With a loan from Varooma you don’t need to ask anyone else to sign your loan. You just use your car.
What are no Guarantor Loans?
No guarantor loans are a type of loan in which another person is not required to sign the loan and give a guarantee that they will repay the loan should the person borrowing the money not be able to pay the loan back.
In many cases someone with a poor credit rating will believe that the only way to be accepted for a loan is to ask someone else with a better credit rating to act as a loan guarantor in order to provide security for the loan.
This isn’t always the case because there are other bad credit loans available that may be able to offer lower interest rates and accept credit ratings that are poorer, whilst not needing a guarantor.
Logbook Loans are an alternative to Guarantor Loans
With a logbook loan there is no need to ask anyone else to act as a guarantor for your loan. It can be uncomfortable asking someone else to personally guarantee your loan because they need to have full trust that you will pay your loan back as agreed.
Often you just don’t want anyone else to know that you are looking to borrow money. Most of us like to keep our financial details confidential and we would rather not share with other people that we need to borrow money.
No need for a Loan Guarantor with Varooma
When you borrow money using a logbook loan from Varooma there is no need to let anyone else know that you are taking out a loan. You just need to use your car as security for the loan. You can borrow up to 70% of the trade value of the car and pay it back over a time frame that works for you.
You continue to drive your car as normal and make weekly or monthly payments over a term that suits you. Find out more here about how logbook loans work.
Logbook Loan criteria
The main criteria are that you own the vehicle you are using to borrow money, it is less than 10 years old (unless it is a classic or prestige car), that the vehicle logbook (V5) is in your name and that you can afford the weekly or monthly payments on the loan.
At Varooma we will assess you quickly and give you an instant decision on whether you will be accepted for the loan. You will then be paid the money into your bank account within hours.
We are a no guarantor loans direct lender which means that you only deal with us and we are the company lending you the money. We don’t pass your loan or your personal details on to anyone else.
Representative example: Borrow £1300 over 18 months; rate of interest 120% (fixed) p.a.; representative 442.66% APR; total amount payable £3640 in 77 weekly payments of £46.67 followed by 1 final payment of £46.41. Warning: Late repayments can cause you serious money problems. For help or advice please go to www.moneyadviceservice.org.uk.
Please also see our Coronavirus help information
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.