LoanMyMotor Loans Info (Closed)

The logbook loan sector has been growing year-on-year and unlike in the payday space there are no interest caps. Due to this, lender casualties are rare, but one known company that has now bowed out is LoanMyMotor. On visiting the website where they were live (www.loanmymotor.com), this domain no longer exists. There is no news surrounding the closure online. You’d hedge your bets on this lender closing as a result of the fierce competition that is faced in this moderately sized sector. Due to the big merge over at Loans 2 Go, it has become difficult to compete in 2015 unless ad spends are high, or a firm has a large nationwide store network.

The LoanMyMotor loans hadn’t been around for a considerable time. Their arrival came back in summer 2012. The early reviews were positive that was seen at LoanFinder where they took a top logbook lender ranking position. The company HQ was located in Wembley and they had a second office in Manchester. There may have also been smaller offices (or meeting points) at Birmingham, Cambridge and Edgware. To cover the product specs that were previously displayed on www.loanmymotor.com, the loans here were headed between £1000 and £15,000 on their calculator. A max figure of £50,000 was mentioned elsewhere on the site that may have been possible for classic or prestige cars.

Regardless of how much could be accessed, they capped the lending at 70% of the vehicle’s value. Repayments were spread between 12 and 36 months, but you could go ahead and repay early if you wished to. A £1000 logbook loan here over 12 months cost £959.96. It was stated that you had to get to Wembley or one of their other offices to complete the contract. Not offering home visits wouldn’t have helped their cause and they also operated between Monday and Friday only (9am/5pm). LoanMyMotor didn’t run credit checks and they as noted had picked up some great early feedback and so it was a shame to learn of their swift exit.

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