Logbook Loans Review | www.logbookloans.co.uk
Address: Bridge Studios, 34a Deodar Road, London, SW15 2NN.
Branding: Logbook Loans. AKA: LogbookLoans.
FCA Licence: 526206.
From: Loans 2 Go Ltd.
Related: Loans 2 Go, Rocket Cash, TopLogbookLoan.
Available: Monday to Friday (8am/8pm), Saturday (9am/5pm).
Bad Credit Considered: Yes.
Manage: No Logbook Loans login at www.logbookloans.co.uk.
Offers: Bill of Sale.
Sums: £250 to £25,000 (new and returning).
Terms: 12 to 60 months.
£1200 /£1000 (12)
Notes: The merge has been discussed further below. Much of the site’s copy now refers to Loans 2 Go and so the original brand does appear to be being phased out. They list a London address for new customers, but the correspondence for existing customers is directed to the new owner’s Rochdale address for some reason. The headlined times above are for support, but the branches are open between Monday and Friday (9.30am to 5.30pm) and on Saturday (10am to 3pm). You can securely apply before heading to a branch. Credit checks are taken, but there are no age limits on vehicles. Various documents including bank statements, a recent utility bill etc will need to be taken.
– Amounts: £25k can be loaned here. This as with every spec now matches L2G.
– Branches: All companies within this network benefit from coverage in 78 stores. These are spread out to cater residents of England and Wales. Through this firm Scotland coverage is also available through their field agents.
– Efficiency: This is an efficient V5 solution since their product is now served through L2G’s 78 store network. Once approved, you can have cash in your bank on the same day. It also helps to see plenty of flexibility when it comes to repayments.
– Experience: The website was composed back in 1999 that was the assumed launch. This brand has been around for a long time, but ownership was passed on to Hermes Property Services when the original company entered administration that was shortly before their licence was to be revoked. This was related to debt collection threats.
– Niche: This was the first logbook lender to launch a website and they adapted quickly to become the early market leader. Back in the early days they were highly dominant in Google search for major keyword terms and they enjoyed traction through ad spots and their partner program. It was Mobile Money that was the initial formed company that was back in August 1998. It is great to see that both companies are still active today, although the ownership here has of course changed hands.
– Operations: Customer support is available over extended hours on Saturdays and the stores are as noted open between 10am and 3pm.
– Ownership: This company was once the dominant force. They may well rekindle the magic through their new partnership. This development only took place in early 2015 and so we’ll just have to wait and see what kind of challenge they can mount.
– Profile: It is quite difficult to measure the web popularity of this brand since they share the same name as the niche itself. There was a time when they were the big player. After the troubles ended and Hermes took over they did turn to TV advertising in an effort to maintain their edge. These days however the share of UK business is much more balanced out across several firms. It is clear that they don’t perform as well as they did in Google search. A few rivals such as AutoMoney have also turned to TV ads and built up their own store networks and then you have lenders like Varooma who charge lower rates. This shows that getting back to the top won’t be easy, even if they now have joined forces with L2Go.
– Terms: There is a wide spread of repayments spanning from 12 to 60 months and you can settle early. They also accept a range of repayment options (monthly, weekly etc).
– Vehicle: There is no restriction on age that is a major USP, since most of their rivals impose 10 year limits. They even lend against motorbikes and vans.
– Amounts as high as £50,000 could originally be accessed.
– No credit checks were at one time required.
– Pricing was £1271.88 and so there has been an improvement.
– Terms stopped at 48 months (now 60).
– The Hermes Property Services Ltd and Loans 2 Go Ltd merge went ahead with immediate effect on the 23rd January 2015. From this point onwards L2G has become the primary operation.