Varooma Review | www.varooma.com
Address: Hersham Place Technology Park, Walton-on-Thames, KT12 4RZ.
Branding: Varooma. AKA: Varooma Loans.
FCA Licence: 644435.
From: Greenlight Credit Ltd.
Related: No companies.
Available: Monday to Friday (8am/8pm), Saturday (8am/4pm).
Bad Credit Considered: Yes.
Manage: No Varooma login at www.varooma.com.
Offers: Bill of Sale.
Sums: £500 to £50,000 (new and returning).
Terms: 3 to 24 months.
Notes: Customers are serviced across the entire UK. A field agent will come to your local area to complete the paperwork. Various documents must be shown such as bank statements covering the previous 2 months. If you are self-employed then this will need to be invoices or payslips. It is worth mentioning that their website uses encryption that isn’t commonly seen with rival lenders. Poor credit including CCJs and defaults are listed as fine. It does however now appear that applicant checks are processed. No limits on vehicle age.
– Amounts: You can receive as much as £50,000 although you can only access 70% of the value of your car. With Platinum you can receive up to £150,000 with the cap this time standing at 50% of the valuation.
– Efficiency: An agent must come to see you, but if they can get to you on the same day and the paperwork is completed then you can have the cash in your bank within a few hours through a Faster Payments transfer. They open for extended times that should improve the likelihood of a quick turnaround.
– Operations: This company operates 12 hour days between Monday and Friday. They are also open for 8 hours on Saturdays. The collective hours should edge out most of the competition.
– Platinum: This is a new product for those with a good-to-excellent score. The sums here are £5000 to £150,000 (50% cap). This V5 solution is pitched at 98.05% APR, but you need to be a homeowner and as noted have a positive score.
– Pricing: At £700.04 per £1000 over a year this was the cheapest logbook lender in the UK (they did in fact at one time charge £668). There was later a price match from Easy Logbook Loans making a subprime tie. Update: MotoLoan did offer the lowest market price at £396, but this has now jumped up to £600. Regardless, The Car Loan Centre are now #1 at £394.74.
– Profile: This V5 lender hasn’t been around for a considerable time, but they have grown notably since launching. You can tell this from the vast number of reviews that they have notched up that is addressed further below. It has been noticed that they do advertise quite frequently on Google search that will be helping their cause.
– Reviews: They have received more than 1200 Trustpilot reviews with an average 9.4/10 score. They rank higher than any other logbook lender and of every such subprime company they sit within the top 10.
– Vehicle: No age restrictions are in place. They are more concerned with the condition and value of your vehicle.
– No credit checks were historically headed. This is no longer the case and so it appears that they conduct searches now.
– Opening times were not previously listed.
– Platinum is a recent addition.