Mobile Money is a logbook loan lender.
When you go on its site it asks for a vehicle registration number and then asks for a lot of personal information, all the time without giving any real indication of how much they will lend you and what the interest rate is going to be.
On the site, it says that the APR’s range from 49.9% to 499.9% which is a massive range and goes from expensive to extortionate. It is hard to understand why the interest rates are so high given the company is using your car as a security on the loan.
They compare themselves against Loans2Go and CarCashpoint and seem quite proud to display 189.9% rep APR Fixed PA.
We have found Mobile Money to be quite aggressive to deal with. That could be because we are a Claims Management Company and they just don’t like us, but they came across as quite nasty. I would not want to owe them money, that’s for sure.
The example given on Mobile Moneys site is as follows:
Borrow £1,200 over 18 months and the monthly payments are £139.58 and that means that you would pay back a total of £2,512.44 or interest of £1,312 and that is £72.88 interest per month.
Something interesting on its site is the statement we are a direct lender and a broker. This suggests that they are likely to sell your details to another loan company.
Mobile Money is owned by a company called Norfolk Capital Ltd and that company also owns UK Credit which is a guarantor loans company.