Huge interest in Log Book Loans

A tip from MTI unless you are really, really desperate steer clear of Log Book Loans. They give credit to customers who have been refused credit elsewhere and are truly on their knees, if a customer has a car they own or with very little outstanding finance this company will retain the registration document (V5) as security and loan money against it, which is a fairly good concept except that to borrow £1500 over 6 years will cost a staggering 437% in interest which equates to £4,180 total amount payable or £34.37 per week in interest alone. As the crunch bites these kind of loans may seem attractive but our advice is no matter how desperate you get take a long hard think before you offer your car as security for a loan as expensive as this.

For an interesting forum thread on real people’s experiences with Log Book Loans go here…