Logbook Loan Practices of Varooma in the United Kingdom – A Competitor Review
This is a competitor review by Logbook Calculator of Varooma, a Logbook Loan Company that has its base in London. Varooma works with a network that is comprised of loan agents. They service clients across Wales and England. It is a vehicle loan company that specialises in logbook loans like us. They have a team of experts in the field of alternative lending with a concentration on helping borrowers solve their cash flow issues for short-term periods. They use lending practices that can be easily managed.
Ownership of the Logbook Loan Company
Varooma is the operating and trading name of Green Light Credit Limited. It is offering business of short-term finance to clients in the United Kingdom. It is based in South West London. It has offered thousands of borrowers with logbook loans and has given them flexible ways of applying for short term logbook loans. It has earned its recognition as a responsible Logbook Loan Company. It is authorised and regulated by FCA (Financial Conduct Authority). It has been licensed by the Consumer Credit Trade Association and follows its practice codes in the UK. This Logbook Loan Company is also registered with the Office of Information Commissioner and its attached Data Protection Act.
Business Promotion of Varooma and the Process of the Logbook Loan Screening
This Logbook Loan Company has become famous as the `place where your car lends you money’. Borrowers can meet the requirements for a logbook loan by handing over the registration documents of their vehicles they want to secure against the logbook loan. These documents are forwarded to the internal underwriters for their approval. Borrowers are guided initially to assigned field representatives of their local area. The assigned representative will have all the necessary logbook loan paperwork completed. The documents necessary to get the loan approved are the V5C Logbook of the vehicle, its tax papers, the Ministry of Transport (MOT) Certificate which should be valid, comprehensive insurance documents, the spare key of the vehicle, photo identification documents of the borrower such as a passport or a driving license. In addition to these documents, the borrowers need to submit utility bills which are dated within the last three months to prove the residential address. They need to provide bank statements that cover transactions of the past couple of months. The borrowers have to give proof of active employment by submitting pay slips of the past two months. In case of borrowers being self-employed, they have to provide copies of invoices of their business transactions.
The documents that the borrowers need to sign to complete the logbook loan paperwork are the Bill of Sale, a Credit Agreement which is also the Fixed Sum Loan Agreement and the Income and Expense Declaration Form.
Loan Practices followed by this Logbook Loan Company
The loan contracts at the Logbook Loan Company stretch from a period of twelve months to a maximum of thirty-six months. Borrowers can opt to settle their loan amounts earlier if they want to and there are no penalties for doing that. Maximum Annual Percentage Rate that is expected at this place is 190.3%, and this figure includes all the fees which are linked to the loan agreement contract. A representative example could be given for a sum of £1000 that is taken out for twelve months. There will be twelve equal monthly repayment instalments of £141.67 or fifty-two equal weekly repayment instalments of £32.69 that commence from the date the loan has been applied for. The total repayment amount then works out to £1700.04 fixed interest rate of 70% per year at an APR of 190.3%. At Varooma, the minimum loan amount offered is £500, and the maximum is £50,000.