Logbook loans and payday loans are not the same thing.

A payday loan is a small, short-term loan that is usually unsecured. A logbook loan is a larger loan repaid over months or years, secured against a vehicle you own. Here is how a V5 Solutions logbook loan compares, feature by feature.

Check your quote See your repayments

A V5 Solutions loan

Borrow: £1,000 to £50,000
Term: 18 to 60 months
Repay: Weekly or monthly
Annual interest (fixed): 84.0%
Representative APR: 193.63%

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Side by side

Seven ways they differ.

How a V5 Solutions logbook loan compares with a typical payday loan. Payday terms differ between lenders.
Feature	V5 Solutions	Typical payday loan
Amount	£1,000 to £50,000	Usually smaller sums
Term	18 to 60 months	Usually days to a few months
How you repay	Fixed weekly or monthly instalments, collected by debit card	Often a single repayment on your next payday
Interest	Fixed at signing, and no extra interest is added if a payment is late	Varies by lender
Paying off early	Any time, with a rebate of interest	Varies by lender
Security	Your vehicle, through a Bill of Sale	Usually none
Credit check for a quote	Soft search only, with no effect on your credit score	Varies by lender

Which one fits your situation?

A logbook loan tends to fit when

You need £1,000 or more and want to spread the cost
You own a car, van or motorbike outright and want to keep driving it
You prefer fixed weekly or monthly repayments to one lump sum

Think twice if

You need a small sum for only a few days
Your vehicle still has finance on it, or you do not own one
You are not sure the repayments would be affordable

What it costs

Judge the total you repay, not just the headline.

Representative example

Borrow £3,000 over 36 months with 36 monthly repayments of £293.33. Total amount repayable will be £10,559.88. Representative 193.63% APR, annual interest rate (fixed) 84.0%.

The representative APR is the rate at least 51% of people taking out a loan are expected to receive. Your rate depends on your circumstances and your vehicle.

Spreading repayments over a longer term makes each one smaller but increases the total. Your quote shows the rate, the repayments and the total repayable before you decide anything.

Questions about our loans

How much can I borrow with a V5 Solutions logbook loan?

Between £1,000 and £50,000, up to 80% of your vehicle's value, subject to vehicle, credit and affordability checks.

How long is a logbook loan term?

Between 18 and 60 months, repaid weekly or monthly. The loan calculator shows how the term changes each repayment and the total.

Are there fees on top of the interest?

No. V5 Solutions charges no hidden fees for taking out a logbook loan. Interest is fixed when you sign, and your quote shows exactly what you will repay.

Can I clear a logbook loan early?

Yes. Settle at any time and receive a rebate on the interest, so the sooner you clear it, the less you repay. Early settlement quotes include one month's interest.

Borrowing responsibly. Your car may be repossessed if you do not keep up repayments on a loan secured against it. Our service is not advised, so if you are worried about money you can get free, impartial help from MoneyHelper (opens in a new tab), StepChange (opens in a new tab) or Citizens Advice (opens in a new tab).

See what you could borrow

Soft search only, with no impact on your credit score.

Representative example: Borrow £3,000 over 36 months with 36 monthly repayments of £293.33. Total amount repayable will be £10,559.88. Representative 193.63% APR, annual interest rate (fixed) 84.0%.

Your car may be repossessed if you do not keep up repayments on a loan secured against it.

Call 01924 221854