12 Loans FAQs

Am I eligible for a loan?

Our eligibility requirements differ from traditional loans. If you have valid identification documents, you’re 18+ years old, you legally own the vehicle against which you seek a logbook loan, can provide your V5 document, and the vehicle is insured then YES, you could be eligible for one of our logbook loans.

What information will be required of me?

Your vehicle’s V5 document, a valid MOT certificate (if applicable) and details of insurance.The vehicle is also required for inspection, but will remain in your possession throughout the duration of the loan. Additionally, proof of identify (passport, driving licence), 2 proofs of address and proof of income suggesting you can afford to repay the loan will be required.

How much can I borrow for 12 month loans?

Our loans are from as little as £250 up to £50,000 and we will need to see that you have enough disposable income to make repayments.

What kinds of vehicles are accepted?

12 Loans considers all types of roadworthy vehicles: be it a van, a car, or even a motorcycle.

I am self-employed, can I apply?

Yes! You just need to provide a proof of income such as bank statements, invoices or your business accounts.

Do I leave my vehicle with you?

No, one of the key benefits of a logbook loan is that you continue to drive the vehicle for as long as you maintain your repayment obligations. It’s also your responsibility to keep the vehicle in working order, including tax, MOT, and insurance.

What will be the APR (annual percentage rate) of the logbook loan?

The representative APR is 450.5%.

Can I pay back more than the normally scheduled payments or pay it back early?

Yes, in fact we encourage you to do so. The sooner you pay back the loan, the less interest you will pay, which inevitably saves you money. There is no penalty for settling your loan early.

How do I make the payments?

You will need to provide your debit card or bank account details so that the payments can be deducted from the account on the due date. You can also make payments to your account in any of our branches. If you change debit cards, banks or account numbers then you will need to inform us as soon as possible.

What happens if an emergency arises and it is extremely difficult for me to make the payments on time?

We are always willing to work with you and to help you at all times. We simply ask that you contact us as soon as youcan, the sooner that you call and notify us the better.A logbook loan is secured against your vehicle;therefore your vehicle may be at risk of recovery if you fail to make payments or refuse to comply with agreed payment plans.