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From £1,000 to £25,000
Rates from 5.7% to 278%
3-36 month repayment
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Rates from 278% to 1576%
3-12 month repayment
Representative example: £500 borrowed for 5 months. Total amount repayable is £991.85 in 5 monthly instalments of £198.37. Interest charged is £491.85, interest rate 236.1% pa (variable). Representative 481.6% APR.
What Is A Logbook Loan? And How to Use Them to Get the Financing You Need
A quick walk through on Logbook Loans Online
keyword: logbook loans online
If you want to avail for a quick loan by offering your V5 documents of your car or vehicle as security, logbook loans online are the best way to go. By making use of the internet, you can get all the information you need to take out a logbook loan, whenever and wherever you are, with just a simple click or tap of your fingers. And with the advancement of smart phones and mobile devices, more and more people are opting on the internet as a means to look for quick loans with plenty of lenders taking their shops online, designed to cater the needs of mobile browsers.
PC or Mobile Phone Application
If you want the exclusive feel and experience of a larger screen, however, you can as easily use your desktop in taking out the loan online. The application process is just as quick if not quicker and easier than doing it through your mobile phone. Just type the right phrase in Google and whatever search engine you are looking for and you will gain access to a variety of online lenders who offer different services. All you need to do is go over each potential lender and choose the one that offers the kind of credit term that works best for you in terms of affordability and convenience.
Securing Credit Online
Your logbook or V5 document, your proof of ownership over your car, is your primary asset in securing a log book loan that will allow you to borrow cash based on the value of the car. The higher the value of your car the bigger the amount of money that you can borrow. You will have to temporarily surrender the ownership of your vehicle to the lender once you take the loan though. However, you are still allowed to use the vehicle as long as you make the proper repayments making it a good deal for you and the lender.
The Bill of Sale
The loan becomes legally secured through a Bill of Sale in England, Wales, and Northern Ireland. This document will be the legal means to temporarily transfer the ownership of your vehicle to the lender until the money that was lent to you is paid back in full. Now, if you have been denied credit before due to certain reasons or you are simply looking for a quick means of getting cash, a log book loan might just be the ideal solution for you. And the best thing about it is you can accomplish everything online!
How Does a Logbook Work?
By simply having a car and the right documents to offer, you can easily avail for this loan through a network of lenders online. What’s more, there are numerous lenders who are willing to accept a wide range of vehicles, from motorcycles to vans, as loan security. Whether the vehicle has been used for quite a while, many lending companies will still grant you credit as long as your vehicle has value. You can borrow at least £500 and as much as £25,000 depending on the value of the vehicle that you are offering as collateral and the kind of loan term that you want.
The Application Process
Proof of ownership over the vehicle is an important requirement that you need to secure when taking out this type of loan. Also, the vehicle that you provide as collateral must not have any outstanding hire purchase or leasing deal, otherwise it would be difficult to legally transfer ownership to the lender. And lastly, you also need to provide a valid MOT certificate (if applicable) and insurance details of the vehicle and at the same time make a strong case to your lender that you are financially capable of making the proper repayments. Generally, these are the requirements that you need to address:
Logbook or V5 registration document of your vehicle
Most recent valid MOT certificate, if possible.
Proof that your vehicle is covered by insurance
Must be more than 18 years of age
Proof of Income
So if you are over 18 years of age, have a vehicle that you can offer as collateral, and have the proper documentations that lenders are looking for, you can easily avail for a log book loan online with the convenience of your mobile phone or computer. No need to make long drives around town to look for an in-store lender and wait in long lines to get instant cash.
What Do I Need To Do For Logbook Loans?
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Hi There My Names Martin! I’m a huge sports fan fancy myself as the next Lionel Messi.. Ive been writing for the last ten years mainly in the financial niche.