Logbook Loans- a better way to counter financial emergencies
Taking a loan is never an easy affair. More often than not, the one asking for a loan is bombarded with queries pertaining to loan repayment ability of the individual. In a vast majority of cases, the tough grilling is followed by disheartening loan rejections. With the world economy tilting on the higher bracket of inflation, the practice is not without reason either.
Emergencies though have nothing to do with inflation or Government imposed monetary policies. When someone is faced with the urgency of liquid cash, help in the form of loan is hard to come by. There is though one avenue where one can attain a loan without much paperwork or legal complexities- logbook loans!.
Logbook loans are operational in the U.K and are often deemed as a viable alternative to other forms of loans. In lieu of the “logbook” or “registration certificate” of the debtor’s vehicle, easy loan is provided by the lender. With limited paperwork and viable credits, logbook loans are perfect for financial emergencies. People with bad credit scores are also eligible to apply for logbook loans.
Benefits of log book loans
When it comes to benefits, logbook loans have quite a few to offer. In fact a major reason of the popularity is based on the ease it offers. Some of the key benefits of logbook loans include:
- Fast approvals: This is certainly the most prominent benefits of logbook. In case of urgent need, logbook loans can be easily approved and even within a time bracket of 15 minutes. .
- Limited paperwork: Paperwork is dreaded by almost every individual and logbook loans requires minimal amount of the same. Having the logbook/registration certificate of the debtors’ cars and some agreement documentations are required. Loan brokers make it even easier for the ones needing loans at a short notice.
- Limited background checks: A major reason for loan rejection is the background checks that loan providers carry out. People with shady credit ratings are normally denied loans. In case of logbook loans, a person with bad credit rating can also apply for a loan.
- Easy repayment options: The logbook loans do not need to be paid at once, but in provision of timely regular payments. Failing the deadlines though normally acquires penalty.
- No need to mortgage the vehicle: This is one of the best benefits surely of the logbook loans as the debtor’s vehicle can still ply for the business it is intended for. This benefit limits the load of repayment to a considerable extent.
- Lower interest rates: The loans are approved against a friendly interest rate which is comparatively lower than many of the other money market instruments.
Eligibility/Requirements to apply for logbook loans
The fast nature of logbook loans does make it a friendly proposition for the debtors. It also implies the fact that the eligibility to apply for logbook loans is also much relaxed. The eligibility parameters to apply for logbook loan are:
- The applicant must be an adult, i.e. must have completed 18 years of age.
- The registration certificate or the “logbook” of the car must bear his or her name.
- The vehicle concerned should not be more than 8 years old.
- The applicant must be a permanent resident of the U.K
- The applicant must possess a functional bank account.
- The applicant must have a steady source of income.
Abiding by these simple parameters will make someone eligible to apply for a logbook loan. Given the easy parameters in place, it is no surprise that the statistics of logbook loans hit the higher brackets.
How to get the loan
The basic application procedure for logbook is pretty simple as it only requires filling out some basic forms. One can also apply online via the online application process which is needed to be filled to apply. Initial verifications can be easily submitted and thus make room for easy acceptance of the loan application. There are some documents which need to be provided to apply for the loan. These documents include:
Why Choose Us
- The vehicle’s V5 document (logbook).
- MOT certificate
- Proof of income of the applicant.
- Identity proof with current photo
- Valid billing address
When it comes to taking a loan, people are normally pessimistic to say the least. They are normally insecure about the hidden costs, service charges and other contingencies. Working with us will benefit you in a number of ways:
- No hidden costs: The debtors can rest absolutely sure that there are no hidden costs applied to the brokerage or consultations fees.
- Expert consultations: Our staff members are well qualified and provide expert guidance to the debtors to choose the right logbook loan, which fits their budget as well as preferences
- Free quotes: One can take help of the free quotes and estimates that we offer. By weighing the various options, one can make an informed decision as to how to approach their loan applications.
- A number of quality lenders: The lenders we are linked with are of sound reputation background and thus the debtors can expect limited discrepancy.
- Hassle free documentation and approvals: We make sure to make the loan application process easier for our clients by taking care of their documentation and other auxiliary services.
Logbook loans do make it easier for you to address financial emergencies and need of liquid cash. With our expert consultation, you can avail loans at attractive interest rates.