Mobile Money

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This logbook loan company has a long-standing history, lending money since 1998. You can borrow up to 25,000 pounds and pay it back up to 18 months. There is no early repayment fee but there is an admin fee of about 30 pounds. The APR is higher than others but could very well fall in the average when compared to other logbook loan companies in general. They have the same qualifications and only accept cars with no financing left on it.

From my research, there seems to be a mix of reviews with Mobile Money. It could very well be dependent on the branch you go to. First of all, their rates, like I stated earlier are not the cheapest but not the most expensive either. You should be very well aware that logbook loan APRs are generally higher than some other types of personal loans because there are no credit checks and most people who choose to go for logbook loans are the ones who have had their credits tarnished for some unfortunate reasons. No offense here, I am just stating a reality. Since this is the case, the lenders then think they have more risks lending money to people with bad credit so they try to make up for it by charging very high interest rates.

Now going back to Mobile Money, the problem seems to be their service. Many are complaining about how unaccommodating they are when there are problems with the repayments. There seems to be quite a bit of complaints about how adamant they are for you to make a payment the day after you miss your due date. The terms they have are okay and the speed of payout is excellent but if you think you’re going to need some flexibility for the repayments, you might want to go elsewhere instead. Just saying.

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