Mobile Money Overview
Mobile Money began trading in the United Kingdom as the first logbook lender in 1998. Since then, it has run its operations in an ethical manner as a responsible logbook loan lender. The business of lending started with a single operating branch in the Midlands, at Redditch in Worcestershire. The demand grew rapidly. Mobile Money also provides logbook loans in Northern Ireland today.
This lending firm is a company with British ownership and it is financially independent when it lends its money. It is a self made firm that does open and responsible business with its friendly approach to lending. This kind of an approach helps it to build and then maintain business relationships on a long term basis with the communities it is serving. This approach has also helped Mobile Money in yielding positive customer reviews and feedback. It has spent over seventeen years in responsible lending and is a member of the Consumer Credit Trade Association. It operates by a rigid code of practice.
It has a payment team full of staff members that are passionate in offering quality service which helps in maintaining high standards in order to develop strong relationships with their clients. This team has members that have been working ever since the time of the inception of Mobile Money. This kind of experience has added real value in customer service and in building an approach to lending that gives priority to safety in its practices.
Mobile Money Limited is also regulated and authorised by the Financial Conduct Authority. This body regulates all companies in the financial services sector to make sure that they adhere to the rules and that consumers do not become victims to scams or to unfair contracts. The focus is to make sure that the financial services industry treat all consumers in a fair manner.
How can borrowers qualify for logbook loans with Mobile Money?
In order to get a logbook loan, borrowers have to meet these requirements –
- Borrowers have to be residents in England, Northern Ireland or Wales.
- They have to be over eighteen years.
- They have to own vehicles and have proper registered documents and they should appear as `registered keepers’ in their vehicles’ logbooks.
- The car that they own must at least be £700 in its current market value.
- The car should not be any older than 2010 as its year of manufacture.
- The vehicle should free of any other finance agreement. Cars that have any previous outstanding finance on them cannot be used as security for a logbook loan with Mobile Money.
- The car has to be taxed, insured and MOT’d. It has to be remembered that a vehicle under a `SORN’ declaration will not be able to qualify for the logbook loan.
Relevant Facts about Mobile Money Logbook Loans
- They work as 99.9% APR Representative
- The APR of the logbook loan gets fixed and it cannot be changed.
- There are no hidden charges or fees; hence, the maximum APR will always be at 99.9%.
- Loans are made available for a minimum of one year to a maximum of four years.
How does a Mobile Money Logbook Loan work?
Mobile Money uses your vehicle as collateral or security for the amount of money that you borrow. The higher the value of your vehicle, the higher will be the loan amount that you can potentially borrow against it. To get the loan, you will need to sign documents such as a `bill of sale’. This bill gives Mobile Money security over your car and it means that this firm becomes the technical and legal owner of the vehicle until you repay the entire amount of your loan. Consequently, Mobile Money will not require any court order to repossess your car if you default in your repayments.
Mobile Money offers logbook loans for amounts ranging from £500 up to £25,000. The final amount that you can borrow will depend upon your affordability and the current market value of your car. You can get up to 70% of the total current market value as the loan amount. The best interests of the borrowers would be considered throughout the process of decision making before a loan gets approved and sanctioned. Each application gets assessed on its merits and Mobile Money makes sure that all applicants can eventually afford their repayments on the logbook loan amounts that are determined either on weekly or monthly basis.
In order to qualify for the logbook loan, borrowers have to be legal owners of their vehicles and the vehicle has to be free from any previous outstanding finance. It should also have valid, tax, insurance and MOT.
How do you apply for a logbook loan with Mobile Money?
You can apply online, right from the comfort of your home. There is no need to drive physically to a storefront or office. Mobile Money has a network of professional and experienced mobile representatives throughout England, Northern Ireland and Wales. These representatives can also meet you at your residence, workplace or any other suitable location of your choice and also at a time of your choosing, even on weekends or evening hours.
You can apply for a logbook loan online round the clock seven days a week. You can even call directly - the operating hours are 08:00 hours to 20:00 hours from Mondays to Fridays and from 08:00 hours to 16:00 on Saturdays.
Once your borrowing needs are confirmed and it is established that your car meets the criteria in order to secure a logbook loan, details will be provided to you concerning the terms and the cost of the loan. When you are ready, a credit check will be carried out and you will need to sign relevant documents for completing the loan process. Customers who have a poor credit history may find it tough to qualify but it is not impossible to secure a loan.
As soon as the loan agreements are signed, your loan funds will be transferred into your bank account. You can withdraw from the logbook loan agreement within a period of a fortnight from the time of entering into that agreement. You will have to remember that late repayments, once you enter into a contract and abide by it, can result in serious financial problems and your car could get repossessed by Mobile Money.
Trustpilot has rated Mobile Money at 8.6/10.0