Varooma is a logbook loan company with a base in London. It has a network of loan agents that service customers across England and Wales. As a vehicle loan firm, they specialise in the concept of alternative lending with a focus on solving the cash flow problems of people on a short term basis by using lending practices that can be managed.
Varooma is the trading name of Greenlight Credit Limited. It is in the business of providing short term financing to its clients. It was established four years ago and operates from South West London. It has, so far, provided thousands of logbook loans to its customers by offering flexible ways to apply for short-term finance.
Greenlight Credit Limited, trading as Varooma, are regulated and authorised by the Financial Conduct Authority. Varooma is also licensed by and follows the practice codes of the Consumer Credit Trade Association. It is registered with the Office of the Information Commissioner and its Data Protection Act.
Tag Line offered by Varooma to Logbook Loan Applicants
They promote their business as `this is the place where your car lends you money’.
What are the criteria of meeting the logbook loan requirements during the process of the loan application?
In order to meet an approval of the internal underwriters at Varooma, you will be guided first to an exclusive field representative assigned to your local area. This representative will complete all the logbook loan paperwork. The documents that you need to keep aside for completing the necessary paperwork are –
- The registration papers of the vehicle you want to secure the loan against
- V5 Logbook
- Tax Papers
- Insurance Documents
- Spare key of your car
- Photo Identification documents such as a driving license or a passport
- Utility bills that are dated within the past three months at the address you want to provide
- Bank statements covering transactions of the last two months
- Pay slips of the last two months or copies of invoices if you are self employed
The documents that you have to sign to complete the paperwork are
- Fixed Sum Loan Agreement (this is the credit agreement)
- Bill of Sale
- Income and Expenditure Declaration Form
Once the process of filling out the necessary forms and paperwork is completed, your assigned field representative will then contact the payments team. A sort code would be asked for along with account details to process the funds and channel them to your account.
Relevant Facts about Varooma’s Logbook Loan Practices
The loan contracts at Varooma begin from a period of one year and stretch to a maximum period of three years. Borrowers can settle their loans early. No penalties will be charged to them for doing so. Maximum APR expected is 190.3% and it includes fees that are associated with the contract of the loan. For example, for a loan amount of £1000.00 that is repayable by twelve monthly repayments of £141.67 or fifty-two weekly repayments of £32.69 commencing one month from the date of the loan applied for, the total repayable amount of £1700.04 will be determined at a flat fixed interest rate 70% per annum. The APR works out to 190.3%.
Customers can borrow up to a limit of 70% of the value of their car, based on their individual circumstances. The minimum loan amount extended is £500 and the maximum loan amount is £50,000.