V5 Loans Review - Log Book Loans

Refused a Payday Loan? Is this because you're unemployed? low-paid? self-employed? have bad credit? have CCJ's? have defaults? This does not preclude your right to access personal credit and V5 Loans clearly understand this.
They do logbook loans for those with a less-than-perfect credit history. They do not credit check you. Their loans range from £500 to £20,000 and are secured against a car, or vehicle, which you must own and is 8 years old of less.
V5 Loans are quite new to the logbook loan market and have been in operation since 2008. They only operate in England and Wales, not Scotland.
You can get a secured loan over the internet with V5 Loans. The process is straight-forward: First you get a valuation for your car or vehicle. Then V5 Loans arrange to meet you so that they can confirm the value of your car. If you both agree on the valuation then they'll hold onto your logbook, confirm your ID and then finally transfer the loan to you on that same day.
The APR rate is 439% and only a little higher than that charged by other lenders. However, should you pay back the loan early you will not be penalised and can in fact save money!
Advantages: V5 Loans do not charge an early settlement penalty.
Disadvantages: V5 Loans do not offer loans to Scottish residents.