Mobile money review: is mobile money a scrupulous lender?
Before you get a much-needed log book loan, be sure to read this Mobile Money review to make an informed decision and avoid problems with such lenders. After all, you don’t want to go with an unscrupulous lender, do you?
A log book loan is a short term loan (up to 6 months with mobile money) that is secured against your car log book. This is one of the safest ways to get the cash you need today. The lender holds onto his log book while driving the car and making loan payments. These types of loans are possible because a log book loan is based on the assumption that a car’s log book is a valuable asset as it contains all the vital details about your car and is essential if you need to undergo any repair or service in the future. It is also convenient, because, as mentioned above, instead of using your car as collateral for the loan, which would mean giving up your car for the loan period, you will still keep your transportation and will be able to use the money that is available. for you.
Mobile Money is one of the UK’s largest and most established logbook loan providers and has the lowest annual percentage rate available, lower than all of its competitors. Typical APR is 385.2% (typical means that two-thirds of your customers have this APR or less).
This rate is even lower than typical rates for payday loans, where the APRs for payday loans can be many multiples higher. A log book loan can save you money and is a great alternative for people who might otherwise have obtained a payday loan.
Logbook loans are also easier to obtain than payday loans, as almost all logbook loan lenders do not conduct any credit checks. So for those of you with poor credit history and also those of you who don’t have a full time job, don’t worry, you are likely eligible for a journal loan even if you are not eligible for a payday loan. . Even the self-employed and bankrupt are eligible.
Mobile Money also stands out for having one of the fastest approval decisions. And once approved, you can get your cash in less than 15 minutes. Usually when you apply online, they will meet with you to verify your car and that you are who you say you are. You can then get the cash right there!
Mobile money loan between £ 100 and £ 25,000, subject to a minimum valuation of your car. Ideally, the car should be less than 8 years old. Their loan service is only offered in England and Wales.
Of course, the usual requirements apply. You must be over 18 years of age and live in the UK and more specifically England and Wales (as mentioned above). Also, you must be the legal owner of the vehicle and your vehicle must be free of financing.
In terms of payment methods, Mobile Money accepts most forms of payment in addition to credit cards and direct debit. These include cash at your branches or at any Barclays Bank branch. They also accept money orders, money orders, debit cards, and standing order payments.