Logbook Loan in the UK – The New Way to Borrow
If you want to get fast cash loans, you can apply for logbook loans. Whether, you are a home owner or not, no matter what is your employment status, you can still apply for a loan online. When you need immediate cash and you feel discouraged that banks have a lot of parameters for you to avail even a personal loan, logbook loans are the answers to fulfill your financial needs. All you will need is the original and registered documents of your vehicle.
This is one of the best options in UK to borrow a loan. Many logbook lenders are available who have a valid license to be the lenders. If you are approaching a private financial firm, then you will need to show them your vehicle along with the registration documents. Based on the current value of your vehicle, you will be quoted a price. You, however, will only get 50% of that price in either cash or cheque, whatever is convenient to you.
So, far the success rate of availing a logbook loan has been high. Your age, gender, employment, assets, etc do not come into picture when applying for this loan. Even if you are not a tax payer and need money to fulfill your personal, educational, or any other financial needs, then this loan will come handy easily.
Make sure all the insurance papers of your vehicle are intact and your vehicle is in working condition. You don’t have to worry about mortgaging your property or losing any of your valuable assets, such as, home, jewelry, or any other commodity that you own, when you apply for a logbook loan.
The procedure to procure this loan is pretty simple. You can directly approach any logbook lender or look into many websites that provide this facility and apply directly. You can look into the terms and conditions and decide the duration within which you will repay the loan. A few lenders might let you keep your vehicle and use it, while they will still hold your vehicle registration papers. However, this is not the case with everybody. Usually, if the loan amount is small, you can repay the entire loan in seventy eight weeks.
If you are borrowing a large amount of loan, then the rate of interest might also be higher. While some financial firms give you logbook loans at a very low interest rate, most of the logbook loan lenders charge a very high interest rate. Therefore, you will need to look into your options of choosing a lender that suits your needs. Even if your vehicle is surrendered due to non payment, you will still have to repay the entire amount that you have borrowed along with the rate of interest.
Though these loans are easily available and you will get full cash within twenty four hours, you will have to look into the repayment options that suit you best. So, even if you are unemployed for a long time and need financial assistance, then logbook loans is the answer for your financial crisis.