

Please see our Representative Example at the bottom of the page.

V5 Solutions At The Cash Shop

The Cash Shop LogoWe are delighted to announce that you can now apply for a V5 Solutions loan though The Cash Shop network of shops. The Cash Shop are a well established High Street network of shops offering a whole range of financial services including buying and selling of consumer electronics, Cheque Cashing, Pawnbroking and personal loans.

The Cash Shop share our vision for customer care and responsible lending and we are delighted to be working with them to provide another dimension to their rich portfolio of services.

The Cash Shop have a network of 9 stores in:

  • Bulwell Town Centre, Nottingham
  • Nottingham City Centre
  • Leicester City Centre
  • Hull City Centre
  • Stockport City Centre
  • Leeds City Centre
  • Doncaster City Centre
  • Sheffield City Centre
  • Peterborough City Centre

To apply for a V5 Solutions loan at your local Cash Shop simply simply go instore and their friendly staff will guide you through the process. You can find your local Cash Shop here.

Logbook Loans For The Self Employed

The 2008 Credit Crunch and resulting UK Recession has led to unprecedented numbers of job cuts throughout all sectors of the UK Economy. This has led to a rise of nearly 1Million Self Employed Entrepreneurs since 2006 looking to forge a living for themselves despite the decline in the economy.

Logbook loan for self employed cleaner

Logbook loan for self employed cleaner

However strict limits imposed by the banks has limited the availability of loans for the Self Employed. The Banks require extensive Credit Checks and often 2-3 years worth of Accounts before considering and individual for a loan. These loans often take days or weeks before they are approved which can be very frustrating and often are too slow.

We take a different view to lending to the Self Employed than the banks do. The first most important difference is that we don’t carry out any credit checks. We understand that some people might have a less than perfect credit score and we believe that this shouldn’t affect their ability to secure a logbook loan with V5 Solutions against their vehicle. All we insist on is that you are not Bankrupt, in an IVA or Debt Management Plan.

The second big difference is that we don’t require your last 2 or 3 years Accounts. If you are a new startup then you won’t have these records and we don’t believe that you should be penalised for this. Instead, all we require is to see proof of your income over the last 3 months to ensure you can comfortably afford the repayment on your loan.

We understand that most self employed entrepreneurs’ income will probably be weekly, so we offer weekly loan repayments as well. This is to make it easier for you to budget and repay your V5 Solutions logbook loan without a hitch.

We offer a range of repayment methods to cover all situations:

  • Standing Order – Automatically collected each week from your bank account. Ideal if you are very busy and have regular payments into your bank account.
  • Bank Payment Book – Manual payments into our Bank in cash. Ideal if you are regularly depositing cash into your bank.
  • Debit Card – Over the phone and online. Ideal if you have a Debit or Prepaid Cash Card and want to make additional payments at anytime of the day or night.

We’d love to work with you and help be a part of your success. So if you need a simple and fast, no credit check logbook loan on your van or car simply apply right above or give us a call on 01603615191 during normal business hours, Monday – Saturday.

Please see our Representative Example at the bottom of the page.

Your V5 Solutions Loan Appointment

After successfully completing your V5 Solutions loan application one of our underwriters will call you right back to discuss the loan details further and arrange a logbook loan appointment to meet you and sign the loan agreements.

The phone call usually lasts 10-15 minutes and during the call we will get to know you and your loan requirements. We will explain the whole loan process to you, covering all the financials and answer any questions you may have.

If you are happy with everything we can then arrange your appointment so we can meet to sign the agreements and issue you your logbook loan payment.

We meet you locally either at one of our appointed agents or in the comfort of your home (Monday to Saturday) so it is more convenient for you. We can usually arrange to see you within a couple of hours of completing the online application form.

The appointment usually lasts about 45 minutes. This is to give you plenty of time for us to review your documents, check over your vehicle and go through our agreements with you. We give you plenty of time to read through the  agreements and ask any questions you still might have. We will need you to bring some things to the appointment as detailed below. Don’t worry; we’ll remind you about these by email and SMS before the appointment so you don’t forget anything. We’ll need to see:

  1. Your Vehicle, spare key and V5 Registration Certificate or Log Book.
  2. Your MOT and Insurance certificates
  3. Photo ID
  4. 2 recent utility bills
  5. Your last 2 months proof of income (Bank Statements and Payslips usually).

Why Do We Need All This?

We are responsible lenders and as we don’t carry out credit checks on you we need to satisfy ourselves that the loan repayments are affordable and sustainable to you over the full term of the agreement. Although the loan is secured on your vehicle we realise how important a vehicle is to you so we do our utmost to ensure that your loan repayments are affordable to you for the length of the agreement.

We also need to see the vehicle and its associated documents to verify its identity, condition and status. We carry out a thorough background finance check on your vehicle as well to ensure there is no outstanding finance or any adverse vehicle history.

After our vehicle checks we will take copies of all your documents and go through an affordability check with you. This is to ensure you can comfortably afford the loan repayments as described above. We’ll then go through our agreements with you and answer any questions you might have. Once you are happy with everything we’ll sign the agreements together and issue you the logbook loan payment immediately afterwards.

Making V5 Solutions Loan Repayments

At the loan appointment we will also set up your logbook loan repayments. This is usually with an automated Standing Order direct from your bank to ours, either weekly or monthly depending on your circumstances. Please note that if you opt for monthly payments these must be in advance and not in arrears.

We will also issue you with a NatWest paying in book for you to make manual payments into any NatWest Bank. These can be weekly or monthly as above but as they are made manually you have to remember to make them each time.

You can also make one-off payments over the phone by Debit Card to us. Please note that these attract a 50p charge per payment whereas the two options above are absolutely free. In all cases please ensure all your payments are of the right amount and made in accordance with your agreement.

If you are looking or a simple and fast no credit check logbook loan look no further than V5 Solutions. Apply online now and unlock the money in your vehicle today.

Please see our Representative Example at the bottom of the page.