Every now and then we may need a quick injection of cash to boost our finances. You may need to make a large purchase, pay for a special event or cover an unexpected bill. Whatever you need money for, logbook loans can help you.
This is a fast and effective way to access cash by borrowing against your vehicle. The best part is that you will get to keep your vehicle so that you still have transport.
How do logbook loans work?
The process of logbook loans is very straightforward. When you apply for the loan you must provide details of your vehicle (model, age, condition, mileage etc.).
The provider will then offer you a loan amount. Once you have agreed to this you will need to send in your logbook (or V5 document) as a security deposit. Some providers may also request to see your driving license/passport and 2 utility bills. This is so that they can confirm your identity and check that you are a UK citizen. They will then issue the agreed loan amount.
You will get to keep your car and can use it as normal. The logbook loan will be repaid in monthly instalments as pre-arranged. Once you have completed the payments and paid off the loan in full (plus any interest) then the logbook will be returned to you. It is important to remember when using your vehicle as security against a loan you could lose ownership if you fail to meet the repayments.
Benefits of Logbook loans
No matter what you need money for logbook loans can be very useful products. There are a number of key benefits to using logbook loans including:
Fast access to cash – unlike a traditional loan applying for logbook loans is fast. You will get the money you need quickly once your loan has been approved.
No credit checks – because you will be borrowing against your car you will not have to go through credit checks. This means that even if you have a bad credit history you should be able to take out a logbook loan with very little hassle.
Easy to apply for – logbook loans do not require you to fill in lengthy application forms. You can apply quickly and get a decision back within 24 hours. Many providers also allow you to apply online. This is a very convenient and easy way to set up your loan.
Flexible borrowing amounts – you could borrow anywhere from £500 and £5,000+. This will depend on how much your car is worth at the time you apply.
Confidential – with logbook loans you get to keep using your car. This means that no-one needs to know there have been any changes to your financial situation.
More Information:
Logbook loans are a very simple, easy way to borrow the money you need quickly. You will not have to go through any lengthy credit checks and the money could be yours in just 24 hours.
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