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Mobile Money Reviews [Read Our Expert Opinion]

Jane Wardle

Written by Jane Wardle on July 11, 2018

Updated July 11, 2018

Mobile money logbook loans

Overall Rated: 4.7 / 5

Summary

Mobile Money logbook loans are based upon the equity in the vehicle. Therefore, the more value that your car has, the higher the potential loan you can obtain. Prospective clients should understand that there is a variation on the APR which ranges anywhere from 49% to 499.9%. As such, the loans are intended for quick repayment. Interest on the Mobile Money loans is calculated monthly.

Customers have stated that the process is straightforward and that the cash is available quickly once approved. Trustpilot has awarded Mobile Money a TrustScore of 8.9 out of 10, and other customer reviews have stated that it is one of the easiest ways to borrow money with clear terms.

For the loan, the borrower must sign a ‘bill of sale’ transferring ownership to the company. The company holds this temporary bill of sale until the loan is paid in full. This is standard practice in logbook loans (as well as in mortgages), and borrowers have nothing to fear so long as payments are made.

Trust & Reputation

Rated 4.5/5

With 19 years of experience, Mobile Money has earned a reputation for trust and reliability with its clients in the UK. Unlike competitor companies which have been noted to loan amounts far exceeding the trade in value of the vehicle, Mobile Money requires that the value of the loan match the value of the vehicle. That being stated, those seeking a loan should note that Mobile Money is transparent with the APR rates. If you are unsure of the overall repayment, ask a representative to calculate the payback amount prior to signing the bill of sale.

Expertise & knowledge

Rated 4.7/5

Mobile Money is known for being an expert in equity-based loans. Based upon customer reviews, the company offers their clients clear terms and conditions and understands the ins and outs of the logbook loan process. It is strongly encouraged that those seeking a loan with Mobile Money have the agent explain the APR, the payment, and any “balloon” payments which may occur to avoid any confusion on the commitments needed to fulfil the loan.

Customer Service

Rated 4.8/5

Customer service reports for Mobile Money vary, depending upon where you look at the reviews and the state of the loan when the person reviewed the company. For the most part, the consensus is that the company works well with those who seek to make a realistic solution to disputes. On Trustpilot, Mobile Money receives an average score of ‘great’ with a TrustScore of 8.3 out of ten. In one instance, the company lowered the overall payments for the borrower to make the loan more manageable.

When taking out a logbook loan, borrowers should note that the interest will be higher than that of a standard loan. This is not particular to Mobile Money but is a typical part of logbook loans. Customer service for Mobile Money strives to educate their borrowers about the risks and the responsibilities before the bill of sale being signed.

Mobile Money is a well-established vehicle lending company in the UK. Its reputation is high, its services are well-established, and the return clientele is vast. To find out more about Mobile Money or to learn more about the specifics of the company, you are encouraged to visit their site or physical location and speak to a representative.

We are independently reviewed by our verified customers and web users:
Rating: 4.7 / 4.7 with 1 votes

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