FAQ
Below are some common questions we get asked. If you have another question which isn’t answered here, then please contact us and we will answer any concerns you may have, no matter how big or small.
1 Q. How soon can I get the cash?
A. We pride ourselves as being the only loan company in the UK that can provide a cash loan within one hour of you applying.
2 Q. How do I apply?
A. Fill out our easy application form on the right or simply call your nearest branch. Find your nearest branch.
3 Q. Is the loan really paid out “same day”?
A. Yes.
4 Q. Is there any insurance product sold with your loans?
A. No. Mobile Money are great believers in keeping our agreements completely transparent (easy to understand). If insurance was required by you then we would recommend using a specialist insurance company, who can provide your loan insurance needs at a competitive cost.
5 Q. Will you contact my employer?
A. Not usually and not without checking with you first.
6 Q. Can I get a loan if I have CCJs or a bad credit history?
A. Yes. We lend on the strength of your car value and your ability to repay. Each application is treated on its own merits.
7 Q. Can I get a loan if I do not have a bank account?
A. Yes we will just ask you to prove your income.
8 Q. Is my application confidential?
A. Yes, completely.
9 Q. How old does my car need to be?
A. Usually less than 10 years old. We lend against older cars as well as motorcycles, vans, lorries and motor homes.
10 Q. Can I keep driving my car while I am repaying the loan
A. Yes, we will just hold onto the logbook for the car whilst you are repaying the loan.
11 Q. Are you regulated?
A. Yes, we are regulated and licenced by the Office of Fair Trading. Our Consumer Credit Licence number is 455568.
12 Q. Do you penalise for early settlement?
A. No, we guarantee there is absolutely no penalty for settling early. Many of our regular customers do this and we charge you only for the months that you have the loan.
13 Q. Do you lend to tenants, or non-homeowners
A. Yes, your residential status does not affect your loan application.
14 Q. How do I make repayments?
A. We can accept most forms of payment apart from credit cards and direct debit. These include cash into our branches or any branch of Barclays Bank. We also accept postal orders, bankers draft, debit cards and standing order payments.
15 Q. What happens if I can’t pay?
A. We work very closely with any customer who is making an effort to repay their debts, however if there is no willingness or absolutely no intention to repay then your vehicle may be sold by us to recover the amount owed.
16 Q. What happens if you have to sell my vehicle?
A. Selling your vehicle is always a last resort solution, however if it does become necessary or you choose to surrender the car to us, we will strive to get the best possible price and any surplus will be refunded to you.
17 Q. I am self-employed can I still get a loan?
A. Yes. Around half of our customers are self-employed.
18 Q. What is the CCTA?
A. The Consumer Credit Trade Association audits all logbook lenders who sign up to its Code of Practice. Always make sure your logbook lender is a member of the CCTA so you can be sure of fair service from a responsible lender.
19 Q .Which Company is the No. 1 logbook lender in the UK?
A. Mobile Money was recognised as completing the most logbook loans when records were last checked in 2010.
20 Q. Where can I find out further information?
A. Email info@mobilemoney.co.uk or call Customer Service – 01527 68349.
21 Q. Why should I choose Mobile Money?
A. We will payout your loan in cash, at your local branch. You will meet our friendly local staff and they will be there to guide you through the whole life of your loan until it is repaid.
22 Q. What happens if I need to tax my car during the loan period?
A. You can just use the DVLA tax reminder or renew the tax online. If you need the vehicle documents just contact your local branch.
