About the loan
Log book loan is the loan where the logbook of your vehicle is used as a security against the loan amount. These are secured loans in nature but without keeping your home on risk. If you are an owner of vehicle, you can avail this loan whether you are a tenant or a homeowner.
Log book loan demands the logbook of your vehicle which contains all the information about the vehicle such as modal number, number of vehicle and its ownership paper etc. The lender keeps the logbook only and you can enjoy your vehicle with you along with loan amount.
These loans are short term loans which are used to hunt the short term financial needs. The time period for these loans is generally 18 months but it can also be taken for long period . Being a secured loan, it is available with lower APR.
When these loans are availed??
Log book loans are a great way to get cash fast, without any hassle of credit check. These loans are availed to meet your needs successfully. The needs such as to consolidate your debts, repair your home or car, high medical bills, electricity bills or other personal expenses can be fulfilled through these loans.
The beneficial features of log book loans
An easy on line application with fast approval
Credit history does not come as a hurdle while availing log book loan
Available with affordable APR
Very easy and hassle free loan to avail
Comfortable and flexible repayment terms
No hidden cost and tricks
The most important feature of this loan is that you can enjoy the same car which you have kept as a security. You can use your car during the loan period.
Can I apply for this loan?
All of you who meet the following eligibility criteria can avail log book loans.
The applicant should be at least 18 years old and a citizen of United Kingdom
You should have an active bank account
The vehicle that you are putting as a security should not be more than 8 years old
It should be taxed and free from other obligations
Your vehicle should be passed the MOT test
How to apply?
The application process for this loan is extremely easy. You just need to fill up an Online application with required details. You will be asked about your financial position. Once your application is approved for loan, your money will be transferred in your bank account.
Log Book Loans are assumed as the best suited for taking the low cost finance without any hurdle. These loans are given on the value of of your vehicle. For the people who have bad credit history, these loans are the best choice. If you are facing poor credit including default, arrears, bankruptcy or CCJs, logbook loans can help to to get the required amount on time.
So, if you are in the same condition or want to avail the cheap loan, applying for log book loan will be the right choice.
