If you borrow £1,000 over 36 months at a flat rate of 84% per annum [fixed] with a Representative 204.2% APR you will make 36 monthly payments of £97.98, making a total amount repayable of £3,592.28 including £40.00 document fee and £25.00 Option To Purchase fee. The total charge for credit is £2,660.00. Logbook Loan repayment length from 18 to 60 months. The maximum APR is 389.1%.
Your log book loan is secured against the vehicle, and missing payments could put the car at risk of repossession.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk
Is your car on Finance?
Don't worry, we can still offer you a guarantor loan from £500 - £10,000 with our sister company www.angelloans.co.uk
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Apply NowBeing a self-employed taxi driver or working for Uber, Bolt and other apps means you're responsible for maintaining your vehicle. Repairs can be unpredictable, so it's important to keep saving aside for unexpected expenses. However, some drivers may find themselves struggling whem repair bills are unexpectedly high or arrive at an inconvenient time.
While its easier to budget for regular costs like services or MOTs, major repairs, such as engine problems, are much harder to predict. This unpredictability can leave drivers short of the funds needed for repairs.
Self-employed drivers also face inconsistent income. One week might be bust, while the next could be much quieter, making it difficult to save regularly and maintain an emergency fund.
COMMON EXPENSES INCLUDE:
PAYDAY LOANS FOR TAXI DRIVERS
Payday loans can offer a quick solution for drivers facing urgent vehicle repairs.
While they provide fast access to cash and short repayment terms, they come at a high cost due to their excessive interest rates (APR). In some cases, payday loans may help in the short term, but the steep repayment terms and high APR can outweigh the benefits, creating longer-term financial burden.
CHALLENGES WITH TRADITIONAL LOANS
On the other hand, traditional loans often offer lower interest rates and monthly repayments spread over a longer period. However, many self-employed drivers in the gig economy struggle to qualify for these loans due to irregular income and eligibility criteria.
One of the major drawbacks of traditional loans is the time it takes to get approved and receive the funds. If your taxi is broken down, every day off the road means a loss of income. Waiting for loan approval could leave your car in the garage for longer than necessary, further affecting your ability to work.
A faster alternative to traditional loans and a cheaper option to a payday loan is a logbook loan, from LoanOnYourCar.co.uk.
LoanOnYourCar.co.uk is a direct UK leading "Logbook Loan Lender". We are a FCA direct lender. We provide a proven and preferable Logbook Loan solutions for Taxi, Uber, Bolt and other App drivers looking to raise same day completion and short-term finance from their vehicles. We are currently the "UK's No1 Trusted Logbook Loan Lender" on Trustpilot, with our customers 5 Stars reviews, plus we offer a low interest rate to our borrowers.
A logbook loan is the perfect solution to withdraw the equity from the drivers car via a same day cash loan, whilst retaining full personal use of their vehicle.
We offer a real alternative to payday loans and other traditional banks.
Loan sizes will range from £500 and up to a maximum of 65% of the cars trade value, based upon a Cap expert market valuation with the flexible loan terms from 12 - 36 months and we allow the driver to settle the loan early '100%' penalty free and make overpayments and pay reduced interest on the lower balance.
The loan will be subject to the driver completing an affordability assessment, credit check and review of the latest 3 months bank statements.
Don't let a vehicle repair or slow month stop you from earning. Apply today for a Logbook Loan from LoanOnYourCar.co.uk and get the cash you need to keep your taxi or app-based service running smoothly.
Apply NowOr call us directly on 033 577 5000 to speak to our experienced sales team.
