Fast Logbook Loans Online From The UK’s Best Rated Provider

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Martin Charles Armstrong and Andrew Richard Bailey of Turpin Barker Armstrong were appointed joint administrators of Greenlight Credit Ltd trading as “Varooma” (the “Company”) on 03/05/2022.  The affairs, business and property of the Company are being managed by the Joint Administrators.   The Joint Administrators act as an agent of the company and without personal liability. Further information is available Turpin Barker Armstrong Website at

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What are Logbook Loans?

A Logbook loan allows you to use a vehicle you own as security for that loan by temporarily transferring its ownership to a lender. You would normally use a car, van or motorcycle to borrow money and receive it quickly once you have met the lenders affordability checks.

The main points to know about logbook loans are:

  • They are loans secured against a vehicle, usually a car.
  • You can continue to drive your car during the loan term.
  • You borrow a percentage of your vehicles value.
  • To take out a logbook loan you need to be employed or have a regular income.
  • You need to be the legal owner of the vehicle.
  • All companies offering logbook loans in the UK need to be regulated by the Financial Conduct Authority (FCA).

Once a logbook loan has been agreed, you then give the vehicle’s logbook to the lender, who will keep it for the length of the loan contract.

You can continue to drive your vehicle as usual. You must be aware that if you default on payments and make no effort to repay the money your vehicle may be repossessed.

Varooma offer same day logbook loans and you will often receive the loan within hours of a successful application.

For more, read our guide to how logbook loans work.

A loan against your car provides a very direct means of borrowing money. Offering your vehicle as security avoids the need for drawn-out background checks and can mean the money is in your account within a matter of hours.

Logbook loans are also very flexible when it comes to repayment. You can choose to pay them off early or make occasional lump sum payments on top of your repayments to reduce your monthly commitment and total interest.

You can also choose to make your loan repayments weekly or monthly.

This type of loan is ideal if you need some cash quickly, perhaps to tide you over during a tricky period or to pay for something that is urgently needed.

Whether it is for unexpected medical bills, essential house repairs or just a much needed holiday, logbook loans provide a useful way for you to access the funds you need when you need them, often in the form of a same day loan.

This is especially true if you are looking for loans with no credit check and find it difficult to get credit through the usual high street lenders.

Logbook loans can also be classed as no guarantor loans where you don’t need a guarantor to co-sign the agreement, your loan is only between you and us.

At Varooma we won’t contact your employer, as we retain complete confidentiality for all our customers. If for any reason there is a situation that requires us to contact them, we will let you know beforehand.

The great thing about logbook loans from Varooma is that you can just carry on as normal. You are free to drive your car and you will make payments on a debit card each month to pay back the amount you have borrowed, including the interest.

You can be confident of the best deal for your loan from Varooma. We compare the cheapest logbook loans available from all major UK lenders to make sure our interest rates are amongst the very best on the market. Don’t just take our word for it, see how our logbook lending stacks up against other short term loan companies.

You can apply for our logbook loans online using our easy application form. Submit your details at any time of day or night at home, work, or on the go on your mobile phone. Alternatively you can call us or request a call back from us if you would prefer to speak to someone and receive an instant logbook loans decision.

Varooma is rated 9.5 out of 10 from 3067 reviews and is rated “Excellent” on Trustpilot, click here to see our reviews.

We are a direct lender which means that we don’t pass your loan or your personal details on to a third party and the money comes direct from us.

We are authorised and regulated by the Financial Conduct Authority (Firm reference number: 679701).

Logbook loan guides

Our guides below help to explain some of the parts of logbook loans that you might not know or understand. If you aren't familiar with loans against your car or just want to find out more, have a read through our guides section.

Logbook loan FAQs

Some of the most common questions we have about logbook loans from our customers are answered here.

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.

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

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.

Logbook loan resources

To help you make better decisions about taking out a loan with Varooma we have some resources here to help you. Our reviews show you the most recent opinions our customers have about us and our videos show some of the TV adverts we have recently made with Joey Essex.

Am I eligible for a Logbook Loan?

Do I need to be employed to apply for a loan against my car?

  • Proving that you can afford the repayments is an essential part of the application process for a loan. You will have to show that you receive a regular income from either full or part-time employment. We welcome applications from self-employed people who are able to provide payslips or invoices that prove their income.

Do I have to give a reason for the loan?

  • Logbook loans can be used for any purpose as long as it is legal. You do not have to give a reason for the loan and can spend the money as you wish.

What if I have CCJs or a bad credit rating?

  • With a loan against your car it is the vehicle that provides the security. This means lenders can be more flexible than banks and other credit providers in deciding who they will lend money to. If you own the vehicle and can afford the repayments then a poor credit rating need not be a barrier to getting a loan, and borrowers looking for bad credit loans often use logbook lenders.

Is a Logbook Loan right for me?

What if I already have finance on the car?

  • A logbook loan is not a suitable solution if you already have outstanding finance on your vehicle. A loan application under these circumstances is unlikely to be successful. If, however, the finance is close to being repaid in full it will be worth getting in touch with us to discuss your options.

Are old cars accepted?

  • Cars generally have to be less than ten years old to be accepted as collateral for a loan. There are exceptions and some lenders do offer logbook loans for older cars that are in good condition or are still valuable despite their age, so it is worth enquiring whether yours will qualify. The value of the vehicle will determine the amount you can borrow.

How can I find the cheapest Logbook Loans available?

  • Direct lenders offer a wide range of deals and it is important to shop around to find the one that is best for you. Loan APR in particular can vary enormously so be sure you know exactly what your repayments will be, how many repayments you will have to make and the total amount, with interest, that you will have paid at the end of it.

How long can the loan be for?

  • The maximum length of time Varooma lend for is 36 months. You can be flexible with the amount of time you have the loan for, from a few months to 2 years. The amount of interest you pay back will vary depending on the length of time you take the loan out for.

    You may want to compare loans from various lenders to see what their interest rates are and how long their logbook loans are for. Varooma aim to try to offer a better interest rate than other lenders if we receive a written quote with proof that another companies rate is lower than ours.

Logbook Loans in the UK


Bills of Sale are not legally binding in Scotland and so cannot be used as security. Providers have to use alternative credit arrangements such as hire-purchase or conditional sale agreements, both of which offer the rights and protection of the Consumer Credit Act 1974.


V5 loans taken out here are secured against a vehicle through a credit agreement and a Bill of Sale document. This gives the lender temporary ownership of your vehicle even though you continue to use it.

The Bill of Sale is only legally recognised if it has been registered with the High Court. Without this registration a court has to give its approval before a vehicle can be repossessed.

The application process

To apply for a logbook loan online you will need to show you are the legal owner of the vehicle, have a bank account, earn a regular monthly income and can afford the repayments. You will need to have your vehicle available for inspection. Some companies will also ask to keep possession of your spare key for the period of the loan.

If you have the right information available you will normally be able to get an instant loan decision.

During the application process you will need to have the following documents to hand:

  • The V5 logbook for your vehicle. MOT, insurance and tax documents.
  • Photo ID such as a passport or driving license.
  • Proof of address in the form of a utility bill dated within the last three months.
  • Bank statements for the last two months.
  • If you are self-employed you will also need payslips or invoices for the last two months.

At Varooma we offer fast, same day logbook loans which means the cash can be transferred into your bank account within hours of a successful application. You can apply for the logbook loans online without needing to speak to anyone initially and the whole process can be very quick.

You generally won’t be able to get a full online decision although you will be able to submit all your details and then finalise the loan over the phone or face to face with an advisor. Once you provide the required documents and sign the paperwork the money will be transferred to your account within minutes.

Receiving the loan

A loan against your car usually allows you to borrow anything from £500 to £50,000, depending on the value of the vehicle. The maximum you can borrow will be a percentage of your vehicle’s value, typically 70 percent. The best providers will also take into account how much you can reasonably afford to pay when deciding on the amount they are prepared to lend.

As with other short term loans your money is normally paid directly into your bank account shortly after you sign the loan agreement. In many cases it will be in your account and cleared within 30 minutes, although some banks may take longer to process the payment.

Borrowing money is a serious commitment, no matter how you do it. It is important to be aware of what can happen if you don’t meet your repayment obligations and then make no effort to settle the loan by other means.

  • If you fail to meet your loan repayment obligations your car will be at risk of repossession.
  • Your credit rating may be adversely affected..


Most car logbook loans are repaid using a continuous payment authority via a debit card, direct debit or standing order arrangements. Payments are collected automatically on a monthly or weekly basis. Some providers send a text or email reminder two days before the payment is due. If the direct debit does not go through the payment can also be made by cash or with a cheque.

The interest on loans from Varooma are a flat rate which is fixed at the time of taking out the loan. Reputable lenders will not offer anything less. The rate from these companies will not change during the lifetime of the loan, leaving you free to plan ahead and budget with confidence.

The repayment periods for a loan ranges from 12 to 36 months. If you want to reduce the period of the loan to save on interest you can make higher repayments at any time. You will not have to pay a penalty for doing this.

V5 loans can be repaid in full at any time. At Varooma there is no penalty, early settlement or exit fee to pay. It is also possible to make partial settlements which will reduce the total interest you pay as well as your instalments for the rest of your contract.

If you need additional funds you may be able to apply for a top-up loan. This will depend on whether you have kept up to date with your repayments for a reasonable length of time and have become a trusted, reliable customer. You will need to show that you can afford the new repayments.

Don’t despair. The important thing is to contact us as soon as you realise you have a problem and we will work with you to find a solution. Burying your head in the sand and hoping the problem will go away is never a good idea, it is best to talk to us to discuss any issues you have with making your repayments.

Applications for logbook loans are not subjected to the same stringent credit checking process applied to conventional loans. Applying for and taking out a loan secured on your vehicle will have absolutely no effect on your credit rating, as long as you make your repayments on time. Failing to keep up with payments could lead to legal action which will affect your rating.

The application process for a loan is strictly confidential. In the vast majority of cases your employer will not need to be contacted. If there are exceptional circumstances that require the lender to speak to your employer they must first get your permission to do so. We ensure that all your information is stored securely.

Are the providers of Logbook Loans regulated?

Companies that offer loans against vehicles should be licensed and regulated by the Financial Conduct Authority (FCA). They should also operate according to the strict code of practice laid down by the Consumer Credit Trade Association.

What are the alternatives to Logbook Loans?

Credit unions can offer a solution for people on a low income who want to borrow a small amount of money. These loans are normally only made over a short period of time and you may be required to open a savings account with them before you can borrow. To find the cheapest loans that are available to you it is best to do some good research before signing up to anything.

What to do if you need help with debt?

If your debt problems are looking serious your best course of action is to get expert advice before committing yourself to a high interest loan. Free advice is available from organisations like Citizens Advice and StepChange Debt Charity to help people manage their debts and find ways out of their situation.

What to do if you have a complaint about a Logbook Loan provider?

Lenders have an obligation to treat all their customers fairly and to lend money responsibly. If you have a complaint your first step should be to contact their customer service department who are there to provide advice and assistance. If you are still not satisfied you have a right to take your complaint to the Financial Ombudsman Service who will investigate the issue to see if you have a valid case.

If you have a complaint about Varooma please read our complaints procedure for the best way to contact us.

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