9 Things You Might Not Know About Logbook Loans

Logbook loans are very common at the moment, they enable the value of a car to be released without actually selling the vehicle on. Instead, you repay the loan in installments.

1. Approval for a Logbook Loan is quick; we can approve your loan in as fast as one hour once we have your application and documentation.

2. You can borrow amounts between £250 and £50,000 depending on your financial circumstances and the value of your car.

3. The money from the loan can be used for anything, like dealing with a short-term cash flow problem, dealing with an emergency, or investing in the growth of your business for example.

4. If you’re self-employed you can still apply, and be accepted for, a Logbook loan. You just need to be able to demonstrate a steady income able to maintain repayments via your bank statements.

5. At Eaffy Logbook Loans we don’t charge you for early repayment. Even better, you can pay your loan off early, which saves money and earns you a rebate on your interest.

6. The usual length of term for repayment is between 6 months and 3 years, though you can pay off your Logbook Loans in a month if you want to.

7. Handing over spare keys for your vehicle is extra loan security, and could get you additional favourable terms on your agreement.

8. Your vehicle doesn’t have to be a certain make, model or age: as long as it’s road worthy, we’ll always consider every vehicle enquiry we receive.

9. Your loan doesn’t necessarily need to be on a car; vans and small commercial vehicles can also be considered.

Logbook Loans allow you to use your vehicle as security when you want to take a loan. This means you are temporarily transferring ownership of the vehicle to the lender, while still retaining its use. They are a smart way to use the value of your car to get a short-term loan.

If you are looking for log book loan, Log Book Loan Trust, a lending company that has friendly service and terms is there for your assistance. No matter what your credit past is, you have all the chances of getting the loan without dragging you deeper into the financial black hole. 

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Why A Logbook Loan Is Cheaper Than You Think

When considering using a loan as a solution to your financial problems, the cost of paying it back – the interest and additional fees – can be a deciding factor when making your final choice.

A short-term financial solution

A Logbook Loan can be repaid over anything from six months to three years, depending on the amount you borrow.

However, it is possible to pay back your Logbook Loan early. At Eaffy Logbook Loans, we don’t charge a fee or inflict a penalty if you want to pay your loan back sooner, rather than later.

Some loans, like standard bank loans, charge exit fees or have a set penalty for repaying your loan earlier than agreed. This isn’t the case with our Instant approval and best logbook Loan.

Lower Interest than a payday loan.

Payday loans may seem like a quick fix, but they tend to have a high APR –typically, 1000% to 6000% – meaning the interest on the loan is much higher. This can result in repaying more than you expected.

This is because these loans are unsecured, which means there’s no collateral, so the risk to the lender is higher and, in turn, the interest too.

Logbook Loans have a lower APR than a payday loan because you use your vehicle logbook as collateral – borrowing against the value of your car. This means there is reduced risk to the lender and lower interest payments for the borrower.

If you would like to learn more about how little a Logbook Loan can cost, take a look at our low rates.

How a Logbook Loan can help in an emergency

Dealing with an emergency can have an impact on your finances. If an emergency happens when you’re already running low on cash, such as waiting for payday after a month of heavy spending, you can be left worrying how you can afford to pay to fix the problem. Came to Eaffy Logbook Loans and complete the terms and get a simple or easy loan against car. 

From your pet falling ill to your washing machine breaking down, we’ve taken a look at some potential emergencies that can leave you needing money urgently. In dealing with such emergencies, a Logbook Loan can help offer a quick and simple financial solution.

Problems in your property

Your home is likely to be your most treasured possession. When an issue occurs within your house it’s not only stressful and frustrating, it can also really affect your quality of life. A leaking pipe or structural damage, for instance, often needs to be immediately fixed to prevent a problem getting worse or becoming unsafe.

Shopping around to get the best quote from a tradesman to fix the problem can save you some money. But even then you could still need a quick cash boost to be able to afford the repairs.

Appliances breaking down

When an important household appliance, like the washing machine or toilet, breaks it can be very difficult to work around and will often need immediate attention. Replacing these appliances or paying for a professional to repair them can be expensive.

If you’ve been spending heavily on fixing or decorating your home, or you’re budgeting to save up for something special, like a family holiday, it can feel like the worst possible timing if an appliance suddenly needs fixing. Thankfully, there is a solution.

How a Logbook Loan can help

A Logbook Loan can be a great solution to fixing a sudden financial problem. If you need cash quickly to pay for an emergency like the ones we’ve mentioned, using your car as collateral to receive money could be the answer.

A loan of this kind is a simple way of using the value of your car to cover any sudden emergency bills, with the added bonus of being able to keep driving your vehicle in the interim.

Borrowing against the value of your car also means the loan is secured. As a result, a Logbook Loan has a lower level of interest than other financial solutions, like a Payday Loan, which means the subsequent repayments are often cheaper. At Eaffy Logbook Loans there are also no additional charges for repaying the loan faster than the agreed time, meaning, with careful budgeting, it is possible to pay it back sooner than you might think.

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Logbook Loans: What you need to know

Because of how easy and quick the loan process is, logbook loans have become an ideal solution for people with immediate financial needs in UK. But just like with any type of loans, there are risks involved. It is an excellent alternative if you need fast solution but at the same time, it makes sense to know more about logbook loans.

Before using your car to secure a logbook loan, here are some things you need to know:

Fast Cash and Loan Amount

When it comes to borrowing money, logbook loans are one of the fastest means to get cash. There are no credit checks involved hence same approval is usually the case. The borrower can borrow from £500 to as much as £50,000 depending on the value of your car. Normally, lenders can loan you up to 50% of your car's worth.

Applying for a Loan

To apply for a best and cheap logbook loan, all you need is your own vehicle to serve as collateral. The lender will keep the logbook or the vehicle's registration document. You may also need to sign a credit agreement, a "bill of sale" in particular, as part of the application process.

Getting the Loan

Upon approval of the loan, you can get it in the form of a check or quick cash service. Checks usually take days to clear hence majority of lenders offer quick cash services allowing you to get the money within 24 hours or less.

Choosing Repayment Terms

Depending on the amount and your preference, you can choose the most suitable repayment terms. In general, a logbook loan runs for 18 months and sometimes less if that's what you prefer. Many lenders also offer terms of 2 to 3 years to allow flexibility.

Paying the Loan

Payments are often made on a weekly or monthly basis. You can repay the interest charges until the last week or month of the term. The last month is when you are expected to pay the loaned amount. In case you want to pay off the loan earlier, you can do so to reduce interest rates. The key is to speak with your lender and make the necessary arrangements for repayments that you can afford.

Costs and APR

Lenders in UK generally offer logbook loans with about 400% or more APR. For instance, if you're borrowing £1000 for the duration of 18 months, your weekly payments will amount to £35.90. The amount is based on a fixed interest rate of 120% making the total amount payable to £2800. In total, the representative APR will be 442.66%.

To compare APRs among UK's top logbook lenders, you can visit this website here.

What happens if you can't pay back

In case you fail to make repayments of the loan, you have two options. You can make alternative arrangements with your lender or you risk your vehicle being sold. Lenders will not usually repossess your vehicle unless you've fallen behind for several months. Since they have the logbook or the V5 document, the lender has the right to sell your car without the need to bring it to court.

The Bottomline

A logbook loan is an ideal example of a quick fix solution to many of your financial problems. It is fast and easy to avail with the promise of giving you the cash within a day. All you need to do is use your car to secure the borrowed money. As a responsible borrower, however, you need to make sure that you can afford the repayment terms to avoid the risks of losing your car and high interest rates.

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How to Find the Best Logbook Loans Companies

If banks deny you a loan because of bad credit, one great option that will never fail is a logbook loan. The lenders give you an easy and reliable method of getting all the cash you want to address the issue at hand. However, the rising number of logbook lenders in the United Kingdom has made it an uphill task for borrowers because many operate with different rules and conditions. This post outlines four steps on how to identify a good logbook loans company.

Look for a legalized lender

The best logbook lender should be licensed as a broker under the UK Bill of Sale Act. By dealing with a legitimate company, you are sure that the standards and conditions of services will be of high quality. Have a look at the license of the lender either on the company’s website or by visiting their offices. You might also want to confirm with the licensing authority to establish whether the lender has received any complaints or negative feedback. If past users have had a lot of complaints, you might need to consider a different lender altogether.

Check the interest rates of the logbook loan

The best lender should have affordable interest rates. Though the interest is usually very high compared to what is offered by commercial banks, compare what different firms are charging. Because the standard term for logbook loans in the UK is 58 weeks, make sure to compare the annual percentage rate (APR) because it can be very high at times. The secret is ensuring that you repay the money as soon as possible. APR is calculated by a factor of interest, method of repayment, frequency, amount, and length of repayment. Make sure to pick the logbook loan firm with the lowest interest rates.

Ease of getting the loan

If you want urgent cash, the best lender should have easily accessible quotes and assess your car promptly to release funds. Today, there are lenders who can give you cash within 24 hours of application. However, you need to carefully review the terms and conditions of such lenders especially the interest rates and repayment conditions.

Review the experience of past clients

Good logbook loans provider in the UK are built on the platform of best practices. They go to great lengths in offering better services and driving customer satisfaction. However, you can only tell this by meeting past clients. Check different companies’ websites to meet with past clients and read through their reviews or testimonials. If the reports are negative and there are no signs of improvement, the chances are that you will also have a similar story. However, if past users give very positive feedback; do not hesitate to take a loan from such a lender.

Conclusion

Logbook loans provide a good option to people who cannot access conventional loans from banks. They are easy to get and do not have credit history checks like banks usually do. To get the best offer, it is prudent to find a lender using the outlined four main points. Besides, make sure to repay the loan back as soon as possible to avoid interest hikes that can harm your credit score even more.  For even more information about this loan product, visit Eaffy Logbook Loans.

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Differences Between Logbook Loans And Payday Loans

The downturn in the economy in the course of recent years and many bank's hesitance to loan to people has left many individuals not able to acquire from customary sources as fast and effectively as they used to. 

This has driven many individuals to look for option banks offering credit to individuals as transient advances. In the course of the most recent couple of years two of the most famous wellsprings of fleeting money have developed, logbook loans and payday loan.

There are a few key differences between logbook loans and payday loans and the we will help highlight these.

Secured vs Unsecured

The main difference between logbook loans and payday loans is that one is secured and the other is not. Logbook loans from Eaffy Logbook Loans utilise the security of the borrower’s vehicle (car, van or motorcycle) while payday loans are unsecured. This creates a distinct definition between who is eligible for either loan product and how much can be borrowed.

Credit Checks

As Eaffy logbook loans are secured against your vehicle we don’t carry out personal credit checks. As long as you meet our qualifying criteria you should be able to borrow £250 – £50,000 quickly and easily with us.

As payday loans are unsecured the lenders carry out extensive personal credit checks and if you have a low credit score, CCJ’s or arrears then you may not be accepted.

Amount Borrowed

A major difference between Eaffy logbook loans and payday loans is the amount that you can borrow. Eaffy Logbook Loans offer same day logbook loans from £250 to £50,000 depending on your vehicle and personal circumstances. While Payday loans typically range between £50 and £300 they can be particularly useful if you only require a small amount to borrow over a short term.

Speed of Access

Payday loans offer same day loans, similar to Eaffy logbook loans, except that as the loan is unsecured the whole loan process can be completed online. This is very useful and convenient.

Eaffy logbook loans provides same day logbook loans but we have to meet you in person to view your vehicle, sign our loan agreements and issue the loan payment to you. We can usually complete this all within a few hours of receiving your loan application!

Cost

While logbook loans and payday loans are typically more expensive than traditional Banks, they are far more convenient and flexible and if used correctly can be cost effective too.

A typical payday loan will cost £30 per £100 borrowed per moth. 30% interest per month. This means that if you borrow £100 for 1 month (or until your next payday) it will cost you £30 in interest and charges. In total you will repay £130. If you borrowed £500 it would cost £650 to repay in full.

As Eaffy logbook loans are secured on your vehicle we can charge you a lower monthly interest rate. If you borrowed £500 from Eaffy Logbook Loans your final payment after 1 month would be £592. You would also be required to pay your 4 normal weekly instalments of £21.24.

If you have to extend your £500 payday loan for a further month you will incur an additional £150 in interest charges taking the total repayable to £800.

However, with Eaffy logbook loans the total repayable after two months is only £749, including your normal weekly £21.24 instalments. This  makes a V5 Solutions logbook loan cheaper than a payday loan.

Loan Terms

Payday Loans are typically 1 month long compared to a Eaffy logbook loan which is 18 months long. In both cases you can settle your loan early and make large savings. With Eaffy Logbook Loans you can settle your logbook loan at any time and pay less. To find out how much you could save by settling your loan early just call us on 0808 1635 342.

 Loan Payout

Payday loans are typically deposited into your bank account. But what if you don’t have a bank account or you require the funds in your hand to pay for something urgently? This might not be the most convenient option for you.

Our logbook loan payments are more flexible and can be made either by cheque which you can deposit (or cash at various outlets in your town) into your account or we can pay directly into your bank by BACS or Faster Payment.

Eaffy Logbook Loans provides convenient same day logbook loans throughout UK. Use our logbook loan Quote for your free, no obligation, online logbook loan quote.

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ENJOY LOW COST FINANCE FOR THE VEHICLE OWNERS

Since it can be very troublesome for many people to access the standard advances it is important to take a gander at the option choices that are currently accessible in the commercial center. On the off chance that you are in a place of attempting to recoup from past obligation issues and don't have the most noteworthy FICO score, you may well find that the log book credit can offer assistance.

Putting the car up for security

A reason that you can profit by the logbook loans with the poor record of loan repayment is that you are setting up your vehicle as insurance or security on the off chance that you begin to experience challenges later on. You can keep on using the auto for its typical everyday exercises, except it will be important to pass the logbook to the bank and that is held for the span of the credit term. Be that as it may, during the time spent passing the logbook to the moneylender you are basically giving them a chance to take responsibility for vehicle, and it is in this manner in their entitlement to repossess the vehicle at a later date on the off chance that it is regarded to be the main method for recouping the credit sum.

An extraordinary part of applying for these protected credits is that you're ready to keep running over a decent number of years, which may extend from three to five years or more, which ought to give more adaptability in the advance reimbursements. Additionally, the protected advances can draw in the more attractive financing costs so you don't should be concerned to the point that you should pay a high APR for the span of the credit term.

Large loan offers 

With logbook loans, the loan amount are also larger beacause of the security requirement. In most cases, you should be able to borrow between €250 and € 50,000. The maximum amount your lender can lent you will depend on your car's official value but in general, it is set aroun 70% of said value. With the large loan offers, borrowers are able to meet a wider range of financial needs. Whether it's just an overdue bill or a major medical expenses, you can count on logbook loans to give you a quick cash solution you can easily avail. To compare the best logbook loan deals available in the market today, go to http://www.eaffylogbookloans.uk

Understanding the loan amount

In the application procedure you are probably going to find that the aggregate money offered with this sort of credit is vigorously subject to the estimation of the vehicle utilized as security. A merchant can give a free valuation administration to verify that they are completely aware of the vehicle esteem and ready to give an advance that can identify with this. It is regularly observed that the advance sum is in the district of 50 to 90% of the vehicle esteem. Since this can shift essentially it will unquestionably profit to reach a few distinct organizations to guarantee that you can pull in the most alluring terms and conditions.

Preferably, you need to take a gander at reaching three or four unique banks to get a full energy about the accessible choices. When you get the different diverse quotes you can contrast them one next to the other with help with settling on the most great choices.

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How Do I Apply For A Loan That’s Right For Me?

In the process of searching for the right loan to match the specific circumstances it will certainly benefit if you are able to search online in order to see the companies that get a lots of positive reviews in relation to the service provided. It can be quite difficult to determine the most preferable loan type and company to use so it will certainly benefit if you’re able to rely on the freely available information that is published online.

As more people are likely to find that it can be a quite difficult process to obtain a line of credit from the mainstream financial institutes, it might be necessary to look at alternative options, especially those that don’t have the most desirable credit rating. A secure loan that is starting to see increased popularity relates to the logbook loan. They are a highly popular option for those that own a finance free vehicle that is relatively new and can be used as collateral against the loan application.

Locating the right loan companies

In the process of searching the availability of the log book loan lender you will certainly find that it is possible to get some very attractive finance packages. Eaffy Logbook loan is a best way to get a Logbook loan. Although it will depend on the age and value of vehicle to use to secure the loan – a logbook loan is likely to range in the region of £250 to £50,000 and in most situations it is possible to get confirmation on whether an application has been successful within a period of 24 hours. And since the logbook loan companies are licensed by the Office of Fair Trading and regulated under the Consumer Credit Act you are certain to receive a high level of service.

Making certain to pass on the application stage

When it comes to applying for the logbook loans you will certainly appreciate that there is certain criteria that needs to be met in order that the lender may agree the application. It is likely that you will need to provide proof of income such as a wage slip or similar and also provide details of the vehicle. It is necessary to confirm that the vehicle is entirely free of any finance and it is within 10 years of age. You also need to have the vehicle logbook since this will be held by the lender for the duration of the loan term. Standard ID like the driver’s licence or passport will also be necessary.

If you are able to successfully pass on the application stage it will be necessary to visit a local logbook loan office on the high street in order that you are able to present and have checked the relevant paperwork. If this is all found to be entirely satisfactory you should find that you are able to get your loan payments deposited to your bank account within a number of days.

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