Worcestershire, UK -- (SBWIRE) -- 10/11/2011 -- As banks tighten belts and decrease lending, more UK consumers are choosing alternative lending options such as logbook loans from Mobile Money as a way to secure short-term loans. Mobile Money is the UK’s first logbook loan company and has completed more logbook loans than all other competitors. The company specialises in cash logbook loans and vehicle buyback services.
Logbook loans work by allowing car owners to submit their car logbook (V5) to Mobile Money for a short-term cash loan. The company sets up installment payments and holds onto the logbook and MOT certificate until the logbook loan has been repaid.
As the preeminent source for car logbook loans in the UK, Mobile Money loans can range from £200 to £25,000 depending on the value of the car. Known for its prompt and courteous service, clients can usually receive the money they need in less than an hour. The logbook loan can be arranged for up to 36 months to repay. During the life of the loan, the car owner retains use of the car and once repaid, the documents are returned to the owner. “We don’t worry if you have a bad credit history or you’re self-employed as we will ensure you are able to afford the payments and will treat your enquiry in the strictest confidence,” said a Mobile Money representative.
Although logbook loan lending amounts are based on the car value and ability to repay, each application is treated on its own merits. The company specialises in lending to the self employed, people with bad credit and those refused loans elsewhere. Bank accounts are not necessary with Mobile Money, but clients are asked to prove income, age, England or Wales residency and clear or nearly clear car financing and legal ownership. “Ideally, the car is less than ten years old, but we lend against older cars as well as motorcycles, vans, lorries and motor homes,” said the representative.
Most forms of payment are accepted including cash into Mobile Money branches or any branch of Barclays Bank, postal orders, bankers draft, debit cards and standing order payments. However, credit cards and direct debit are not accepted. There is no penalty for early settlement so customers are charged only for the months they have the loan. Mobile Money is an accredited member of the Consumer Credit Trade Association and is regulated and licensed by the Office of Fair Trading. For more information, please visit http://www.mobilemoney.co.uk/logbook-loans/