V5 Loans Limited Commitment to Responsible Lending

(BILLS OF SALE FOR LENDING REGULATED UNDER THE CONSUMER CREDIT ACT)

1. GENERAL OBLIGATIONS

V5 Loans shall:
1.1 Conduct their business lawfully; comply with all relevant legislation, regulatory guidance, judicial decisions and general rulings of regulatory authorities.
1.2 Trade honestly, responsibly, ethically and treat customers fairly.
1.3 Behave at all times with integrity and endeavour to ensure, where applicable, that credit-brokers and all other persons with whom V5 Loans has commercial relationships do likewise.
1.4 Act responsibly and with care in the day-to-day conduct of their business.
1.5 Not misrepresent facts to a customer concerning any aspect of a credit transaction. We shall also take all reasonable steps to ensure, where applicable, that brokers and any other intermediaries, when acting, as agents of ours, do not misrepresent facts regarding such transactions to a customer.
1.6 Respect confidential information supplied to them in the course of their business.
1.7 Ensure that credit documentation embodies, in plain and intelligible language, all the express terms and conditions of the agreement, which affect the customers’ rights and obligations.
1.8 Provide adequate training for members of their staff, agents, associates and any other person who performs any duties on behalf of ourselves, bringing this list and the principles contained in it to their attention and requiring them to carry out their duties in accordance with it.
1.9 Comply with obligations and any conditions which may be imposed by the OFT with regard to their respective licences under the Consumer Credit Act 1974 (the Act).
1.10 Follow, where applicable, any requests conveyed by the Association and emanating from the Bank of England, the OFT, the Financial Services Authority (the FSA) (or other relevant authority), and the enforcement authorities.
1.11 Ensure fairness in all dealings with customers including, but not limited to, their dealings with customers both before and after the making of the agreement or any related agreement and the manner in which those agreements are enforced.
1.12 Ensure that our interest in the assigned vehicle is registered, within 24 hours of the making of the agreement, with a recognised Asset Finance Register such as HPI Ltd.
1.13 V5 Loans shall not use Bills of Sale, as a security instrument, to finance the purchase of any goods sold to the customer by ourselves, or by any third party suppliers.

2. SPECIFIC OBLIGATIONS

2.1 Advertising and Marketing
2.1.1 We shall not use direct mail indiscriminately, shall act responsibly and prudently in their advertising and marketing and ensure that all their advertising is truthful and not misleading.
2.1.2 We shall ensure that all advertising and promotional literature is fair and reasonable, does not contain misleading information and complies with all relevant legislation, in particular the provisions of the Consumer Credit Act 1974 (the Act) and the Regulations made under it. This includes the inclusion and disclosure of the “APR” in the statutory form, where required by domestic and community law.
2.1.3 We shall ensure that all advertising complies with the British Code of Advertising, Sales Promotion and Direct Marketing, the Radio Advertising Standards Code, the Television Advertising Standards Code, OFCOM and other relevant codes of practice of similar standing.
2.1.4 We shall not engage in high-pressure selling or other aggressive sales practices such as pressurising a customer to sign up to a credit agreement without affording him the opportunity to consider the Pre-contract information, ask questions about the agreement and ask for and obtain further information and explanation.

2.2 Responsible Lending
2.2.1 We shall not engage in any behaviour that the OFT considers may constitute “irresponsible lending”. We must have regard to: “Irresponsible Lending-OFT guidance for creditors”- August 2010 and as amended from time to time.

2.3 Explanations of the credit product
2.3.1 Before the customer is bound by any credit agreement or offer, we shall provide the customer with Pre-contractual information (PCI) by means of the form required by law at that time. We shall explain to the customer that they may take away the PCI to consider the terms of the offer of credit before the making of the agreement and the customer should be afforded such an opportunity.
2.3.2 We shall provide adequate explanations to the customer, in order to place the customer in a position enabling him to assess whether the proposed credit agreement is adapted to his needs and to his financial situation by explaining, but not limited to: a) the Pre-contractual information to be provided; b) the risk, on default of the agreement, that additional interest and default fees may be charged; c) the risk of losing the asset (usually a vehicle) on which the credit is secured, how it would be repossessed, and the loss this could entail; d) that repossession under the Bill of Sale can take place without a court order and that members may enter customer’s premises to take possession of the vehicle; e) that repossession can result in significantly higher additional costs and may not clear all of the debt owed ; and f) that there is a provision for voluntary termination and the terms and conditions which apply.
2.3.3. Where we have clear grounds to suspect that the explanation provided has not placed the customer in a position whereby he is enabled to assess whether the agreement is suited to his needs and his financial situation, wes shall provide further explanation to the customer.
2.3.4 In all circumstances we should provide the customer with an opportunity to ask questions about the credit agreement. We should also advise the customer how to ask for further information and explanation about the credit agreement from him.

2.4 Assessment of affordability
2.4.1 We shall, before granting credit or increasing the amount of credit to be provided to the customer, undertake an assessment of the creditworthiness of the customer to assess the borrower’s ability to undertake any proposed credit commitment, or specific additional credit commitment, in a sustainable manner, without the customer incurring (further) financial difficulties and/or experiencing adverse consequences.
2.4.2 The assessment of affordability should be based on information and evidence obtained from: a) the customer, having provided evidence of his ability to repay the credit; and b) a credit reference agency, where necessary.
2.4.3 We shall take particular care in relation to applications for credit from young people in the age range 18-21 years.
2.4.4 We shall continuously monitor our credit granting practices and our assessment techniques to ensure that we are prudent and realistic in the prevailing economic circumstances. We shall not be less rigorous in assessing the customer’s ability to repay by reason of the sole fact that security is offered.
2.4.5 To the extent that we might use credit-scoring techniques, we shall abide by the principles set out in the publication “Guide to Credit Scoring 2000”, as subsequently amended or updated. Where we do not use credit-scoring techniques we should be prepared to make clear to a declined applicant whether or not a refusal relates to a credit reference agency report.
2.4.6 We shall ensure that where a customer is refused credit and believes the refusal to be unreasonable the customer is given the name or title of a senior official who will review the application.
2.4.7 We shall provide appropriate assistance, in the form of information and guidance, to young (as defined above) and/or vulnerable customers.

2.5 The Regulated Consumer Credit Agreement
2.5.1 We shall use plain and intelligible language in all agreements, Pre-contract information documents and communications with customers. We shall use prescribed wording where that is required by law.
2.5.2 We shall ensure that their agreements (and any related agreements) with consumers do not contain unfair contract terms.
2.5.3 We shall advise customers of the contractual interest rate(s) applicable to their agreements for credit, the basis on which default interest and charges, repossession charges and any other charges are calculated and, when they will be charged.
2.5.4 We shall advise customers how any agreed variation of the terms and conditions of their agreement will be notified and shall give customers at least 14 clear days written notice before any variation takes effect.
2.5.5 We shall comply with all statutory and other reasonable requests by customers for information about their agreements and accounts within 14 days of receiving a written request or otherwise within the period specified by law.
2.5.6 We shall supply copies of documentation and statements of account as required by law and within the prescribed timescale.
2.5.7 We, where applicable, shall comply with their legal obligations in relation to the provision of Pre-contractual information and the 14 day right of cancellation in respect of distance contracts under the Financial Services (Distance Marketing) Regulations 2004.
2.5.8 We shall assist customers seeking advice and guidance.

3 GUARANTEES AND BILLS OF SALE

3.1 Guarantees
3.1.1 We shall advise individuals proposing to give a guarantee or other security for a customer’s liability that: a) by giving the guarantee or security he or she might become liable for payment of the loan amount instead of or in addition to customer; b) he or she should seek independent legal advice before entering into the guarantee or security.
3.1.2 We shall be deemed to have complied with the requirements of 3.1.1 where guarantees and other securities contain a clear and prominent notice to the above effect.

3.2 Bills of Sale
3.2.1 We shall comply with the requirements of The Bills of Sale Act 1878, the Bills of Sale Ireland Act 1878 and the Bills of Sale Act (1878) Amendment Act 1882, the standard industry practice of ensuring that the members’ interest in the assigned vehicle is registered, within 24 hrs of the making of the agreement with a recognised Asset Finance Register such as HPI Ltd, other relevant laws, codes of practice and this Code insofar as it is compatible with the foregoing.
3.2.2 We shall provide the customer with the Industry Standard “Bill of Sale Borrower Information Sheet”.

4 DEALING WITH CUSTOMERS EXPERIENCING FINANCIAL DIFFICULTIES

4.1 We shall establish and implement policies and procedures for dealing with customers whose accounts fall into arrears that are fair, clear, not misleading and members agree to fully comply with both the word and spirit of the section entitled “Handling of default and arrears” of the OFT Irresponsible Lending Guidance.
4.2 Any policies and procedures for dealing with customers whose account falls in arrears shall make specific provision for, amongst other matters, the fair and appropriate treatment of vulnerable customers such as those known to or reasonably believed to lack the mental capacity to make relevant financial decisions at a particular time.
4.3 We shall consider cases of financial difficulty sympathetically and positively, treat customers in default or arrears difficulties with understanding, forbearance and due consideration and encourage their customers to contact them should they experience financial difficulty.
4.4 We shall, where appropriate, refer customers to debt counselling organisations and notify customers where they can get free advice, such as Citizens Advice Bureaux, Money Advice Centres, National Debtline, the Consumer Credit Counselling Service or Consumer Direct. We will work with debt counselling organisations to assist their customers.
4.5 We shall suspend, for a period of not less than 30 days, the active pursuit of recovery of a debt from a customer in default or payment difficulties under circumstances in which a bona fide debt advisor is assisting the customer in a agreeing a repayment plan.
4.6 If V5 Loans passes a customer’s account to another person to collect overdue payments, such as a debt collector or solicitor, we will inform the customer.

5 ENFORCEMENT AND DEBT COLLECTION

5.1 We shall have due regard to the Debt Collection Guidance issued by the Office of Fair Trading (the OFT) and in particular shall not engage in any unfair business practices identified in that Guidance.
5.2 V5 Loans shall have due regard to: “Irresponsible Lending-OFT guidance for creditors” and in particular shall not engage in any irresponsible lending practices identified in that Guidance under the heading “HANDLING OF DEFAULT AND ARREARS”.
5.3 V5 Loans shall ensure, by reviewing annually their debt collection procedures and those of any third parties they employ, that they conform to high ethical standards and allow for proper consideration of the customers circumstances and in particular: a) encourage customers in financial difficulties to inform them of their difficulties at the earliest possible moment (and we will endeavour to respond sympathetically, without prejudice to our rights); b) provide in all relevant correspondence the name or title of a specially trained member of staff who may be contacted if difficulties arise; and c) take into consideration, before determining whether to enforce an agreement, all information supplied by the customer or otherwise in relation to the cause of any default and the customer’s future ability to repay. If the customer has disclosed multiple debt problems, we shall inform the customer of the availability of advisory services.
5.4 V5 Loans may suspend the pursuit of recovery of a debt from a borrower, under circumstances in which notification has been given and/or it is reasonably believed that the borrower lacks the mental capacity to make relevant financial decisions regarding the management of his debt at that time, unless or until a reasonable period of time has been allowed for relevant evidence to be provided as to the likely impact of the capacity problem on the borrower’s ability to manage his debt and deal with a debt recovery business. The appropriate means of collecting evidence, in appropriate circumstances, could be to use the standard Debt and Mental Health Evidence Form (DMHEF), developed between MALG and the Royal College of Psychiatrists.
5.5 We shall not impose charges, of whatever nature, on customers who are in arrears unless the nature of those charges are disclosed at the Pre-contract stage and are limited to doing no more than covering the member’s costs.
5.6 We shall allow for alternative, affordable, payment amounts when the borrower or his appointed debt advisor or representative makes a reasonable proposal.
5.7 We shall regard the lawful seizure of a secured asset as a serious enforcement option, to be taken only when attempts of have failed with the customer, to mutually agree a realistic and sustainable arrangement to clear arrears.
5.8 V5 Loans should not, except in exceptional circumstances such as proven identity fraud, consider seizure of the vehicle unless- a) the amount of the customer’s arrears shortfall is no less than the equivalent of: b) the sum of the last two payments required to have been made, under a monthly paid agreement, before that time; or
c) the sum of the last four payments required to have been made, under a weekly paid agreement, before that time; and
d) the requirements of section 87B (Notice of Sums in Arrears) of the Act have been complied with prior to serving a Default Notice under section 87 (1) of the Act. 8
5.9 Notwithstanding the provisions of the Bills of Sale Act 1878, the Bills of Sale Ireland Act 1878 and the Bills of Sale Act (1878) Amendment Act 1882, V5 Loans shall, upon the lawful seizure of the vehicle, hold the vehicle in safe keeping for a period of not less than 14 days to allow the customer to make representations to resolve the matter or to make application to the court under section 7 of the Bills of Sale Act (1878) Amendment Act 1882 to restrain V5 Loans from selling the vehicle. V5 Loans shall take all reasonable steps to ensure that seized vehicles are sold for the highest obtainable market price.
5.10 We shall not apply for a charging order on the customers home (the property) to secure an outstanding debt, except under the following circumstances:
a) the outstanding debt is no less than £500 and, for whatever reason, a member is unable to gain lawful possession of the assigned vehicle; or
b) the outstanding debt is no less than £500 and “bad faith” by the customer is shown, which includes; intent to deceive or mislead a member to gain some advantage, dishonesty or fraud in the transaction.
5.11 Where we have obtained a charging order under 5.10 (a) or (b), we shall not seek an order of the court for the sale of the judgments debtors’ home.
5.12 We shall allow customers who are in arrears under the agreement, the option to voluntary surrender the assigned vehicle as full and final settlement of all claims against the customer except where:
a) a default notice has been served under s87 of the Act, the default notice remains unsatisfied and instructions have already been issued to an authorised person to recover the vehicle; or
b) it is established that the vehicle has sustained malicious damage of whatever nature.
5.13 V5 Loans shall provide the customer with information on the voluntary surrender option at the Pre-contract information stage and at the time a default notice is served. We shall not place undue pressure on the customer to adopt this option.

6. THIRD PARTY PURCHASERS

6.1 V5 Loans will afford innocent purchasers of vehicles, that are subject to a Bill of Sale, the same protection as afforded under the Hire-Purchase Act 1964 Part III – “Title to Motor Vehicles on Hire-Purchase or Conditional Sale”, but only insofar as title shall transfer to the innocent purchaser in the event that V5 Loans failed to register his interest in that vehicle with a relevant Asset Finance Register Company within 24 hours of execution of the agreement.

7. DEBT COLLECTION AGENCIES

7.1 V5 Loans shall ensure that any Debt Collection Agencies they employ shall be licensed under the Consumer Credit Act 1974.
7.2 V5 Loans shall monitor those Debt collection agencies compliance with the Consumer Credit Act 1974, regulations under that Act, relevant codes of practice, debt collection guidance issued by the Office of Fair Trading and this Commitment insofar as it is compatible with the foregoing.

8 DATA PROTECTION AND CONFIDENTIALITY OF INFORMATION

8.1 V5 Loans shall respect personal information supplied to them by customers and shall inform customers of the purposes for which this information is intended to be used and disclosed, before it is given by the customer.
8.2 V5 Loans shall observe a strict duty of confidentiality about their customers (and former customers) personal financial affairs and shall not disclose details of customers accounts or their names and addresses to any third party, except for the purposes of filing with credit reference agencies and in the following cases:
a) where they are legally compelled to do so;
b) where there is a duty to the public to disclose;
c) where the interests of the member requires disclosure;
d) where disclosure is made at the request, or with the consent, of the customer.
8.3 We shall not use exception © above to justify the disclosure for marketing purposes of details of customers” accounts or their names and addresses to any third party, including other companies within the same group.
8.4 If we use the services of credit reference agencies and/or fraud prevention agencies shall ensure that any information they supply about customers and the conduct of their accounts to credit reference agencies and/or fraud prevention agencies is complete and accurate.
8.5 V5 Loans shall at all times comply with the Data Protection Act 1998 when obtaining and processing customers” personal data and shall explain to their customers that they have the right of access, under that Act, to their personal records held on computer files.
8.6 We shall advise customers of their right not to receive marketing information from the member or a third party with whom the member is connected. Members shall comply in that regard with the requirements of the Data Protection Act 1998 and the Privacy and Electronic Communications (EC Directive) Regulations 2003.

9 COMPLAINTS PROCEDURE

9.1 General
9.1.2 We shall deal promptly and at an appropriate management level with complaints. We shall establish a complaints procedure and furnish information on request about their complaints procedure. Customers shall be told what further steps are available if they believe that the complaint has not dealt with satisfactorily. These steps include the complaint being referred to a senior manager of V5 Loans, to the CCTA and the ultimate resort of the unresolved complaint being referred to the Financial Ombudsman Service (FOS).

9.2 Customer Complaints
9.2.1 If a customer makes a complaint that is not dealt with to the satisfaction of the customer, we will refer it to a senior executive.
9.2.2 Where a complaint cannot be resolved by conciliation, the customer shall be entitled to seek resolution by the Financial Ombudsman Service.
9.2.3 Nothing in this list restricts or is intended to restrict the rights of a customer or a member to pursue remedies through the Courts or the Financial Ombudsman Service.
9.2.4 We shall notify customers of the complaints procedure, including the customer’s right to seek resolution of the complaint under the Conciliation Scheme and the Financial Ombudsman Service.

APR Explained

Our rate are higher higher than your typical high street bank rate or financial institution, but there are many reasons for this, and we would be delighted to explain why:

1. Much like traditional lenders, we could use fixed fees, long term products and small print to dramatically shrink our annual percentage rate (APR). However, the benefits of our short term service is its flexibility and complete transparency – and that’s something we won’t compromise or appear more conventional.

If a customer borrows £1,500 and pays it back over the full term of 78 weeks, their total repayable would be £4,388.28 (£2,888.28 in interest and fees), however, that same customer could choose to settle their loan (and the vast majority of our customers do) at any point during the term of the loan, and receive an interest rebate relevant to how soon they settle. Therefore the sooner they settle, the less expensive the product becomes. For example, by settling the loan after 4 weeks, the total repayable is just £1,861.40 (£361.40 in interest and fees).

1. We provide a personal service which is fast, professional and discreet, which is what our customers require. It is because of our care and unique service that 25% of our customers use over and over again. To provide this personalised service, V5 Loans Loans needs to employ an Underwriting team which covers the majority of the UK. All of these Underwriters respond to customer enquiries, to help provide the urgent service that our customers require.
2. Taking the above two points into account, it unfair to compare V5 Loans to a mainstream lender, because V5 Loans doesn’t conduct credit checks on customers. We provide a genuine ‘regulated and licensed lender’ service which is available to the people in the UK who are unable to obtain mainstream finance from the usual high street institutions. We are a licensed and regulated lender, and but for the lawful and decent service we provide, customers would be made to deal with unregulated and unlawful money lenders, with serious and dangerous ramifications.
3. Because of this the risk posed to V5 Loans is far higher and therefore the cost of maintaining our customer’s accounts is naturally higher and also because of the risk involved. This needs to be reflected in our rates, as with the first two points.
4. To illustrate the point that our APR is relevant to the market and the fact that we are a ‘regulated and licensed lender (usually as a last resort), we can compare the cost of our Representative APR of 498% with comparable products, which are far more relevant than a high street bank loan:

• Payday loans: Representative APR 4,214%
• Provident: Representative APR 272.2%
• Shopacheck: Representative APR 399.7%
• Pawn broking: Representative APR 119%
  Remember that a Pawnbroker will retain your asset, whereas we at V5 Loans allow our customers to get on with their life and continue to use their vehicle (also an asset which depreciates in value, unlike gold and jewellery etc).

Another APR myth busted:

The larger the APR the more expensive a loan, right? Incorrect. It’s a common perception, but with V5 Loan’s super-flexible approach to short term credit the opposite definitely applies. This is a good indication of the potential for APR to mislead when trying to judge the cost of a short term loan.

The cost of a V5 Loan is determined by the amount of money borrowed and the number of days you need it for – the shorter the term, the less you’ll pay in interest and fees. Yet APR actually increases as the term and cost of a V5 Loan decreases over time. Confusing? Well, as the loan period gets shorter, the more times you have to multiply and compound interest to make it into a theoretical annual figure!

Contact us

Loans with no “credit checks”

A loan with no credit check!

You can relax now – you’ve found a company that offer loans even if you have a bad credit history, CCJs, arrears or defaults. You can get the cash you need quickly and without barriers or credit checks.

Even if you don’t have a credit history – it’s not a problem!

We differ from other lenders in that we are prepared to loan you money with no credit checks. If fact you will build up a credit history with us! Make regular and on time repayments and then you can prove to other lenders that you are a good credit risk. This will allow you more credit options in the future.

No Credit Check – Why?

We do not need a credit check because your loan is secured against your car. Despite having bad credit, you can still get a V5 Loan provided you have a car that is nearly free or free from finance. Even if you have a classic, prestige or luxury car, you could qualify you for a no credit check loan. You are assured of a very quick decision with V5 Loans.

How much can I borrow?

Provided you have a car with equity, anything is possible. We determine the loan ceiling by the make, model, age, mileage and condition of your car. The higher the market value of your car, the larger the no credit check loan you can have.

We get you the money you need QUICKLY!

You’ll be surprised that a loan can be agreed in principal in minutes over the ´phone. If you apply online, our advisers will call you back immediately. Once the paperwork is completed you can have your money the same day – it’s that easy!

Any purpose loan

Whatever your reason to obtain a loan, provided you can continue with the repayments on your no credit check loan you can use the money as you wish. This could be to consolidate other debts, fund car insurance, that holiday you have been waiting so long for, Christmas gifts or a treat for yourself. You might want to make improvements to your home, or need a private operation – they are all acceptable reasons.

REFUSED A LOAN?

1 – Is my loan application confidential?

Yes, of course your loan is confidential. Please ensure confidentiality by advising us not to use an email address or telephone number to contact you.

We do not perform credit checks on you as we are not concerned how other organisations view your credit worthiness or history. We also never share your information with other lenders or third parties. We are licensed under the Data Proctection Act to protect your privacy at all times.

There’s just one final requirement to be aware of under this category. If you have been refused a loan before, you will need to provide proof of regular income with payslips, P60 or your personal bank account statements.

2 – Does my partner or another family member need to know?

Your privacy is protected, not only under our code of ethics, but under Data Protection legislation of which we are licensed under number: Z1414881. Correspondingly, discussing your private affairs with a third party contravenes the Data Protection regulations. However, we always recommend that your partner is aware that you have been refused a loan in the past by another lender that that’s why you are in touch with us. Our loans are based on the legal owner of the vehicle and therefore, you are not at liberty to involve anyone else. However, that said, if you share a mortgage, credit cards or bank account or other financial commitments with a partner, there’s a likelihood they are going to find out at some point.

3 – I have a bad credit record – Can I get a loan?

It’s possible! Our logbook loan based on the equity in your car requires no credit checks – so your past credit history is ignored. This will apply even if you have been refused a loan by other lenders now or in the past due to bad credit.

4 – I have a CCJ – County Court Judgement – Can I still get a loan?

It’s possible! If you have no credit history of have been refused a loan due to CCJs, arrears or defaults, then it is still possible.

5 – How come you can loan me money when other lenders won’t or can’t?

Your current credit file would state you are “high risk” for a loan or credit. We can give you a loan as you are using the equity or value of your car as security. This is a secured loan and we allow you to borrow money without the need for a credit check.

6 – Loan Application Process

Please do not worry if you have been refused a loan before, just call us on 0800 999 5555 or apply online by clicking the “Apply Now” button at the top of this page. Our friendly advisers will be able to give you an answer in minutes.

OUR PRIVACY POLICY

1 – The site is operated by V5 Loans Limited, a company incorporated in the UK (registration number 6641972), the registered office of which is Millennium Business Centre, Humber Road, London NW2 6DW.

2 – When you call us, or complete the online application, you will have provided us your personal details. V5 Loans Ltd totally respects your privacy and does not share any of this information with third parties. Our Data Protection License No: Z1414881, confirms that we are registered under the data protection act legislation to ensure your privacy and data is of utmost importance to us.

3 – As you register either by telephone or through the web site, we collect your information. This could be in response to advertising either online or in print. In particular, V5 Loans also collect information about you which includes the use of cookies. Cookies are pieces of computer code which are stored on your computer and which allow us to recognise the fact that you have visited our site previously. Most browsers can be altered to prevent your computer from accepting cookies, although this may mean that some of the features of this site will not work properly. This information is treated in the same way as any other data and remains under the jurisdiction of the Data Protection legislation which we fully adhere too.

4 – V5 Loans would like to use your personal information to keep in contact with you on a regular basis to tell you about new developments and offers, or promotions that are available to you. If you do not wish to receive this information, you can unsubscribe at any time. Once your data is in our database we will keep you informed of any special offers, promotions or even government legislation that may affect your ability to lend.

5 – As mentioned previously, all data that we collect about your personal information is kept in the strictest confidence, however, by disclosing this to us, you agree to the storage, processing of your personal information accordingly as set out in our privacy policy.

6- We ask that at all times you keep us informed in any changes to your personal information or circumstances. If we don’t know – we can’t help you!

In the event that you have any queries regarding this privacy statement or V5 Loans Limited treatment of your personal information, please contact V5 Loans Limited by any method set out below at:

Post: V5 Loans Limited, Millennium Business Centre, Humber Road, London NW2 6DW. Tel: 0800 999 5555 Fax: 020 8830 8761 Email:

Bad Credit

Bad credit is a thing of the past with a log book loan from V5 Loans. If you have had a loan refused due to CCJs, V5 Loans will be able to offer a logbook loan instead and very quickly. Even having been refused a loan you can unlock the cash value in your car with a logbook loan from V5 Loans. V5 Loans are not concerned about bad credit, because we recognise people can get a bad credit rating through no fault of their own.

V5 Loans are highly competitive log book loans. Help is at hand with living costs. It doesn’t matter if you live with your parents V5 Loans can help. You could be a council tenant, a housing association tenant or you could rent a private property. If you have CCJs. Had a loan refused. You could still get a tenant loan.

To apply for a loan, simply contact us by telephone or online. The amount you borrow will depend on the value of your car. We cannot offer loans at incredibly low rates, but they are competitive rates for the industry. We lend money for people to consolidate their debts, buy a car, go on holiday or simply if they need additional money to make ends meet V5 Loans can offer a logbook loan if you qualify for a loan. You have to be the legal owner of the car to qualify for a V5 Loan. Even if you purchased your car on finance & have paid the amount owed or you are close to finishing paying, we can offer you a loan. V5 Loans offer log book loans so you receive your money in 24 hours. It is the perfect solution for access to quick and easy cash. You can settle your loan early to receive an interest rebate. The interest being relevant to how quickly you can settle your loan.

V5 Loans offer our outstanding level of service whether or not you already have existing debts, CCJs or bad credit. We can provide you with a loan even if you have been refused a loan by other companies. We offer loans to people normally expecting to be refused a loan because other companies may not consider them a good investment. If they have CCJs against them, a bad credit rating or even existing debts. At V5 Loans, we do not feel the need to take this into consideration before offering our services.

Bad Credit Loans

People with a bad credit history can get a bad credit loan from V5 Loans in the form of a logbook loan. If you have been refused a loan due to previous or existing CCJs or existing debts, V5 Loans offer logbook loans to people requiring loans despite their credit history.

People with existing debts who need extra cash can have a difficult time getting a loan approved. A bad credit history due to CCJs will prevent a source of cash from normal lending organisations or banks. Many not be accepted for a loan or will have to wait. So if you need a fast, no hassle payday cash loan & been refused a loan before apply now online or by telephone.

You can unlock the cash value in your car whilst you stay on the road. V5 Loans provide logbook loans to many with CCJs, bad credit or other existing loans. If you want a loan, apply for a log book loan from V5 Loans today.

V5 can offer you a loan if you purchased your car on finance and have now paid the amount owed or you are close to finishing paying. Additional money can be lent to buy a car, go on holiday, consolidate your debts or simply to make ends meet. We offer loans, not at incredibly low rates, as the people who borrow have been refused a loan elsewhere. The loan will depend on the value of your car.

V5 Loans provide customers with a service whereby they can receive their money in 24 hours. It is the perfect solution to access to quick and easy cash. We offer a service whereby if you settle your loan early, you will receive an interest rebate. The interest being relevant to how quickly you can settle your loan.

Have you been refused a Loan

Trust V5 Loans to provide you with bad credit loans via one of its logbook loans. V5 Loans offers our logbook loans for people with bad credit. If you want a loan and have been refused a loan by other companies, we offer loans to people who have been refused a loan because other companies may think you may not be considered to be a good investment. V5 Loans offer log book loans to people with CCJs against them, a bad credit rating or even existing debts.

Glossary of Terms

If you are not sure about terms such as CCJs, credit checks, or credit history – then this Glossary is designed to help you understand the language we speak at V5 Loans!

CCJ

CCJ. County Court Judgment. A CCJ is issued when a creditor wins a County Court Claim saying you owe them money. The CCJ is issued to indicate that you must repay the debt – either for the amount agreed by you and the creditor or, if you can’t agree, a payment set by the court.

CCJ records

You must pay the full amount of your CCJ within one month otherwise your CCJ will be recorded on the Register of County Court Judgements for six years. This impacts on your credit report since organisations such as banks, building societies and loan companies use the registered information that appears on your report when deciding whether to give you credit or loans, including a mortgage.

Credit checks on you

Credit checks are performed by banks, building societies, loan companies and credit card companies to decide if you are a good or bad credit risk. If you have a CCJ, are in arrears or have defaulted on payments, they may decide to refuse a loan. However, there is no credit check performed by V5 Loans because your log book loan is secured on the value of your car.

Your Credit history

If you have CCJs, defaults or arrears – these will make up your credit history. In other words, your credit history gives loan companies an idea of how well you manage your finances when it comes to making loan or credit repayments. A bad credit history may mean you are turned down for loans because you appear to be a bad credit risk. People who have never applied for loans or credit before are said to have ‘no credit history’. They may also be turned down for loans or credit because it is impossible for financial companies to judge whether they will be a good or bad credit risk.

At V5 Loans we do not ask to see your credit history to arrange log book loans. That’s why our no credit check loans are ideal for those who have CCJs, defaults, arrears or no credit history.

Secured loan

Because V5 Loans offer you a secured loan we can afford to overlook CCJs, arrears or defaults. A secured loan is one that uses an asset as security for the loan. In the case of V5 Loans your car is used as security against the amount you borrow.

The Costs

We do not charge an administration fee

We offer early settlement discounts for all customers

Secured Loan – a Logbook Loan

There are many people who need a secured loan for very many reasons. Some need a bad credit loan due to their bad credit rating. Others need a simple fast loan, as they need funds today. Some want a small loan similar to a payday loan.

If you need a no credit check loan, V5 Loans can provide a logbook loan to suit most requirements – a loan secured against the equity in your car. Bad credit prevents many consumers from borrowing money. V5 can provide a log book loan for any purpose, be it for home improvements, holidays or simply to make ends meet.

Applications can be made by telephone or online. Money is available regardless of your circumstances and usually within 24 hours.

You may have been rejected due to bad credit. A log book loan provides money for people with bad credit and are in need of a secured loan or payday loan.

You can obtain a bad credit loan through V5 Loans, which is an ideal solution if you are in need of a secured loan, payday loan or bad credit loan. A logbook loan is ideal for people who may currently have bad credit. You can take a bad credit loan which is a secured loan against your vehicle’s Logbook – it’s very simple and quick as well!

Payments

Standing order
Most popular method. Weekly or monthly payments set up by your bank.

By paying-in-book
Pay weekly or monthly cheques or cash at your local Nat West bank.

By card
We can take payments over the telephone.

Bank transfer
BACs or CHAPs transfer direct from your bank to ours.

At the office
Visit us at the office to pay by cheque, cash or card.

The Process

You contact us online or by phone.
Our staff really are friendly & helpful.

The value of your car is assessed quickly.
Computer generated valuations take just a minute.

What affects valuations?
Make, model, age, mileage and condition.

Loan valuations
The amount we offer to lend will be determined by the value of your car.

Repayments
We advise you of your weekly or monthly repayments and discuss if you can afford them.

Appointment
We will arrange to meet you at home or at our offices whichever is more convenient.

The car’s docs are checked
The car’s Docs are compared to the car itself to ensure they match.

The car is inspected for damage and general condition
Provided we were informed when valuing the car of mechanical faults & body damage, they will not be a problem.

Your personal documents are checked and verified
We need to confirm who you are and where you live.

How soon do you get the money?
Would today be too late?

Your Protection

Consumer credit agreement
We are governed by Consumer Credit Law. Our Consumer Credit License No is 619852/1. We will ask you to sign a Consumer Credit Agreement, which is legally binding by both parties. Consumer Credit Law was introduced to serve the Consumer. That is you. We are happy to be held accountable by it.

What happens if I fall into arrears?
Don’t panic. We will help you through difficult times.

I can’t afford to pay
Your car is at risk if you do not keep up repayments. However, we are here to help if we can.

I do not want to lose my car
We rarely repossess cars. We are here to help if we can.

The golden rule
If you have a query, complaint or difficulty, please contact us. We are here to help.

How does it work?

V5 Loans provide the perfect solution for anyone looking for a no credit check loan. Consumers seeking payday loans can often only raise small sums through a small loan. A logbook loan can work to the same principles of a payday loan, but provide a bigger loan. A payday loan is an unsecured loan, whereas a log book loan is a secured loan. So if you have bad credit and are seeking a “no credit check style loan” or a payday cash loan, apply now.

Unsecured loan companies often reject applicants as their lending criteria will not offer a no credit check loan. A no credit check loan is the ideal solution to consumers in that position and we are delighted to be able to help you.

A logbook loans is a simple fast loan that can resolve the problems obtaining credit. A no credit check loan is available today. Payday loans don’t offer sufficient funds for most people who need a loan and have been unsuccessful in applying for an unsecured loan. Apply for a no credit check loan from V5 Loans today and you could have your no credit check loan within a matter of hours! V5 Loans aims to pay out all no credit check loans within hours of receiving the original application online or by telephone.

Who qualifies?

• Most people with a car that is free/almost free of finance
  The loan is secured against the car.
• People with proven income
  Could be wages or benefits, so long as it’s sufficient that you can afford the loan.
• People with poor credit rating
  Many people with poor credit ratings expect to be rejected. We are here to help people with or without a good credit rating.
• We enjoy lending money
  You need a loan? If you can afford it, we’ll find a way to help if we can.
• Loans for any reason
  Money to make ends meet? For a Holiday? Whatever the reason, we’ll try to help.

Who are disqualified?

• The vulnerable
  As a responsible lender, we do not transact loans with the following for their own protection.
• The mentally infirm
  Even if accompanied by a Guardian.
• The elderly
  Some elderly people could be vulnerable.
• Under 18s
  We will not transact loans with those under 18 years of age.
• Those being coerced by another
  The person taking the loan must do so of their own volition.
• Those who cannot provide proof of income
  If you cannot afford the loan, we will not arrange one for you.
• Cars without value
  Cars that are too old or are non-runners or have significant mechanical faults or severe body damage may be rejected.

Who qualifies?

Providing you own a car of sufficient value that is clear or nearly clear of finance you will qualify for a no credit check personal loan. If you have been refused a fast personal loan in the past loan due to a bad credit file, you could now obtain a fast personal loan with V5 Loans. Bad credit can prevent you getting a bad credit loan. It can take up to six years to achieve a clean credit file, which has made you unable to obtain bad credit loan. Today bad credit loans are available with V5 Loans. You needn’t wait a number of years for your credit file to be repaired by paying off all arrears and settling any outstanding defaults or CCJs.

If you are in need of a fast personal loan or to obtain a no credit check personal loan, call V5 Loans.

How does it work?

V5 Loans provide the perfect solution for anyone looking for a no credit check loan. Consumers seeking payday loans can often only raise small sums through a small loan. A logbook loan can work to the same principles of a payday loan, but provide a bigger loan. A payday loan is an unsecured loan, whereas a log book loan is a secured loan. So if you have bad credit and are seeking a no credit check loan or a payday cash loan, apply now.

Unsecured loan companies often reject applicants as their lending criteria will not offer a no credit check loan. A no credit check loan is the ideal solution to consumers in that position.

The Facts

Financial loans Will be *SECURED AGAINST YOUR CAR*

Vehicles can be used as collateral in order to secure a loan.


YOU KEEP THE CAR

Carry on driving your car as usual for the duration of the loan.



NO CREDIT CHECKS
Your credit rating is irrelevant. Your own security is your vehicle.



HOW MUCH CAN BE BORROWED?
100s to thousands of pounds depending on the value of your car.



CASH AVAILABLE TODAY

You could have a cheque or cash within hours.



OUR FRIENDLY STAFF ARE HERE TO HELP

Contact online or by telephone for further help & advice.

Secured Loan

There are many people who need a secured loan for very many reasons. Some need a bad credit loan, due to their bad credit rating. Others need a simple fast loan, as they need funds today. Some want a small loan similar to a payday loan.

If you need a no credit check loan, V5 Loans can provide a logbook loan to suit most requirements. Bad credit prevents many consumers from borrowing money. V5 can provide a log book loan for any purpose, be it for home improvements, holidays or simply to make ends meet – it’s quick and easy!

Applications can be made by telephone or online through our web site. Money is available regardless of your circumstances. You may have been rejected due to bad credit. A log book loan provides money for people with bad credit and are in need of a secured loan or payday loan.

You can obtain a bad credit loan through V5 Loans, which is an ideal solution if you are in need of a secured loan, payday loan or bad credit loan. A logbook loan is ideal for people who may currently have bad credit. You can take a bad credit loan which is a secured loan against your vehicle’s Logbook.

Why choose V5 loans for a Logbook Loan?

• Loans even if you have been rejected by others
• Loans if you have no collateral other than your car
• Loans available even if you want cash today
• A totally confidential and friendly service
• Loan from £500 to £20,000

If you fill out our application form online now, we will get back to you quickly with a decision. Please ensure you answer all the questions to avoid any delay. We offer a speedy service and one of our underwriters will manage your application from start to finish.

Thank you for considering V5 loans. We are here to help!

V5 Loans do not charge an administration fee on Logbook Loans. We also offer early settlement discounts. The total repayable figure on a £1,000 loan could be as little as £1,107 depending how quickly it is paid back.

We lend to clients who do not have a good credit rating. We can provide cash or a cheque today. We lend to people who have no collateral to secure a loan from banks. The only security we require is for you to own a car. You carry on driving and using your car in the normal way for the duration of the loan. Banks reject our clients for being too risky. However we welcome the opportunity to lend to them.

Logbook loans are unique in that they simply use your car’s logbook as collateral. If you’re not in a position to take out a loan against any other asset, and are the owner of a vehicle that is (or soon will be) clear of finance, you should enquire about the affordable log book loans available from V5 Loans. The money generated from a cash deposit could go towards anything – take you and a loved one on the holiday of your dreams, catch up on previous debts, or simply use our log book loans in place of convenient payday loans and iron out your finances.

V5 Loans is without doubt the UK’s leading supplier of bad credit logbook loans. We believe we’re the country’s first choice for refused credit logbook loans because our interest rates are competitive and we’re able to offer loans of any amount between £500 and £20,000, allowing complete flexibility and transparency throughout the entire log book loans procedure.