Logbook loans are the widely spread form of secured loan in UK. There are several advantages of using the logbook loan in comparison of bank loan including the quick approval, low interest rate and no worries for your bad credit history. When you need money desperately then you can’t wait for the bank approval and while you have certain limitations on the back account status as well and with the logbook loan you can get the money quickly as possible. The value of money depends on the worth of the vehicle.
Logbook book has certain parameters and this need to be fulfilled before a loan is sanctioned. The criteria are mentioned below:
- Must be above 18 years or older
- Must be a UK resident
- Must own the car
- Preferably no finances for the car
- Must have a proof of identity, address, and income.
- Documents related to vehicle like vehicles V5 document, details of insurance and an MOT certificate.
Once these criteria are met and a person demonstrate his/her ability for the repayment of the loan the critical part comes where a person has to hand over the registration certificate, formerly known as the log book. This is a document unique to each and every vehicle and without it a person cannot sell a vehicle. This document will be under possession of the lender till the time all the payments are cleared and having said so a company has a legal authority to take your vehicle in case on default.
Sometimes the situations strapped a person in the dire need of cash and the credit history with the bank is devastated then at that time your outside parked vehicle can be helpful. The logbook loan is there to assist people; who need the quick cash to fulfill their needs. A log book loan, secured against your vehicle, can range from £250 to £50,000 depending on the value of the vehicle in question. As a matter of fact that one can lose their vehicle if they are unable to pay the loan. Therefore it is important to analyze the financial conditions for repayments.
The best advantage of logbook loan is that it is not restricted with the usage. One can use this loan as per the need, for example it can be used for fees, repaying the credit card bills, vacations or even for any emergency case as well. This ability makes it unique amongst the other loans. The logbook loans are registered and operate under the various legal acts and hence it makes it secure and your vehicle is also secure until unless the entire amount is paid.
Logbook loans have put people at ease and they can enjoy the liberty of having quick cash; in their troubled time. The reviews and feedback on logbook loans have proven the fact that the quick, easy processing and simple terms and conditions have made people happy to use these services from the lenders.