498%
£500 - £20,000
Minimum Term 1 week
Loans up to £20,000 - 78 weeks
Standing order
Paying-in-book
Deduction from your debit card
Bank Transfer (BACS or CHAPS)
At their office (cheque, cash or card)
Within hours
No Fee
None Available
Cheque
Cash (5% charge that goes to your representative)
No
276th for APR of 423 loans in the UK (See Lender League Table By APR)
118th for Customer Satisfaction (See Customer Reviews)
V5 Loans secure the funds they lend you against your car. They can lend you between £500 and £20,000 for up to 78 weeks. Like other logbook lenders your car is used as collateral, meaning if you miss any payments your car can be repossessed and sold to cover the cost of the loan. Your car must be free (or almost) of finance and legally yours. It also cannot be registered before 2002 (51 registration).
You can apply online or over the phone with V5 Loans. Once you have completed the application form, they will carry out an initial assessment based on the information you provided and a representative will contact you as soon as possible if they can offer a loan. They say that they are happy to lend to people who do not have the best credit as they have an easy method of claiming the money back from you. You can only borrow up to the value of your car. Once you have applied, an appointment will be made to for someone to check your car and your documents. All being well, the money can be with you within hours of these checks being made.
Logbook loans like these are one of the more expensive and high risk forms of borrowing. You are going to be paying a lot more that you borrow, and you only have to miss one payment before V5 have the ability to sell your car without even going to court. A very expensive option so should only be used as a last resort.
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Default Fees |
If you go into default or arrears, they have the ability to come and repossess the car |
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Early Settlement Fees |
None |
|
Late Payment Fees |
Charge for 2nd, 3rd, 4th and 5th late payment letter - £10 Charge for initial payment missed - £20 |
Average Customer Review:
(5 customer reviews)
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No problems at all
Thomas, Bury st. edmunds
1 year ago
I feel as though I should be wary of this company as the concept of securing a loan against the car does seem a bit weird but up till now, I have had no problems with them. I am about half way through paying back the £2000 I Borrowed from them. The speed of service was very good, the money was with me the next day after applying but I feel the interest...
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Omg
Bobby, Luton
2 months ago
I can't believe these company's exist, don't do it, crooks
Do not use - absoulte immoral crooks
Ba, Bath
5 months ago
Do not under any circumstances use this loan facility. They are nothing but loan sharks. I applied to borrow £2000 and was accepted. V5 sent a guys down to visit me and he came armed with a cheque for £3000 (the cheque was already signed and he was not the person who signed the cheques) so, not wanting to have another delay (I was desparate for cash) I took the cheque. I'm certain this was a tactic used by V5 to increase my borrowing so that they made more through interest payments. I paid back over £3000 in the first year and then fell into difficulty with repayments. The cars re-processed with no warning (a bailiff turned up who was little more than a thug) and despite quoting a fee of 3500 to release the car and take ownership, when my brother agreed to settle the loan so I could take the car this fee had gone up to £4300. So I paid over £7000 for a £3000 loan in little more than 12 months. The car was only worth £8000! These guys are crooks and whilst I understand that desparate people do desparate things (I did) please do yourself a favour and do not use this company. Don't fall for the polite ladies who answer the phone. Behind the scenes is a crook who owns the business.
Expensive
Edwin, Bath
1 year ago
I cant understand how these companies are allowed to operate. Basically you borrow £1500 and you instantly owe them over4K if you keep it for the normal period. In no normal situation would people think this is acceptable, just because you have bad credit doesn't mean you should be allowed to be ripped off! Never again
Overall really happy
Paul, Oswestry
1 year ago
Overall very happy with the service. The loan is secured against the value of your car. One of their friendly staff offered to come and meet at my house to chat about the details, though I did in the end respectfully declined and chose to meet at one of their offices. The great thing is the funds were available to me really quickly, which due to my financial situation at the time was really handy. A good alternative to lending though I would go for a more secure lender if needs be.
Millennium Business Centre, Humber Road, London, NW2 6DW
0800 999 5555
020 8830 8761
loans@v5loans.co.uk
