V5 Solutions bases its loans upon the ability of the person to make the loan payments and the equity of the vehicle. As such, the credit of the person does not play a substantial role in the application process, but rather the overall loan amount. The APR, for example, on a £500 loan is 691.3% and the APR on a £2000 loan is 437.50% (based on a 78-week loan). Loans are offered in durations of 18, 24, 30, or 36 months.
The application process is in three steps. The steps are to apply online, to bring in the vehicle’s documents, review the documents and sign the agreements, and then the customer will receive the loan payment. Borrowers should keep in mind that there is a need for a face-to-face appointment. This appointment tends to take about an hour.