Many people all over the world have been in an enormous hassle looking for secure loans, loans for logbooks are one of the fastest ways of growing businesses and obtaining loans which come in a very short period. These loans usually give access to funds immediately and applying for this loan is one of the easiest ways since applicants only take very few minutes filling simple forms and after that, they will be contacted for more information about their loan and further requirements needed for their loan.
These loans can be emergency loans which can be funded in a very short period of even up less than 24 hours of an application making it a perfect solution for many people who need money or loans urgently.
A logbook loan is a loan secured against any vehicle. It’s a quick and simple way to withdraw cash from a vehicle, without a formal credit check. The vehicle owner will be asked to produce the logbook (V5) to prove they are the registered keeper of the vehicle.
A logbook loan may only be issued by an FCA regulated company. The loan is secured on the vehicle using a bill of sale and the customer is asked to sign a consumer credit agreement.
The borrower can use their vehicle throughout the duration of the loan, and it is the borrower’s responsibility to ensure the car in insured, taxed and kept in good order.
A logbook loan is a great way to secure cash quickly or if you have been refused credit before and you are looking for a quick decision on a loan.
Source : https://www.carcashpoint.co.uk/
Applicants are only required to be armed with an original logbook and ensure that their cars are in good condition and that these cars are not that old that is not more than eight years or so, this is to avoid the risk of people taking loans under logbooks of cars that are road unworthy or even completely scrub metals or even not owners of the vehicles. All log book loan providers have their own websites and therefore applicants should be very careful in choosing their residents, loan donors also have their own different rules or laws given to applicants such that; applicants should be 18 years of age while others require up to 21 years, loan applicants should be the legal owners of the car or vehicle and they should have fully paid for the car or vehicle or almost paid for it and many other basic requirements.
Logbook loans are available on the high street and on the internet.
You can normally borrow between £500 and £50,000, depending on how much your car is worth, although you may only be allowed to borrow up to half of your car’s value.
When you take out a logbook loan you will be asked to hand over your vehicle’s logbook or vehicle registration document.
These are the documents that prove you are the registered keeper of the vehicle.
A Logbook loan is one that is secured against an applicant’s vehicle or car, these loans are now very easy to get since one only has to fill the form of loan application which takes less than a minute and then the applicants will be contacted and the loan may even be processed within 24 hours of application. This is very interesting to some people since many people have been finding it so hard applying for loans which they will be funded in a very short period or even emergency loans and now they only require logbook and get funded within 24 hours even without credit cards and so many questions.
In England, Wales and Northern Ireland a logbook loan is a term for a “bill of sale” which technically makes the lender the owner of your vehicle until such time that you have fully repaid your loan. If you fail to keep up with the repayments on logbook loans the lender may repossess your vehicle without first having to obtain a court order.
In Scotland (where the law is different) a similar arrangement is created by making the loan to you on a “hire purchase” basis. It’s not entirely clear whether this gives Scottish residents greater protection, with Citizens Advice describing the situation on their “Adviceguide” website as being a “complicated area”.