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Welcome to Culdee Loans

Do you desperately need some cash for an unexpected expense, home renovations, medical expenses or a bereavement in the family?

Are other loan institutions turning you down time and time again because of your bad credit score?

Or perhaps you are blacklisted and for that reason, you have never even tried to secure a loan?

Well, if you own a vehicle, your chances of securing a V5 loan (or logbook loan) are over 90%, even if you have a bad credit rating?

And we can help you!

What is a logbook loan?

If you own some form of motor vehicle (a car, truck, caravan, motorhome or motorcycle) that is less than 10 years old, you are likely to be able to secure a logbook loan from us.

A logbook loan allows you to borrow a sum of money, usually between £500 and £50 000. During the loan period, from 12 to 36 months, your vehicle is legally owned by us but you are still able to use it every day as per normal. We just keep your vehicle logbook (or V5 document).

Why do we do this? Well, your vehicle acts as a form of security should you stop paying the loan instalments. If we cannot track you down and get the instalments from you, we are legally able to sell the vehicle to recover the costs of the loan. If the vehicle is sold for more than the loan was worth, we will give you the difference in cash.

How do you apply for one?

Well, it’s very easy in fact. We will require a number of documents from you in order to process your application. Make sure you bring them along when you come into our offices. These include your identity document, payslips, statements from your banking institution, your vehicle V5 document, a utility bill to prove where you live and your vehicle insurance documents.

Of course, your vehicle is very important and will need to be assessed by one of our experts. Take note of a few things, however. It should not be older than 10 years. It should also be fully paid off and in your name only. We cannot accept a vehicle that belongs to a parent, sibling, another family member, friend or colleague. If that is the case, they will have to apply for the loan, bringing the documents that pertain to them along.

Finally, there must be full insurance on your vehicle. This is non-negotiable as we need to know that the car is protected during the loan, either from theft, accidents or even unforeseen weather conditions such as a hail storm.

Signing on the dotted line

Once we have assessed the condition of your vehicle, we will make you an offer for a loan amount. This is normally around 50% of the value of your vehicle. If you agree to the amount all the loan terms will be discussed before you sign any documents. We encourage you to read the whole contract to ensure you know exactly what to expect.

Missing a payment

We understand that at some point during the loan, you may struggle to make a payment due to unforeseen circumstances. If that is to happen, we ask that you please contact us before opting not to pay. We can try to help you if you are going to miss a loan payment. There are numerous options we can look at and we go out of our way to be of service in these difficult times.

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