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.