Logbook Loans Cheshire

Looking for quick cash? Eaffy logbook loans are for you

If you need anything from £250 up to £50,000 then this could be the answer... and you even get to carry on driving your car. You can even receive your money in under 24 hours if your car is free of finance and you meet the criteria.

Eaffy Logbook Loans have become one of the most popular types of loans as you aren’t faced with the usual hassles and checks. If any of your previous loan applications have been refused, then this could well be the ideal solution.

The funds you release for your car can be used on anything... Logbook Loans give you the flexibility to pay of other loan amounts, go on holiday or just release some cash flow if you prefer.

No obligation: Hundreds of people apply for a free quote every single day! Why not get your free no-obligation quote today?

Been refused before? If you’ve been thwarted before at the credit check stage when applying for loans then relax... V5 loans are amongst the most accessible loan types.

Keep driving your car: Keep the keys and carry on driving your car whilst enjoying borrowing some of the value.

One minute application: Applying for your Logbook Loan quote is simple, quick and can be done via our online form.

Your money to use: It’s your loan, so your money to spend however you like. There are no restrictions on how you can spend your Logbook Loan.

Loans to suit you: Not all loans ’out the box’ suit everyone, so have a chat with an advisor to see how a Logbook Loan can work for your own situation.

It couldn’t be easier to apply for Eaffy Logbook Loans with our site, in fact all you need to do is complete the short application form on this page with some basic information, then you’ll be contacted by a Logbook Loan specialist to discuss your lending requirements further.

With simple online application and free no-obligation Hereford Logbook Loan quotes, why not see how much you could lend now! Logbook loans online

Logbook Loans For Older Cars? Absolutely.

If you’re wondering whether your older car is still eligible for a loan then you may be in luck. Some

other Cheshire lenders will limit the age of an eligible car to 8 years, but the lenders on our Cheshire network focus mainly on the current value of your vehicle which means that older cars may still be eligible. It’s easy to see if your car meets the criteria... simply complete the short enquiry form you can see above.

No Credit Check Logbook Loans?

Sadly this isn’t actually the case, and is a misconception about V5 loans but it shouldn’t put you off from enquiring. Even though all applicants are actually credit checked, because you are using your vehicle as security you may find that a V5 loan is more attainable than other forms of loan making them particularly popular with those with poorer credit histories. So if you’ve been refused in the past you may find this type of loan is your best option.

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What you need to know about Logbook Loans

Logbook Loans are perhaps one of the best lending offers for those who cannot get the approval of traditional loans. They offer fast, hassle-free cash without having to wait long and without the burden of producing complex and numerous requirements. Because of the economic down fall, financial companies, including banks, have become stricter and more stringent when releasing money. This poses a big problem for borrowers who need additional cash to pay their overdue debts, bills, tuition, and sustenance of their day to day needs. It is the ease and accessibility of logbook loans that makes it a quicker and painless solution for borrowers – everything can be done online, and the cash can be received in as early as one day. If a borrower has a car and he meets and passes the requirements, then the loan is guaranteed.

Logbook loans only require the submission of the car’s V5 document (V5 loans), as well as proofs of identity and income. The V5 document represents the borrower’s authority and ownership of the vehicle. Because the industry is so popular, many companies have taken the business online to make it more accessible to everyone.

So, how does one apply for a logbook loan?

First, it is essential to have a good understanding of how a logbook loan works. Look for articles in the internet, and do a research on how it works, what it requires, and what are the possible disadvantages if the loan is not paid back as agreed. With the numerous companies providing logbook loans, this information is readily available in the internet. Also, check around for reputable and credible online lenders to ensure that the company is legit and reputable. Upon finding the right logbook loan company, their website should provide an online application form for the borrower’s credentials and contact information. The company will then contact the borrower to discuss the details, including the terms and conditions of the loan. It is important that everything is clear between the two parties by asking questions and making clarifications.

Second, the V5 document needs to be submitted for the application to proceed. Note that this does not mortgage the car to the company – the borrower can still keep the car provided that he is able to maintain timely repayments as agreed with the lending company. This is one big advantage of logbook loans as they still allow the borrower to use the company to drive himself to work or to his business, making repayments more possible as the borrower can still earn his money through his work.

Aside from the V5 document, what are the other requirements?

The lending company will usually ask for proofs of identity and income, or the bank statement in lieu of the proof of income. Furthermore, the borrower needs to be at least 18 years old and is a resident of the United Kingdom. Furthermore, the car needs to be no more than 8 years old and that it is owned by the borrower. The lending company will assess the vehicle, and the borrower can get as much as 50% of the assessment value.

So, what are the benefits of logbook loans against other loan types?

First, logbook loans require no credit assessment. They do not look into the borrower’s credit standing to assess if he is eligible. So long as eligibility is met and the requirements are submitted, the borrower can receive the cash in no time.

Second, logbook loans offer lower interest rates compared to other types of loans. Furthermore, the presence of a variety of online lending companies makes the competition tougher, and so they lower their interest rates to attract more borrowers.

Third, the terms of repayment can be decided solely by the borrower. If the need is immediate and it can be repaid right away, then he can pay it back the soonest possible time to clear himself of debt.

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Why Logbook Loans

Logbook loans may be risky and costly but it also comes with its fair share of advantages. If you're thinking of taking out a loan against car any time soon, here are a few points why this kind of financial move makes sense:

1. No credit check

Other than the promise of quick cash, one of the best things about logbook loans is the no credit check policy. If you have bad credit and you can't get approved for a personal loan elsewhere, logbook loans are ready to save the day. Logbook loan lenders do not run credit checks making it easier for borrowers to get approved despite history of ccjs, defaults and even bankruptcy.

2. Fast processing

It's rare to find loans that offer same day approval. Most unsecured personal loans do but their loan offers are very small. Not so with logbook loans. Provided that you meet the basic requirements and you own your vehicle, you can expect approval within the same day you applied. Once approved, you can receive the money within minutes through your bank account.

3. Flexible loan amounts

Loan amounts are more flexible with logbook loans. Whether you just need £500 for overdue medical or £10,000 for a major investment, you can count on logbook loans to cater to your needs. In general, lenders offer loan amounts from £250 minimum up to £50,000. Or you can usually borrow up to 70% of your car's official trade value.

4. Flexible loan terms

Loan terms are also just as flexible as the loan amount. You can repay the loan in a few months for smaller amounts or you can opt for the maximum 36-month term for larger loan amounts. If you need more time, you can negotiate the term with your lender. Most lenders are often open to different arrangements provided that you meet the requirements and you can provide all the necessary documents needed.

A Word of Caution

While easy and fast to avail, logbook loans come with risks. Since it is a secured loan, there’s always the possibility of losing your car in the event that you can’t repay the loan. Make sure you know what you’re getting into before you go ahead with the transaction. Otherwise, you might not only lose your car in the end but also put your credit rating at risk. 

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Beware Logbook Loans On Second-Hand Cars

Most of us drive second-hand cars because we're not made of money. There's a whole load of pitfalls when buying a car that isn't new, but one is often overlooked and particularly troubling.

Drivers could well inherit debts which have been taken out by previous owners of the vehicle you bought, which means you could see your car being seized, when it isn't your fault.

Eaffy Logbook-loans have sent out a warning after stating that one in five people who reported a problem to them about logbook loans, they ended up having their car repossessed despite not borrowing the money themselves.

What happens is, someone takes out a logbook loan and they put their car up as security. Like using a pawnbroker, the full ownership of the car is retained by logbook loaner until the debt has been paid off in full.

Eaffy Logbook loans have warned that you might buy a car that is still the subject to an outstanding logbook loan taken out by the previous owner and you, who have done nothing wrong, ends up being chased for the debt.

There's an estimated 60,000 logbook loans to be taken out this year, which is a 61% increase on 2011. The CA survey regarding drivers who had bought a second-hand car found that 63% did not check if the car had an outstanding loan.

As such, they'd like to see the law changed so that the car cannot be taken if the owner is not the original borrower. The person should own the loan, but the thing they put up as security.

Sadly, at the moment, there's no way of telling whether or not the car you're buying has a logbook loan attached to it, which is why it has become such a problem.

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Why Logbook Loans Are a Low Cost Borrowing Option

You may not be fully up to speed on what a logbook loan actually is. Well basically, it is a loan that is secured against your vehicle, and the finance company keeps hold of the vehicle logbook for the duration of the repayments. The logbook (or the V5) is a document that contains the details of the vehicles current owner, the engine number, the VIN number and registration number.

When acquiring a logbook-loan, the company providing the loan, takes possession of the logbook, but the person taking out the loan, is allowed to keep using the vehicle. However, failure to keep up with the repayments means that is very easy for the finance company to repossess the vehicle in order to sell it on. That is why it is important to make sure that you have enough money to meet the financial commitment of taking out the loan, or you may end up waving goodbye to your treasured vehicle.

As stated earlier, there are other ways to obtain credit, especially if you are in need of credit in the short term. However, these tend to take on the form of payday loans, and these have a very high rate of interest, plus, you can only borrow a certain amount based upon your next lot of wages. People who have taken out payday loans tell of being caught in a spiral that requires them to take out further loans in order to pay off the initial loan.

Payday loans are suitable for some people but are to be avoided if possible, and logbook loans make more sense, as the companies who provide logbook loans tend to make sure that the person taking out the loan can afford the repayments.

With the current low interest rates, it is a good time to take out a loan, however, this does not stop some loan companies charging extortionate amounts of interest, and typically the shorter the loan period, the higher the interest. Payday and doorstop loan companies are among some of the worst for charging very high rates of APR.

Another advantage that log-book-loans have over other methods of credit, is that you do not need to go through the problem of having your credit history examined. This can be a stumbling block to many people’s credit applications, and it can be a waste of time even applying for certain loans if you have CCJ’s or defaults on your credit file.

Plus with payday loans, you can only borrow a certain amount of money against your next pay packet, and this can mean that you are not getting the amount of money that you need. However, with a logbook loan, the amount you can borrow depends on your car, its age and condition.

Hopefully you now have a better idea about the advantages of logbook loans compared to other kinds of loans. There are many companies out there who are in a position to offer you a logbook loan, so you should not find it too difficult to find one that suits you.

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Shedding light on Logbook loans

The term “bad credit” is a very sensitive subject in the financial world. Lenders, in essence, view individuals with a poor credit rating as a risk to the well-being of their business and rarely offer them credit facilities. In fact, it is correct to say that individuals with a poor credit history generally find it difficult getting access to credit facilities or a mobile phone contract. For a long time, this was the standard mode of operation so much so that those with a poor credit rating felt like second class citizens.

There was hue and cry, distress, depression and a low self-esteem among those with a poor credit score. Applying for a loan or a phone contract became a nightmare of sorts and those with bad credit had to contend with the all famous line “we are sorry but we can’t approve your application at this time”. Well, this was the case before V5 loans became a reality. V5 loans or what is commonly known as logbook loans indeed changed the loan industry in ways never seen before.

With logbook loans, individuals could now apply for emergency loans without having to worry about the status of their credit score.

How logbook loans work

If you are thinking of applying for a logbook loan for the very first time, you probably need more information on how this amazing and lifesaving loan product works. For starters, in order to qualify for a logbook loan, you need to be a legal owner of a car, a van, a caravan, a motorcycle or even a lorry. The reason for this is because logbook loans are secured using a car’s logbook. You sign off your car logbook to the lender in exchange for the amount you receive as a loan. When you do this, your car becomes the property of the lender for the duration of the loan. However, you continue using the car as you make repayments.

Ordinarily, UK logbook loan lenders advance logbook loans up to 50% of the value of your car. To determine how much you are privy to when applying for a logbook loan, it is essential that you provide your lender with your car registration. They will then evaluate its worth and advice you accordingly. However, there are a number of things you can do to ensure that you increase your chances of approval or even the maximum amount you can apply for. For one, you need to regularly service your car so that it’s in good condition. The insurance and tax details of your car need to be up to date not to mention the car needs to be free of any financial charges. The standard duration for a logbook loan is 78 weeks which gives you the flexibility to plan your repayment without feeling as if your back is against the wall.

Things to note

Getting approved for a loan facility despite your credit score status is a beautiful thing. However, you need be cognisant of the fact that defaults could put your car in jeopardy. In fact, you risk losing your car if you fall way back in repayments. Logbook loan lenders have the legal right to repossess and sell your car if you are unable to meet your logbook loan obligations. You can also be sued especially if the proceeds from the sale of your car are not sufficient to meet the principal amount together with the accrued interest!

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PROS AND CONS OF A LOGBOOK LOANS

There is no denying the fact that logbook loans have gained increasing popularity over the years. More  and more borrowers are turning to the loan type for quick fix solutions to their cash problems. But at the same time, logbook loans have also gained a lot of flak especially from financial experts. Because of its high  interest rate, experts warn borrowers from getting one. Others recommend extra caution. In any case, it is very important to know the pros and cons of what you are getting into. Below are more details about what to expect when applying for a logbook loan:

LOGBOOK LOANS PROS

Logbook loans are popular especially for people with bad credit because of the following advantages:

EASILY ACCESSIBLE

More lenders are now offering logbook-loan deals online which mean that the loan product has never been more accessible. To avail the loan, all you need to do is make sure you are eligible. You can then apply online and expect approval confirmation quickly. Before applying, however, it is imperative to do your homework. Research your lenders and make sure to pick one with a solid track record.

FAST APPROVAL

Provided that you meet the requirements and have the necessary documents handy, you can expect for fast approval. Some lenders are even promising same day approval services. With stiffer competition in the lending industry, fast approval and convenience are lenders' ways to convince borrowers to sign up.

FLEXIBLE LOAN AMOUNT

Since logbook loans are secured against a vehicle, the loan amount is more flexible that what unsecured loans such as payday loans offers. With a logbook loan, you are welcome to borrow from £250 up to £50,000. It also means that logbook loans can meet a wider range of financial needs. Whether it’s for home renovation, vacation or a medical emergency, logbook loans make an ideal financial solution.Flexible Loan Term

FLEXIBLE LOAN TERM

Also equally flexible as the loan amount is the repayment term for log book loans. You can opt between 3 months up to 3 years of loan term depending on what you can comfortably afford per month. The loan product gives you the freedom to tailor your loan set-up according to your personal circumstance so the likelihood of default is lower.

NO CREDIT CHECK

Of the log-book-loan advantages, the best on the list is the no credit check policy. While other personal loans require you to have good credit, logbook loans do not mind your credit score. As long as you have a car to serve as collateral, you can avail of the loan and therefore meet any pressing financial need.

   LOGBOOK LOANS CONS

But logbook-loans are not without its disadvantages. Three of the common cons you should know about are the following:

HIGH INTEREST RATE

One of the most common complaints experts and borrowers alike have about log book loans is the high interest rate. Compared with traditional personal loans, logbook loans charge hefty and sometimes excessive interest rate. The average Representative APR for the loan product is at about 400% which is several times more than loan options for people with good credit.

DEBT TRAP

Then there's always the debt trap problem. If you're a borrower with bad credit, it is very easy to fall prey on the cycle of borrowing money to meet your array of financial needs. If this happens, there is the likelihood of putting your credit score at an even greater risk of being bad. When you borrow money, it is very important to take extra caution. Borrow only what you need and make sure to repay the loan back on time.

REPOSSESSION

Like with any secured personal loans, the worst thing that can happen to you is repossession in addition to a huge hit on your credit score. When you signed the debt agreement, you are essentially handing over temporary ownership to your lender. That means that if the lender has the bill of sale to your car, they have the right to repossess your vehicle as per the agreement. Repossession is usually the last resort and it happens when you missed payments for a number of successive months. This is also after your lender contacted you and you didn’t made new arrangements.

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