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From £1,000 to £25,000
Rates from 5.7% to 278%
3-36 month repayment
Borrow up to £3,000
Rates from 278% to 1576%
3-12 month repayment
Representative Example: Cash price £7,500. Deposit £0.00. Total amount of credit £7,500.00.
60 monthly repayments of £137.22 Total charge for credit £733.20. Total amount payable £8,233.20. Interest rate 3.8% fixed. 3.8%APR Representative.
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A Short Guide to Logbook loans
If you are looking for a fast and cost effective loan from a lender that you can trust, there are many ways in which you can go about it. You can turn to banks and other mainstream lending institutions that can provide you with a reliable loan. However, for these financing companies, it normally takes more than a week before a decision is made on a loan application and if you’re looking to borrow money fast, these might not be the ideal venues for you. With that being said, you might want to turn your attention to logbook loans and consider what these credit options have to offer.
What is a Logbook Loan?
These types of loans are quick credits that look on your vehicle as collateral. Taking out this loan, therefore, means that you are temporarily surrendering your vehicle to the lender until you have completely paid back the money that you have borrowed for plus its interest rates and/or other charges. And as long as you make the proper repayments, you should be able to use your vehicle back in no time.
How do logbook loans work?
The loans are typically available in primary business streets of towns and cities and also in the internet. The amount of money that you can avail for can range from a mere £500 to as much as £50,000, depending on the lender and on the value of the vehicle that you are offering as security. It is important to note, however, that the value of your vehicle will depend upon the lender’s own evaluation. Other lenders will lend up to the true value of your automobile while there are others who would only lend up to half of your car’s value.
Once you take out the loan, you will normally be requested to surrender your vehicle’s logbook or vehicle registration document, hence the name
What Do I Need To Do For Logbook Loans?
*Subject to lender approval and requirements.