Who can apply for a logbook loan?

River Loans was established to provide borrowers across UK with accessible, affordable and flexible logbook loan deals. Driven by our mission to help, we created a team of experts who scout the market and who assist borrowers with bad credit problems to find a suitable deal that will help meet any financial need. Our loan offers are designed to cater to diverse needs from overdue bills to rent, car repair, home renovation and any other major medical expense. With River Loans, you can borrow from £500 up to £50,000, which you can get approved for in as fast as within a day.

What are the requirements needed?

The requirements you need to prepare prior to your application include your vehicle’s V5 document, MOT certificate, insurance and tax details as well as your proof of identification, proof of income in the form of your recent pay slips, proof of billing address and bank details or statements.

How much is the maximum amount I can borrow?

The maximum amount you can borrow will depend on your vehicle’s official trade value. Typically, you can borrow up to 70% of your vehicle’s value provided that said amount falls within the £500 to £50,000 loan amount range.

Do you accept any type and make of vehicle?

We accept all types and makes of vehicle provided that it meets our acceptability criteria. Your vehicle must be less than ten years in age and must be free of any financing plan to be acceptable as security or collateral for your logbook loan.

Do you require borrowers to be employed?

Ideally, we require borrowers to be fully employed with sufficient proof of income to be eligible for a logbook loan. But we also cater to borrowers who are self-employed. If you are self-employed, you just need to provide proof of income in the form of bank statements or invoices and we’ll consider your application.

Do I get to keep my vehicle or do I leave it with you?

Once approved for a logbook loan, you get to keep your vehicle and still use it like usual. We’ll only keep your V5 document along other required documents to signify that you’ve handed over temporary ownership to us. You’ll also need to sign a debt agreement and a “bill of sale” document.

How fast do you approve loan applications?

With no credit checks needed, we can approve loan applications in as fast as 24 hours or less. Just make sure you prepare all the required documents prior to applying to guarantee a speedy loan application processing. Once approved, you can expect to receive your cash right away via bank or wire transfer.

Is it possible to pay the logbook loan earlier?

Yes, you are welcome to repay the loan early if you want without worrying about any hidden fees. We don’t charge early repayment fees or any other charges that are not disclosed prior to signing the debt agreement.

How do I pay for the loan?

You can repay for the loan either bi-weekly or monthly. You can do it over the counter or you can set-up an auto-debit arrangement for convenience. We recommended opting for the latter option to avoid late or missed payments, which will in turn avoid added charges and other fees.

What are the risks involved?

Like with any other secured loans, the risks involved with a logbook loan mainly involve vehicle repossession. You may lose your car if you are unable to keep up with the repayments.Make sure you never delay or miss a payment to avoid the risk of vehicle repossession.