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Over the years, logbook lenders and their own brand of quick and easy loans have been under considerable scrutiny. Coming under heavy fire from disgruntled former customers as well as the Financial Services Authority (FSA) in that time, logbook loans have had their fair share of bad press. So just what did logbook lenders do to get the country so riled up?

A global industry

The practice of money lending is nothing new and goes way back through the ages. From the pawnbrokers of ancient Greece and Rome, through to the founding of the Bank of England in the 1600s, right up to the multiple forms of lending and borrowing that we see today.

It's one of the few things in life that hasn't changed and the basic principle of money lending remains the same: someone borrows money from a person or a bank under an agreement to pay it back later, usually with a rate of interest on top. It was only in the 1930s with the introduction of the mortgage that money lending took on a life of its own.

Since then, there's always been one form or other of borrowing money. To begin with, it usually came in the form of a loan from a bank. But it wasn't until the 1950s that high street banks started to use widespread marketing for themselves in order to 'sell' money to the general public. First with their existing personal loan service and then credit cards.

Since those days, the world of finance and loans has grown into an international industry. Borrowing is available at every turn. Not only in high street banks and building societies, but adverts in print, on the radio and now even television. Lending is big business and over more recent years, there's been a steady increase in the so-called 'fast loans' offering easy money.

The storm before the calm
Being restricted to a bank and building society loans, many people were being turned down by the high street big guns for not fulfilling the right loan criteria. Whether that was down to their income or their credit history only the lender would know, but it was frustrating for anyone who needed to borrow money and felt blocked at every turn. These new fast loans gave people the chance to get a cash injection when they might not have been able to before.

Soon enough, companies offering payday loans, logbook loans and fast personal loans started to become a common fixture. Offering fast money at the drop of a hat, it was all too easy to get what you needed. With their services being offered to everyone from almost any walk of life or financial background, the public was lapping it up.

However, the honeymoon period wasn't to last. Amid complaints and bad press, it was deemed that many of these loan companies were playing fast and loose with their customers and their money. Accusations of hidden charges, high fees and even higher interest rates as well as underhand tactics, were all thrown into the hat, with many loan companies taking the blame for pushing people into spiralling debt.

Eventually, the fast loan industry came under the investigation of the Financial Conduct Authority (FCA) and the results weren't good.

Continue reading "Are Logbook Lenders Any Good? 5 Ways You Can Be Certain" →

If you've ever bought or sold a car, or if you own one right now, then you'll have heard, and been in possession of, a V5 document or a 'car logbook' as it's more commonly known. While it's an important document that acts as proof of ownership of any car, it's vital if you're looking to take out a logbook loan.

What is a car logbook?

The V5C (or car logbook), is an official document that's used by the Driving and Vehicle Licensing Authority (DVLA). Each one is unique and acts as a proof of ownership document for every car and its registered keeper. The DVLA hold all the details of every registered car and it's owner across the UK.

When you're buying a car...
If you're in the fortunate position of buying a new car from a main dealer or a used car from an independent car seller, then one of the many things they'll take care of is the 'paperwork'. And this involves the completion of your car logbook.

Your new car will be registered to them. When you enter your agreement to buy the car, you'll give them your name, address and other details and they'll complete the form and register you as the new owner automatically. Once this is complete, the dealer will send the completed paperwork to the DVLA and you should receive a brand new car logbook within 6 weeks. You'll then be on the official record as being the registered owner of that vehicle.

While the new logbook is being prepared and sent to you, there will usually be a temporary proof of ownership form given to you by the dealer that you should keep hold of. If you need to prove so, it will act as confirmation that you own the car until the real logbook document arrives.

When you're selling a car...
When it comes to selling your car, the whole process is basically reversed. The responsibility will be on you to transfer the proof of ownership onto the new owner. This will guarantee that you're no longer the registered owner of the car.

It's common practice - and a good idea - to do this straightaway, usually after the sale has been completed and while the new owner is still with you. Once filled in, you can send the completed form of to the DVLA and registration is moved to the new owner within 4 - 6 weeks. This is an important step because if you delay this, the new owner could incur various fines that you would be responsible for because the DVLA will still have you as the official owner on their records.

Continue reading "How important is my car logbook for a loan?" →

Loans of any type are very much a personal choice. One of the most popular loans at the moment are log book loans. But there are lots of different log book loans available to choose from in the marketplace right now and that can make it a tough decision. So how do you go about choosing the best log book loan?

Just like any other loan, what will suit some, might not suit others, when it comes down to the benefits, advantages and terms of the loan itself. But much depends on how the loan companies market themselves in order to win your business.

TV, radio and print ads for loan companies are commonplace these days and each one is designed to grab your attention with snappy soundbites, catchy jingles or bold headlines. So what should you look out for and how do you cut through the noise of the media to find the lenders that genuinely will offer you the best log book loans?

Continue reading "How do you choose the best log book loan?" →

Logbook loans against your vehicle are a perfect way to get larger cash sums quickly and easily.

At Car Cash Point, we don't want to put anyone off borrowing from us, even if they don't own a car. So just what vehicles can you get logbook loans against? If you own a mode of transport with four wheels, two wheels or even no wheels at all, you've come to the right place!

Get the money you need

When people look for more information about logbook loans, it's easy to jump to conclusions and assume that Car Cash Point can only offer loans against cars, especially with our name! However, we do understand that not everyone has a car in the first place, but they still need a fast and simple way to get a lump sum of cash to help them out financially.

If you find yourself in this position, don't worry. We'll still be able to help you withdraw the cash from your vehicle in exactly the same way as you could with a car. It's true that the majority of the loans we help people with are against their car, but we're more than happy to offer financial help to people with other forms of transport too.

So, whether the ride you own has four, two or even no wheels at all, Car Cash Point can help you get the money you need as a fast loan - without the need to sell.

Continue reading "What vehicles can I get logbook loans against?" →

There's no shortage of financial loans available in the UK for personal use, from a range of high street and online providers. Which you choose really depends on your situation and your ability to repay the loan, but there's a loan in the UK available for every budget. So what are they and which ones are best?

We all like to be able to save or just put some money aside each month, but despite our best efforts, sometimes we're not able to do it. Depending on our wage level or if we've had a particularly heavy month for outgoings, it can be hard to save anything. But it can also be harder to pay for the things we want or need - especially bigger purchases.

But there are different loans in the UK to look at when you need a boost to your savings or to give you some financial breathing space for an emergency purchase or repair. But whichever loan choice you opt for, make sure you choose the right one for you and that you're fully aware of the terms & conditions that come with it. If you're in doubt, ask the lender to make clear anything you're unsure of. Continue reading "What kind of loans are available in the UK?" →

After ten weeks of voting in the Consumer Credit Awards, we're delighted to announce that we've been named a finalist in the "Best Logbook Loan Provider" category.

We've got to this point thanks to our fantastic customers voting for us, and you can take a look at some of the great feedback we've received, by reading our Car Cash Point reviews here!

Continue reading "Consumer Credit Awards 2017 finalist!" →