Oct 21 2010
V5 Loans Versus Mobile Money – Compare Log Book Loans
If you have found yourself in a situation where you need to secure a loan on your vehicle’s log book, then the next problem is going to be which lender to pick. There are so many different log book lenders available that you need to be sure you’re going with the right one for you.
This review will compare logbook loans from two trusted and reputable logbook loan companies – Mobile Money and V5 Loans.
Initially, let’s see what the relative benefits of Mobile Money are. Both of these two companies do in fact provide a service called same day money transfer. However, Mobile Money promote themselves as letting you see the money within 15 minutes.
The second thing they have over V5 is their wider range of loan amounts. Mobile Money goes down to £100 on the lower end (compared with the £500 that V5 Loans offers), and up to £25,000 (which is a whole £5000 more than with V5 loans – £20,000. If you need a loan for an amount that is smaller or larger than the range that V5 Loans offers, then this will probably tip the decision against them.
Now let’s look at what V5 does better. Firstly, Mobile Money only allows your car to be 8 years old and no more. However, V5 Loans also accepts cars as old as 10 years, if its valuation is £1200 or higher. Mobile Money offers no such additional option.
Another advantage to V5 Loans is that they offer more long-term loans. With Mobile Money, the repayment deadline can vary from only just 1 day up to 26 weeks. With V5, however, you can get a loan for up to 78 weeks in total.
In the end, Mobile Money probably comes out ahead, with the interest rates securing the final decision. The typical APR for V5 is 439%, whereas for Mobile Money it’s a much lower 385.2%. Of course, it must be said that these are only typical rates and the actual figure will vary depending on conditions.
We compare logbook loans side-by-side in order to provide you with a good idea of what the advantages and disadvantages of various lenders are, allowing you to make better decisions before going ahead with the process.
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