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What are the pros and cons?
The V5 loans have both pros and cons. Considering these aspects is important in assisting one make a wise decision when taking up a V5 loan. The pros in taking V5 loans outweigh the cons when careful consideration is made before taking up the loan.


What should first time borrowers know?
Learning about the pros and cons of V5 loans is important for first time borrowers. Since the pros and cons have been listed, the next thing first time borrowers should know is that these loans are easy to access and offer confidentiality. They application is simple and less time consuming. The borrower’s information is also kept private by the lender thus according any first time borrower the confidentiality that one needs.  
The amount borrowed and the loan repayment period is flexible. This allows a borrower to take as little as they need and also repay the amount in a period they are comfortable with. The amount borrowed is however limited by the value of the car since it acts as security over the loan.