Have a question about our logbook loans? Our frequently asked questions answer some of the most common queries our customers have about our loans.
Good question! Firstly our overheads are kept to an absolute minimum. We don’t have shops all over the country costing our business money, instead we spent several years of solid investment in IT so that you the customer receive the quickest and most convenient service.
We welcome you to compare our rates with other lenders and see for yourself. Varooma will aim to beat any Logbook Loan quote – fact!
According to Trustpilot, Varooma has the highest rate of customer satisfaction compared to other logbook lenders. We have over 4000 customer reviews and are rated 9.4/10 or “Excellent”. See our reviews.
As you are securing your loan against the car, we can be more flexible about lending than your bank or other high street lenders and we do offer bad credit loans. We consider any credit rating as long as you own the vehicle and can prove affordability to repay your loan.
Logbook loans are a form of finance in which you can use your car as security for a loan. You can normally borrow up to 70% of the trade value of your vehicle and pay the money back in instalments.
To qualify for a loan you need to be the legal owner of your vehicle and be able to prove affordability and regular monthly income.
You can borrow up to 70% of the value of your vehicle, depending on your circumstances. Our minimum loan is £500 and maximum is £50,000. Please note that we operate a responsible lending policy. Our loans are designed for those who are experiencing short term cash flow problems. All applications are assessed against ability to pay, and a loan or extension to loan is never guaranteed.
As a responsible lender we need to ensure that our loan facilities are used appropriately, therefore we may ask why you are applying for the loan.
Loans are processed and approved the same day. Depending on your requirements we can provide the cash in as little as 2 hours. Once you have signed all the paperwork, money will be transferred to your account within minutes. It really is that easy!
You need to show that you receive regular income, whether you are in full or part time employment, or retired, we will consider your application.
Yes, we will process loan applications if you are self employed. Many of our customers are self employed.
Not usually, unless we have checked it with you before hand. Only in exceptional circumstances will we contact your employer. Our no guarantor loans mean that you don’t need to tell anyone about the loan if you don’t want to and you won’t need a guarantor to co-sign the loan agreement.
When your car tax is due to expire, a reminder notice will be sent to you from the DVLA. This reminder can be used to tax the car, or you can use the reference from your logbook to purchase a new license online. If you have a loan with us already and need your reference number from your logbook (V5) please contact customer services on 0333 696 7745 or email firstname.lastname@example.org.
All of our payments are taken by debit card. We do have the facility to accept bank transfers in the event that your debit card ceases to work. This is a cost effective and easy process for almost all of our customers.
We work closely with our customers and always help wherever possible. Provided there is willingness to resolve financial issues, we will work with you to solve them. Contact and communication with us is crucial in the event of default, to prevent arrears interest and charges being applied to your account. If after several attempts at contact we feel there is no intention to repay the loan, then we will seek to recover your vehicle.
In the event there is no willingness to repay your loan, the vehicle you are using as security could be at risk of being repossessed and sold to assist in settling the debt.
Yes, we are regulated and licensed by the Financial Conduct Authority (Firm Reference No. 679701) and adhere to the strict code of practice of the Consumer Credit Trade Association (CCTA).
You can be confident in the knowledge that all data stored by Varooma is completely secure, using the highest levels of encryption and privacy protection available.
Here at Varooma we pride ourselves on customer satisfaction and we have strict policies in place that ensure we treat all of our customers fairly and responsibly. In the event you feel that we have not done everything to your complete satisfaction you may have the right to refer your complaint to the Financial Ombudsman Service. Our customer services team will be happy to offer you advice on doing so and assist you with the process. You can find out more about our complaints procedures here.
Yes, Our Data Protection Act registration number is: Z2866421.
After you have completed your appointment our payments team will transfer the funds into your bank account by Faster Payments.
Yes, in fact we encourage you to. Many customers also make partial settlements which then reduce both the total interest you repay plus your weekly or monthly instalments for the remainder of your contract.
For more information about the loan process you can read our how logbook loans work page. If you have any more questions please call us on 0333 696 7745 and we will be happy to explain the process and answer any questions you have.
There is no difference between a V5 loan and a logbook loan. Sometimes logbook loans are referred to as V5 loans and the other way round. The more common term is logbook loan.
Representative example: Amount of Loan £1000.00. Repayable by 12 monthly repayments of £141.67 or 52 weekly repayments of £32.69 commencing 1 month from the date of the loan. Total Amount Repayable £1700.04. Rate of Interest 70% per annum flat fixed. Representative 190.3% APR. Warning: Late repayments can cause you serious money problems. For help or advice please go to www.moneyadviceservice.org.uk
It appears you have entered your age is less than 18, Applicants must be aged 18 or over to apply. Unfortunately we cannot offer you a loan in these circumstances. If you think you may have entered this in error, please check your answers.
It appears the logbook is not in your name or your car doesn’t have a valid MOT or valid insurance. Unfortunately we cannot offer you a loan in these circumstances. If you think you may have entered this in error, please check your answers.
It appears you will have reduced income in the near future, or an IVA or bankruptcy. Unfortunately we cannot offer you a loan in these circumstances. If you think you may have entered this in error, please check your answers.
Unfortunately we cannot offer you a loan if you are unemployed. If you think you may have entered this in error, please check your answers.
Unfortunately, if your income cannot be verified by bank statements, we are not able to offer you a loan. If you think you may have entered this in error, please check your answers.