Your initial online application should take around 15 minutes. During this time, we will ask you for information including your personal details, employment details and your current financial situation. Once your online application is complete, our underwriters will contact you direct to confirm that the details of your application are correct and discuss the financial responsibilities of the loan you are applying for.

Once you are happy to go ahead with the loan, we will ask you to digitally sign a credit agreement and once complete, an appointment will be made for a representative to visit you at your home or a convenient location near you. The representative will ask you to sign a “Bill Of Sale” which legally transfers ownership of the vehicle to Logbook Money for the duration of the loan. Once signed the funds will be paid directly into your nominated account. This whole process usually takes less than 24 hours.

A summary of the information that we require to process the application is shown below:

•   Your personal details such as contact details, where you live and how long you have been employed
•   A soft credit check performed by TransUnion (this check will not affect your credit score)
•   An Open Banking request with Consents Online to allow us to view your bank transactions so that we can check that your loan will be affordable
•   Your income and expenditure usually compiled from a summary of your financial details and can be edited if necessary
•   Your bank account details to allow us to send you your funds
•   Your employment details and your job title (if applicable)
•   An electronically signed credit agreement once the loan has been explained to you
•   A Bill Of Sale document legally stating that you have sold the vehicle to Logbook Money for the purposes of this loan