The recession and credit crunch in the recent years has made it difficult for the people in the UK to secure credit. These days lenders are quite strict about their lending terms and all those who have a poor credit rating will find their loan application rejected by most of the lenders.
So what are these logbook loans?
Well, logbook loans are the loans that are secured against vehicles. Every lender has its own lending policy, but in most of the cases, you should be at least 18 years of age, should have your vehicle logbook (V5 document), and there should be no outstanding loan on your vehicle.
Benefits of logbook loans
All those who apply for these loans have a poor credit score and face difficulty in getting a traditional loan. Pay day loan is also not a viable option, because it comes at a high interest rate that is compounded. This can escalate your debts considerably.
However, there are no credit checks in a logbook loan, and the much needed cash is advanced within few days. But, a logbook loan can be limited to the value of your vehicle.
For what purpose these logbook loans can be used for?
You can use logbook loan for any purpose. Many people use these loans for meeting their financial emergencies, or for paying for a short holiday. The money can also be used for improvements in home or as an investment in business. However, borrower should secure only that much money which is actually required by him or her, so that they can pay their monthly instalments with ease.
So what are these logbook loans?
Well, logbook loans are the loans that are secured against vehicles. Every lender has its own lending policy, but in most of the cases, you should be at least 18 years of age, should have your vehicle logbook (V5 document), and there should be no outstanding loan on your vehicle.
Benefits of logbook loans
All those who apply for these loans have a poor credit score and face difficulty in getting a traditional loan. Pay day loan is also not a viable option, because it comes at a high interest rate that is compounded. This can escalate your debts considerably.
However, there are no credit checks in a logbook loan, and the much needed cash is advanced within few days. But, a logbook loan can be limited to the value of your vehicle.
For what purpose these logbook loans can be used for?
You can use logbook loan for any purpose. Many people use these loans for meeting their financial emergencies, or for paying for a short holiday. The money can also be used for improvements in home or as an investment in business. However, borrower should secure only that much money which is actually required by him or her, so that they can pay their monthly instalments with ease.
