Log Book Loans is one of the best solution for customers with no, or bad credit history. No credit check is done because loan is secured against your car. The lenders will retain your logbook, and you keep driving. It is possible to get the extra money quick and easy, and there are hardly any hidden costs and gimmicks.
However, you need to fulfill the following requirement. You need to be car owner, and the logbook needs to be in your name and have your current address on it. Car has to be fully comprehensive insured and the taxes paid regularly. As a part of their responsibility the lenders will make sure you are in full time employment. If you are self employed you will have to provide proof of your income. Even though it is required that your car is without any other debt, there are some lenders who are ready ignore it under certain conditions.
Please note that the car registration document should be in the name of the borrower and the car against which the loan is taken should be over 8 years old. A borrower of the loan should be in full time employment or should have some regular source of income. The lender would require a proof of the income before sanctioning the loan. The vehicle should be free from any type of outstanding dues to a third party. If there is any such outstanding dues are present, these need to be cleared for securing the loan, although there are exceptions.
Logbook loans has the advantages of secured loans without the lengthy and complex process in other traditional loans such as the secured loans which involve valuation of the asset pledged as collateral. This takes time and a borrower may receive the loan proceeds much after the desired task is over. Such loans become useless for borrowers whose needs are of an immediate nature.
These are specially tailored to be made available for clients immediate needs. It is a secured loan, in which the lender is offered rights on the car by handing over the vehicle registration book to him as the collateral. In the UK, the vehicle registration document is also known as form V5. It contains key details regarding owner of the vehicle, registered keeper of logbook, chassis number, current registration mark, and so on.
You can borrow between GBP500 and GBP50,000 with no credit check. The lenders calculate the amount you can loan according to the make, model and year of your car. So, to put it simply, the better your car, the bigger the no credit check loan you can apply for. Most lenders offer an attractive early settlement feature to anyone. This is important if you are concerned about the fact that the APRs are higher than standard interest rates.
You can use the loan for anything you choose. Whether it is to payoff debts, financing home improvements or a holiday tour, it really is up to you. Provided you can continue to make your repayments, you are free to spend the money in the way you think best.
Almost all the lenders operate online also. They are open most of the day during the week and even on Saturdays. Or, you can leave a message on their answer phone and they will call you back. Applying online through their online application form takes only 2-3 minutes time and is cheaper. Loan processing is thus very easy and fast. Therefore, you can apply for a loan anytime, from anywhere.
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