log book loans?????

[R05_Micra]

lookin about for a jobcentre loan, to get a a car and on the road so i get a job i can get to, (most warehouses etc are 5-6+ miles and shifts) i came across a logbook loan, £500 - £50,000 secured on ya car, they keep your log book thats it! any one go one or know if there anygood? they sound good, dont need a credit score or out, but if i get one the car can be on the road and i can get another job! ive had 2 -3 jobs lined up, but because i cant travel, ive been held back, so any one got any news/advise on these? cheers!

 

[Ed]

Sounds iffy, and they wont loan more than the value of the car, also the log book does not in law prove ownership.

 

[R05_Micra]

yeah amont depend on car, only after 700 or so just to put car on road n get me splitters on bupers n colour coded, thats all!

 

[Ed]

Dont do it save up, its seriously not worth loan shark rates for that.

 

[Layla]

i thought you wanted the loan to get the car back on the road. it doesnt need to be painted and have extra plastic stuck on it to get you to work

 

[R05_Micra]

, aii true, just ta get bk on road.....

 

[Layla]

JTF are looking for staff and you could walk to the tyne tunnel trading estate

 

[lewic]

Don't do it! Looked at a few websites offering these loans and they all look dodgy. None of them say what their interest rate is - I bet it is about 30%, with huge penalties for late payment. They know that the people taking the loans can't get credit elsewhere, so they bump up the prices. Some of the sites have links to "cars for sale", a nice little earner for them. Makes me sick how these companies prey on skint people like this. If youre unemployed at the moment, you might be able to get an interest-free grant from a charity or through the DSS - suggest phoning the Citizens Advice Bureau.

 

[Alienfish360]

Tried a family loan?

 

[R05_Micra]

mah, i may have it sold this afternoon, so im gonna hold out n when i get another micra, ill just save up n do it all!

 

[Mark]

What does it cost for a Logbook Loan?

Typical Loan

Loan Amount: £1,500
Weekly Repayments: £49.99
Term: 58 Weeks
APR: 273.4%

you must be having a laugh

 

[lewic]

Omigod, that should be illegal! #######s!

 

[R05_Micra]

273.4%!!!!!!!!! that is f***ing unreal, i never seen that, ull pay about 6k back wont ya? n i thought 29.9% at halfords was bad!

 

[def]

I no about them and they will rap you in apr.

Save up its the omly way unless you get a proper loan