FAQS

Is there a preference on the types of car you accept as collateral? Basically, we are open to any car models provided that the said cars do not have any kind of finance attachments and have been in use for less than 10 years on the road.

What is the logbook loan borrowing limit?

At ELC Loans, we can advance you a logbook loan of up to £50000 or up to 75% of your current car value. The minimum amount you can borrow is £500. Provided your car is in good condition, you can be rest assured that you will get access to the loan you need.

Will my credit score affect the chances of me getting the loan?

No. our logbook loans are specifically designed for people with bad credit or people who have a history of defaults. If you have been rejected elsewhere, you can be rest assured that we will approve your loan so long as you own a logbook and are a citizen of UK.

Is it a requirement for me to disclose the reason as to why I need a loan?

At ELC Loans, you are under no obligation to state or disclose the purpose for which you need a loan. So long as you meet the basic requirements you are good to go.

Does a logbook loan have a negative impact on my credit score?

Timely repayments have a positive impact on your credit score. If you are pressed financially and in need of cash urgently, taking a logbook loan and making timely repayments will positively impact your credit score.

Must I be employed to be eligible for a logbook loan?

It’s not a must that you be employed to apply for a loan at ELC Loans. So long as you can provide proof of income or you are in partial employment or self employed you are good to go.

How long do I have to wait to receive my monies?

At ELC Loans, we are committed to customer satisfaction and therefore process your loans within the fastest time possible. Once your loan is approved, you can expect to receive your monies within minutes.

Do I have to be worried about hidden charges?

ELC Loans puts a lot of emphasis on transparency and providing our customers value. We disclose all applicable fees to our customers before they apply for the loan so that they are conversant before making a commitment.

How do I make my loan repayments?

We prefer that our customer make repayments through monthly debit deductions. As such, you should be having sufficient balance on your account before the scheduled date. Alternatively, we can make use of a debt collector to assist us in collecting the repayments for you. However, we have to tell you that this particular method will attract additional fees.

What will happen in the event I am unable to make repayments as agreed?

At ELC Loans, we understand that your circumstances might change. In this regard, we strongly advice that you contact us so that we work out a new plan on the way forward as concerns repayments. However, should you go silent and our communications go unanswered, we might have to repossess your car in extreme cases.