Varooma Loans | Reviews

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Varooma Loans

About Varooma Loans

Varooma is currently operating as a broker and not as a lender with a new exclusive partnership in place with Logbook Money Ltd. They do state “Currently” and so perhaps they may revert back to lending. It’s a shame to see this development as their product has always been one of the better offerings on the market with lots of support on Trustpilot to back this up. We have been tracking the performance of for some time though and to be Alexa unranked for so long suggests that business has simply dried up here. Going back to the beginning, this company was formed in 2011 by Damon Hirschl who has since moved on to launch the MotorKitty brand.

Varooma’s pricing had been competitive. Across 12 months for £1000 they charged £700.04. The brokered deal in place now would translate as £1320 for a year (18m is however the minimum term on that side costing £1980). Another key feature was that they covered any aged cars (this is at least still in place at their partner). They had offered 70% of the trade value between £500 to £50,000 (£150,000 max with Platinum). 12 to 36 months was the set terms and they operated across Saturdays from 8am to 4pm that has now been scrapped. Field agents would go out to complete the paperwork in person. Reviews were as noted supportive at 94% on Trustpilot from 4500+ reviews.

Company Details

Address: Airport House, Suite 43-45, Purley Way, Croydon, CR0 0XZ

Brand: Varooma (aka: Varooma Logbook Loans)

Company: Greenlight Credit Ltd

Contact (📧):

Contact (☎): 0330 440 0101

FCA Licence: 679701

Launched: 2011

Niche: Loan broker for logbook

Opening Hours: Mon/Fri (8am-6pm)

Related Brands: Non

Site Address:

Site Rank ( Global): Unranked

Product Specs

Amounts Available: £1000 to £10,000

Late Payment Fee: £12 with partner used

Manage: No Varooma login is provided

Pricing: Set by lender*. Representative 442.66% APR

*Exclusive partner charges £1980 /£1000 (18m)

Repayment Terms: 18 to 48 months (18, 24, 30, 36, 42 & 48)

Required Age: All aged vehicles are considered

Review Feedback

Feefo: Not listed

Reviews: Not listed

Trustpilot: 94% (4530+ count)

Rivals & Similar Brokers/Lenders Like Varooma

This company has only recently switched their operations and they may lend again and so we’ll need to report back on what direction they head down. This hasn’t been the first company to make the switch to brokering. We for instance spotted this recently with Mobile Money who are referring to a wider panel. Varooma’s partnership does make sense if you were seeking the same reliance on funds against an old motor. This would however come at a much greater cost. Options are limited in this sector, but of those around MotorKitty is best for value and Loan on Your Car is the efficient choice that you can complete from your home.

Last Check @ May 31st, 2021

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