Logbook Loans. A Safe Alternative to Payday Loans?

In light of the Office of Fair Trading (OFT)’s recent inquiry into Payday Lenders, and the subsequent revelations of irresponsible lending and bad practices throughout that industry, where does this leave the customers who still require access to quick cash loans?

One simple and fair answer can be found here at Eaffy Logbook loans. If you own a car, then you can raise cash against its value by applying for one of our Quick Cash Logbook Loans today.

And, given that we have some security in your car, our interest rates are but a small percentage of what most payday lenders charge so your repayments should be that much smaller. Also, our loans are not for a month or so; we go up to two years or even more, so constantly having to rollover your loan with us every couple of months is not an issue.

Q: What exactly is a Logbook Loan?                                                      

A: A Logbook Loan is an any purpose cash loan that is secured against your car. Each loan is based on the value of your car and, as long as you maintain both the payments of the loan and the car’s condition, then you continue to retain full use of the vehicle. 

Q: Why have I never heard of a Logbook Loan before?

A: They have been around for a very long time. In fact, the Bill of Sale, which secures the loan on your car, is issued under the Bills of Sale Act of 1878!

However, although the Logbook Loans UK industry provides customers with far cheaper loans than those offered by Payday Lenders, the industry itself is very small by comparison. The reason why you may not have heard about Logbook Loans before is because Logbook Lenders haven’t had the chance to tell you - Payday Lenders, with all their money and huge TV and other advertising budgets, have simply been shouting louder.

All customers must be aware that any logbook loan secured against your vehicle, which may be repossessed if you do not make payments. Late or missed payments will incur additional charges. All customers must make sure they read and are aware of all contract terms and conditions prior to proceeding with any loan application.

The majority of lenders will use what is called a Bill of Sale to secure the loan against the car. A Bill of Sale is what gives lenders security over the car. This means that until you have paid your loan the lender will technically be the legal owner of your car. However you can still drive it and once you have paid off your loan the ownership goes back to you.

Q: Why should I choose Eaffy Logbook Loan for my Logbook Loan?

A: At Eaffy Logbook Loan we offer quick cash Logbook Loans and we do so responsibly and in line with the Office of Fair Trading’s Guidance to Irresponsible Lending. We examine affordability very closely and only quote you on terms that we have satisfied ourselves and you that you can afford.

Our rates are far cheaper than those charged by Payday Lenders, so much so that we can often help Payday customers reduce their monthly outgoings by consolidating all their payday loans into one easy and affordable Logbook Loan repayment.

Eaffy Logbook Loans also have the ability to lend over longer terms, thus allowing customers to pick the right loan amount that suits their current financial situation.

Additionally, all of our rates are fixed and thus will not change throughout the term of the loan. this means that customers can also budget for the future as they will always know what their Eaffy Logbook Loans repayment will be. "Get same day logbook loans, instant loan against your used car, No credit check, No upfront Fee,no guarantor needed, Apply Now!  

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Getting More Mileage for your Logbook Loan

Short-term loans can be very useful when those terrifying unexpected expenses crop up, but they aren’t for everyone. In fact, if you have a poor credit rating, it may not even be possible to qualify for one. Luckily, there is a wide financial market out there with lots of different options depending on your needs and circumstances.

One alternative to the short-term or payday loan is a logbook loan. This a loan secured against your vehicle, where the car is the guarantee. If you’re the registered owner of the car, you simply hand over the V5 registration document to your nearest branch of logbook loan provider in exchange for funds that are paid much faster than other types of loan. You don’t need to sell the car to release the money, you can borrow as much or as little as you need and in many cases, you can pay back what you owe in as little as a month without being hit with an early repayment fine.

If you’ve done your homework and you believe you’re ready to take out a logbook loan, you now need to know how to eke out the very best deal for yourself. It’s crucial to remember that how much you can borrow depends largely on the value of your vehicle, which is why it’s a good idea to do the following before submitting an application:

·       Make sure your car has passed its MOT. A car with an out-of-date MOT certificate and possible maintenance issues which could affect its road-worthiness are bound to have a negative impact on its value. An MOT doesn’t cost much provided no repairs are needed, but it could help your chances of being accepted for a car logbook loan.
      
    Keep on top of servicing and repairs. A car with lots of problems and outstanding repairs needed is not an attractive prospect to anyone apart from a scrap dealer. You wouldn’t sell it in that condition because the value would be affected, and the same goes for logbook loan valuations. Get all repairs carried out before submitting your application and you should get the maximum value for your vehicle.

Have the right paperwork ready. You’ll need certain documentation in order to take out a logbook loan, including the V5 registration document, proof of your own identity and proof that you can pay back what you borrow (i.e. bank statements, wage slips etc.) Have all of these ready to prevent delays and to make the process of applying for your loan go more smoothly.

Remember - always read the small print
     Like any loan, it’s very important to understand fully what you are agreeing to when you take out a logbook loan. You need to understand the interest you’ll be paying back and the terms of the agreement, and what will happen if you fail to make repayments. If you are accepted for a loan, can you afford to make all the repayments? If not, a logbook loan is probably not the right choice for you.

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Finding The Right Logbook Loans Company

Getting a same day loan from logbook loans may seem difficult but it's rather easy if you know how. In normal circumstances, the lender will invariably carry out credit checks as part of their part of their due diligence. The problem here is that the time it takes for these loans to be processed and after that, the time it takes to get the actual loans. The amount of paperwork can be difficult for many people to handle. there are many potential borrowers who want the convenience offered by logbook lenders UK to give them a money at their time of need. You may need some money before your payday, but the banks won't lend. What alternative do you have? In the financial marketplace, there are many shady operators that you need to steer clear of. There are some rogue companies in the UK market that should be avoided at all costs.

Many lenders will try to assist borrowers with finance products, when the borrower just wants a money advance. At these times, logbook loan companies can offer the ideal solution, because they can access it from the comfort of their own home. Most people who need credit just want a no-nonsense, hassle free finance, however one of the things stopping them having a poor credit rating; whether that's failing to pay a credit card bill or rent or mortgage arrears, this can be stigma stopping you from getting what you want.

Why Not Try It?

In an ideal world, you could get the money that you want, but we live in an age when people want more than they can afford. The solution is to either live within your means, take a loan that you can afford. That option is preferable, because you can afford to buy things which you otherwise would never have a chance to.

Instead of worrying about your past history, try to think positively and find something to work your advantage. One thing that you could do, is to work backwards, and to work out how much you could afford to pay for your loan, then calculate your monthly payments. This way you can see what type of finance is affordable for you. With careful planning, you can avoid minefield of UK financial markets, and find the right financial product. Whatever your circumstances, a responsible logbook lender will only grant a loan subject to the applicant's own affordability and eligibility.

Borrowing from friends or family may not be the best idea, as it can often lead to frustration when you can't repay them. Your bank may have removed the overdraft facility, so you can't usefully access money that way. The alternative course of action is to find a reputable, and established Eaffy logbook loans that can offer you money when you need it. We work with some of the longest established lenders who have a reputation second to none.

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Logbook Loans: Drive Off In Your Car and Get A Loan

Have you ever felt overwhelmed with never-ending credit card debt, bills and high interest rates?

You're definitely not alone. You may not want to believe it, but there are millions of people just like you.

If you're not getting the personal loan you want, despite having your own home, there may be a problem with your approach to secured car loans. Getting the money you deserve, need some careful consideration. To get car secured loans in this situation, you will need to take an alternative more proactive stance towards your finances. In this article we will discuss some of the techniques you can use to get loans against your car.

Secured car loans against your car usually last from 36 to 72 months, this repayment term is shorter than many other secured finance methods, to avoid the accumulation of interest. The actual value of collateral used our security would give an indication of the amount of loan you will be offered by lender. For instance, if you take a secured car loan against your home's equity, the loan amount would depend on the valuation of your property.

One of the key differences with log book loans is that you can receive your money usually within 24 hours of your application being submitted. And when all of the money that you borrowed is repaid, your V5 registration document will be returned to you.

To reduce interest rates, try only to borrow what you need, and not any more. Remember that even a slight reduction in your interest rates, can save you a great deal. By comparing different finance packages from several lenders, you can come up with an approximate rate that's right for you. Try to choose the lender that offers you the right amount and matches your requirements perfectly.

As is often the case, borrowers with a bad credit rating, can sometimes be declined by secured finance companies. This means in fact, that such borrowers will need to have to go to alternative lenders, who will usually charge a higher interest rate than the norm. However, it is possible to get lower rates, by simply shopping around and paying off your debt as soon as you can. As a bad credit borrower, it's important that you do not pander to these types of lender just because they are offering you a higher value of loan. Despite the fact that these lenders will sometimes bend over backwards to entice you into a financial product or service, it's important that you do take the correct advice from financial experts on the type of finance that maybe could quite easily take advantage of you.

By being extra vigilant, you can find the right secured finance rates to match your own lifestyle, and not pay over the odds or with lenders that may have dubious motives. Even with CCJ's, arrears and defaults it's still possible to get what you want, subject to your affordability and eligibility. After all, getting into more debt than you can afford is never a good idea. One of the best ways to start is to consider logbook loans.

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Considerations Before You Apply for a Logbook Loan

Logbook loan is a form of loan in the UK designed for people with poor or inadequate credit history. Also known as V5 loan, it involves submitting the vehicle’s “logbook” or V5 to the lender as collateral and the lender will maintain possession of it until the loan is paid back in full.

With logbook loans, anyone owning a vehicle can borrow money in as little as 24 hours without having to pass credit checks. However, this convenience comes with a price, such as the risk of losing a vehicle. Although it has helped a lot of people in times of financial crises, logbook loan is not for everyone. These are the things you need to consider before getting yourself in this type of loan.

Why do you need the money?

One beauty with logbook loans is the freedom to use the borrowed money in any way you want. You can pay for something urgent, such as medical bills, the vehicle’s repair itself, and any other expenses wherein cash is not immediately available. But you are also free to use the money even for non-emergency expenses, such as your dream vacation or a high-end gadget.

However, you have to realize that taking a logbook loan can be expensive, and despite the freedom, you should be very careful in choosing where to spend your money. Only things that are really important and urgent can make it easier to overlook the higher cost of logbook loan.

How much do you earn?

It’s simple mathematics. You have to make weekly or monthly repayments for your loan, and you need to have a stable source of income to meet them. What’s good with logbook loan is that you can adjust the repayment terms based on your affordability. However, if you don’t earn high enough, you might struggle to meet the payments on time, which will in turn earn even more fees and interests.

How long are you looking to pay off the loan?

One advantage of a logbook loan is its flexibility, because the duration of the loan period can be adjusted based on the amount you intend to borrow and your affordability. However, stretching out the loan term can cost you as much as double or triple the original amount, which should question the worth of borrowing.

Logbook loans UK are designed for short-term borrowing, and should be kept at such. It is best used when you need to raise instant cash, and have adequate resources to repay back the loan as quickly as possible to avoid incurring more interests.

How much is your vehicle worth?

Another factor to consider is the value of your vehicle. It might not make sense to put a vehicle worth £10000 on the line when you only need to borrow £250. This gives you access to borrow more than what you need, and with it the temptation to spend the money on unplanned expenses.

Are you ready for this commitment?

In majority of the cases, a person resorts to logbook loan because of bad credit. If you’ve had problems handling your finances in the past, you should think again and again if you are ready to take on a new and bigger responsibility in the form of a logbook loan.

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Logbook Loans Stockport Get Money In Minutes

Why Logbook Money?

If you need to get a loan with bad credit, then logbook loans uk are the ideal source of receiving a large amount of money in the shortest possible amount of time. With this type of log book finance, borrowers can receive your loan within the same day or at the very latest twenty-four hours...

These types of loans are secured against the log book of the borrower's vehicle. Borrowers can expect secured, flexible loans with terms ranging from 12 to 36 months. Since the loan is secured against the car, borrowers can receive money easily and without hassles. These loans are also eligible for bad credit borrowers and those with bad credit history such as cases of IVA, bankruptcies, defaults and CCJ's. Another advantage of logbook loans is that a borrower's credit rating can be improved by making regular repayments and completely ending the refinancing on time.

Money in an Emergency?

The money from this type of finance can help you to pay off unexpected emergency expenses like home improvements, paying off debts or outstanding bills, wedding expenses and holiday costs.

Logbook lending companies can help people with a poor credit history as they are bad credit lenders. The amount of money obtained from the loan will depend on the value of the car and subject to your eligibility and affordability (i.e. the borrower's ability to make repayments). As part of the application process, borrowers must provide proof of their income, for example, wage slips, bank statements. In general, logbook loans are short-term loans which borrowers can repay within time period. However, being short-term in nature, lenders charge higher interest rate on these loans. By finding a reputable UK logbook loans company, borrowers can get a good loan rate, and the money they need.

How to Get Money from your Logbook

If you need to get a loan with bad credit, then logbook loans are the ideal source of a large amount of money when you need it. With log book loans, borrowers can receive money within the same day or at the very latest twenty-four hours... These types of loans are secured against the logbook of the borrower's vehicle. Borrowers can expect secured loans with flexible terms usually from twelve to thirty six months. Since the loan is secured against the logbook, borrowers can receive money without hassles. These loans are also eligible for bad credit borrowers and those with bad credit history such as cases of IVA, bankruptcies, defaults and CCJ's (subject to their eligibility and affordability). Another advantage of logbook loans is that a borrower's credit rating can be improved by making regular repayments of the loan amount.

The money from this loan can help you to pay off unexpected emergency expenses like home improvements, paying off debts or outstanding bills, wedding expenses and holiday costs.

Logbook loan companies can help people with a poor credit history as they are bad credit lenders. The amount of money obtained from the loan will depend on the borrower's ability to make repayments, that is subject to the borrower's eligibility and affordability, and the value of the car. As part of the application process, borrowers must provide proof of their income, for example, wage slips, bank statements. In general, logbook loans are short-term loans which borrowers can repay within time period. However, being short-term in nature, lenders charge higher interest rate on these loans. By finding a reputable UK log book loan company, borrowers can get a good loan rate, and the money that they need.

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Get Money In Minutes from Your Car's Logbook

Do you need a little bit of extra financial help? Do you want to settle all your outstanding debts into one simple payment? Well now you can, logbook loans are increasing in popularity as the ideal way to consolidate all your loans - the perfect debt consolidation loan.

Did you know that with help of the log book of your car, you can borrow up to £50,000 in less than 24 hours? Well now you can. A log book can help you to receive the money you need for all your financial needs by using secured loans against your car's log book.

What's a Logbook?

A log book is a legal document that includes all the essential details of your car, for example: the model number, chassis number, registration mark, colour, ownership, and other details.

With the help of logbook loans you can receive a large amount of money by just securing your log book with the lender, which is then used as a form of security. People with bad credit can apply for these loans as well, subject to eligibility and affordability. Even if you have arrears, defaults, CCJ's, an IVA, or a bankruptcy, you can still enquire about a logbook loan.

To be considered for log book loan, you must meet certain application criteria:

You should be have a regular income, and be able to provide proof of this.

Your car should ideally be under eight years old.

Your car should be clear of any finance, and be fully up to date with any legally applicable taxes, insurance and MOT.

The log book must be registered under your name.

The money you receive from a log book finance can be used for many important, everyday things, like paying off existing debts, arranging holidays, wedding's, kid's, etc.

A log book loan is the most convenient option to get the money for all your needs. You can borrow from £250 to £50,000, with a repayment term of 1 to 3 years. Get a hassle free loan by enquiring about logbook loans uk today.

450.5% APR Representative

Our Lending Partners Representative Example

In the event that you acquire £850 more than year and a half at a level rate of 132% for each annum (settled) with an agent 450.5% APR you will make 17 regularly scheduled installments of £140.72 and 1 installment of £140.76, reimbursing £2,533.00 altogether. Be that as it may, our loaning accomplices just charge intrigue month to month and don't punish you for early settlement. In the event that you reimbursed the credit in one month it would cost you just £93.50 and nothing more.

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Tips for Logbook Loan Success

If  you suffer from bad credit, you’ve probably heard of a logbook loan. This is a type of secured loan in the UK wherein the borrower’s car is used as collateral against the borrowed money and does not involve any credit checks. Despite its availability to bad credit borrowers, however, logbook loans are notorious for their interest rates. These are some tips you can follow to save a little money when you’re in a dead-end situation and logbook loan is your only choice.

Borrow only what you need. A great tip to live by whenever you’re borrowing anything is to borrow only the amount that you need. Sometimes, you might think that it is necessary to give an allowance for something else that you might need. However, this allowance might turn to something that is really unnecessary. After paying for the urgent matter you needed the loan for, it’s quite easy to pass by your favorite store, see the extra cash in your wallet, and spend it right there and then. Remember that this extra cash you borrowed will earn interest, and the more you borrow, the higher interest you will be charged.

Make sure your car is insured. While you can keep the car under a logbook loan, you will still be responsible for any damages and repairs it sustains during the loan period. Having your car insured can provide that needed coverage in case you got into an accident. It can prevent strapping you off more cash when you’re already tight, and you can avoid the need to borrow again.

Do not stretch your payment duration. A common mistake borrowers make is to prolong the length of time before they are to pay off the loan in full. In doing this, you are exposing yourself to accumulating more interests in the long run. While it is certainly necessary to consider what you can afford to pay each month, setting it to the lowest minimum amount possible doesn’t teach you to reduce your expenses. Besides, the longer you are tied to debt repayments, the longer it takes before you can start getting back on track with your budget.

Pay on time. The importance of paying on time couldn’t be reiterated enough in every debt you have. Making late payments, especially in your logbook loan, can acquire very expensive charges. Being on time with your payments not only saves you from these charges, but it can also give your credit score a little boost. You shouldn’t look at your logbook loan as an easy way to obtain cash despite your poor credit, but rather an opportunity to start rebuilding the credit that you ruined.

Shop around. You can find many logbook loan lenders in the UK, and like most companies providing the same service, they are not exactly identical. Sure the interest rates may be in the same range, but you certainly will find some differences in the terms. It pays to know what you are getting into no matter how urgent you need the money. Even if your credit is bad, never think that you are in no position to negotiate. Always ask questions and clarify your doubts, and since there are many lenders out there, don’t hesitate to pay the next building a visit. http://www.eaffylogbookloans.uk

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How A Logbook Loan Works: A Complete Blog

Logbook loans have become a lot more popular as a source of short term finance for people with bad credit of late but there are still some people who don’t know that much about this new finance option.

History of Logbook Loans

Logbook loans have been around since the late 1990s in the UK. They’re also common in the US where they’re known as Car Title Loans and where it’s estimated that there are over 7000 lenders lending some $1.6 billion of loans.

Needless to say the numbers are somewhat smaller in the UK but there are still a number of logbook loans lenders in this country and, as you’d expect, some are better than others.

The loans have been the subject of some bad publicity that mainly revolves around cars being repossessed and clearly this is a danger for a facility that is secured against a car. Whilst there are always two sides to the argument and the lenders will say that the publicity has been generated by people who never intended to repay in the first place, there are clearly lessons that can be learned on both sides.

The main lesson is that ability to repay is the key to a logbook loan and if you don’t have repayment options then don’t take out a logbook loan in the hope that something turns up.

How Logbook Loans Work – The Legal Stuff

Logbook loans are based on a 19^th Century legal document called a Bill of Sale. Through this a borrower (known in the Bill of Sale as the “seller”) evidences that he or she has sold the vehicle on a specific date and at a specific location to the lender (purchaser) for value received (the loan).

The Bill of Sale is held as collateral security for the loan and is only enforced if the loan terms are breached.

Technically the Bill of Sale means that the logbook lender is the owner of your car while the loan is outstanding and the Bill of Sale is registered with the High Court in London for their protection.

How Much Can I Borrow With A Logbook Loan?

Well firstly you’re limited by your ability to repay the loan but assuming the repayment source is clear…

Secondly you’ll be limited by the value of your car with a maximum ceiling of 50% of the value. If you’re dealing with a reputable loan company you should be able to agree on a mutually acceptable valuer to get a fair valuation.

Finally there are limits on the amount the loan company will advance with a minimum of £250 up to a maximum of £50,000 (yes people with very expensive cars need finance urgently as well!).

How Logbook Loans Work – The Practical Stuff

You’ve got a vehicle (could be a car, motorbike, motor caravan, van or small commercial) with no finance and you want a logbook loan. So how do you go about it?

Firstly you have a choice to fill in an on-line form or telephone the logbook loan company. In either case the process should take no more than a couple of minutes. Everything at this stage is without obligation of course and there will be no fees to pay.

If you fill in the form the lender will call you back shortly afterwards and you can discuss your needs there and then. The lender will then outline an offer to you.

If you want to go ahead the lender will meet you at a place of your choice and complete the paperwork. You’ll need to bring some or all of the following (check with your lender before setting out for the meeting):

The vehicle

The vehicle registration document (V5C)

A spare key

Your driving licence

Proof of address (two can be required)

Insurance certificate

MOT certificate (if the vehicle is over 3 years)

Bank statement

15 minutes later and you should be able to walk away with the loan.

The lender will hold onto the spare key and the V5 document until the loan is repaid but you get to keep and drive the car.

Of course it’s your responsibility to maintain and insure the car while the loan is outstanding.

Who Is Eligible For A Logbook Loan?

The only fixed criteria are:

You must be a resident of the UK

You must be over 18

You must be the legal owner of a car that’s free or nearly free of finance

You must be in a position to repay the loan

Unemployed people, self-employed people, tenants, people on benefits are all welcome to apply logbook loans online and will be approved if they have the ability to manage the repayments that are agreed.

A bad credit history is not a problem as the lender is not there to judge you on your past. In fact even a past bankruptcy is not a hindrance.

Are Logbook Loans Companies Regulated?

Yes – all logbook loans companies are regulated by the Office of Fair Trading (OFT) under the Consumer Credit Act and must hold a current appropriate licence.

Apart from this official regulation there is a body called the CCTA (Consumer Credit Trade Association) that has a Code of Conduct that offers borrowers a great deal of protection. All of the reputable logbook loan companies are members of the CCTA and subscribe to the Code of Conduct.

Early Repayment

All reputable logbook loan companies will encourage you to repay early if you can and all should allow this with no penalty charges.

Free of Finance?

Logbook loans are available for vehicles that are “free of finance” and specifically that means that the vehicle must not be subject to a finance agreement – for example an agreement that you took out from a finance company when you bought the car.

Vehicles purchased with bank loans or family loans are unlikely to be covered by a finance agreement and will qualify for a logbook loan.

Logbook Loan or Payday Loan

Both logbook loans and payday loans are intended for people who don’t qualify for finance from traditional sources but logbook loans have certain advantages:

They’re much cheaper than payday loans

They can be for higher amounts

You can get a logbook loan if you’re unemployed

You can borrow with a logbook loan for a longer period of time

Defaulting On A Logbook Loan

I don’t believe that anyone ever takes out a logbook loan with the intention of defaulting but clearly circumstances change and logbook lenders are fully aware that they’re dealing with a risky market.

That’s why they charge a high rate of interest.

The one rule that I’d recommend above all others with a logbook loan is to talk to the lender if you can’t meet the repayments and don’t bury your head in the sand.

Logbook lenders are there for the long term as they know that satisfied customers are not only potential repeat customers but also more likely to recommend them to others.

All reputable lenders will first work with you if you fall on hard times and reschedule the repayments so that you can afford the.

Unfortunately if you still fail to meet the repayments or if you avoid contacting the lender you are in risk of losing you car. That’s an undeniable fact of life and the reason why we can’t recommend highly enough that you only enter into an agreement if you can manage the commitment.

The Downside To A Logbook Loan

Logbook loans are an expensive way to borrow, so if you have a cheaper option take it. You should definitely explore all other options if you can.

If you default on the loan you’re in danger of losing your car and if you depend on your car for work or family reasons then this could be a major problem.

Summary

Logbook loans are a useful way for people who don’t qualify for more traditional borrowing to get a quick sum of cash to fulfil a pressing need.

They’re expensive but on the other hand they’re fast and flexible although you’d be advised to avoid becoming dependent on them.

But if you take the cost into account when you take up the loan and if you can afford to repay on (or preferably before) the due date then  a logbook loan may well be much better than the alternatives available to you.

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Bad Credit Logbook Loan Company UK: Cheap & Best Log Book Loans

When you need money quickly for an emergency or to help pay your bills, you may not have time to wait on a decision for a traditional loan. While you can get money quickly through a payday loan, you can only borrow a small amount from those lenders. Instead, you can take out a logbook loan to get the cash you need quickly.

How to Take Out a Logbook Loan

When you need to borrow money quickly, you can use your vehicle to take out a logbook loan. Borrowers will use their car to help them get a logbook loan, which eliminates the need for the lender to look up your credit history to qualify you for a loan. Along with cars, some lenders will also allow you to use a motorbike or van in order to get cash.

The lender retains the logbook, which is documentation detailing who owns the  vehicle that you are using as collateral for borrowing money. The lender will also have you sign a Bill of Sale agreement that shows they temporarily own the vehicle. When you finish repaying the loan, which can take more than a year depending on the loan amount, the agreement will be terminated.

Even though you use your vehicle as collateral, you will still retain possession of it while you repay the loan. However, it is important to note that if you take out a logbook loan in the UK and you do not make the repayments, your vehicle can be repossessed by the lender. Since the lender is holding a Bill of Sale, they do not need a court order to repossess your car, motorbike or van.

Along with your vehicle, you will also need to prove that you have a steady source of income. This shows the lender that you have the means in which to repay the money they allow you to borrow. If you can provide proof of a job or another source of income, then you will be able to borrow the money you need to pay off your bills, consolidate some of your debts or to help you in an emergency situation.

How Much Can You Borrow?

Usually, the least amount of money you can borrow is £250 and the maximum amount will depend on the lender. Some companies will only lend up to £2000 while Eaffy Logbook Loans will lend you significantly more money. It will also depend on the vehicle you use for taking out the loan.

The Advantages of a Logbook Loan

As long as you have a vehicle that you can use as collateral, you can borrow money by taking out through a logbook loan company. There are several advantages to using a logbook loan including:

1. Get money quickly.
2. Bad credit is okay.
3. Larger loan amounts.
4. Borrowing money with other vehicles.
5. Easy online process.

Get Money Quickly

When you need money quickly, you won't have to wait for days on a loan decision like you would if you tried to borrow money from a traditional lender. Most logbook loan lenders make their decisions within minutes, sometimes as quickly as 15 minutes, and you can walk out with cash in hand.

Their quick decisions will allow you to take out a loan and make your bill payment the same day. Instead of going to a logbook lender directly, some lenders also offer these loans online. If you apply for a logbook loans online, the money is transferred directly to your bank account and you can pay your bill by a cheque or directly through your bank card.

Bad Credit Is Okay

If you have bad credit, it can be difficult to get a loan from a traditional lender like a bank. Instead of using a payday loan to get the extra money you need, you can take out cheap logbook loans in the UK. You can still take out logbook loans with bad credit to get the money you need in just minutes. As long as you have a vehicle and a steady source of income, you can take out a logbook loan.

Larger Loan Amounts

Usually, if you have a bad credit history, the only loan options you may have are payday loans. However, payday loans are usually only available in small amounts that can be repaid when you get your next paycheque. If you need to have more money than a payday loan lender offers, a logbook loan is a good option.

While most logbook loan companies offer amounts as low as £250 for your vehicle, the maximum loan amounts they offer are significantly higher than payday loans. Some of the logbook loans in the UK will offer as much as £50,000. This will allow you to pay off any bills you have or help with any emergency that comes along.

Borrowing Money with Other Vehicles

While most borrowers use their cars to secure cheap logbook loans, if you don't have a car, you may be able to use another type of vehicle and get cash. Many logbook lenders will allow customers to use their motorbikes, vans or trucks to secure a loan. If you do use a motorbike, your loan may not be significant, but it could be enough to get you through an emergency or help you pay your bills.

Easy Online Process

You don't have to go to a lender's business in order to borrow the money you need. Many of the best logbook loans will be available to you online. You just need to fill out the online application or call the number listed on the website. Just as you would in person, you would provide information about your vehicle and your source of income.

You will need to agree to the terms and conditions of the loan, apply for the amount of money you need and wait for the lender's decision. When applying online, you may have the money transferred directly into your account in as little as two hours. Getting log book loans in the UK is a good way to get money that you need.

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KNOWING THE PROS AND CONS OF LOGBOOK LOANS?

Making the most of the logbook loans

A quality aspect of signing up for the logbook loans is the procedure used in the application process. In most cases you will notice that the lenders don’t conduct a full credit check irrespective of the applicant’s prior history prior to approving the loan. So if you are someone that is experiencing difficulties with getting a loan from the high street lenders, like the banks and building societies, you will certainly appreciate the more flexible approach provided by the logbook loan companies.

A further great quality of the application process is that it is completed very quickly. In most situations a loan is going to be approved or declined within a matter of hours and if approved the loan payment can be paid into the customer’s account within 36 hours. You might find that the interest rates on these types of loans are slightly higher than what you would expect with the mainstream lenders, but if you are able to shop around it should still be possible to get a very desirable loan offer.

Making certain to match the criteria

During the time spent consenting to one of the logbook propels it will be imperative to meet certain criteria set by the advance pros. Criteria relates to having full obligation regarding store free vehicle, which is inside an age of eight to 10 years (depends on upon the bank), and security is set up. Regardless of the way that there is an age control in association with the vehicle this won't not be applicable in case you are planning to use a vintage or extraordinary auto. If you do assume that you have an imperative awesome auto which can be used as security you may need to contact the shipper direct remembering the true objective to develop the available choices in association with applying for a credit extension. It is similarly basic for the possibility to be developed 18 or over and an inhabitant of the United Kingdom.

A standard logbook progress is likely going to be established on a regard in the territory of £250 to £50,000, and this is clearly related to the vehicle that you will be used as certification. All things considered it is possible to get a propel that is comparable to 65 to 85% of the business estimation of the vehicle. Remembering the true objective to get a full valuation for a vehicles regard, the banks will send a delegate to inspect the vehicle to develop the right market regard, which allows to learn the credit whole open.

Is this a quick and easy loan option?

In the event that you are in the position of having the capacity to a compensation the week after week or month to month reimbursements in a convenient manner, you will positively find that the logbook loans UK are a profoundly alluring choice for getting speedy money infusion which can be utilized for an extensive variety of reasons. In any case, it is imperative to recollect that since the vehicle is being utilized as insurance for the credit, the moneylenders to have the privilege to repossess the vehicle if you fall behind with the installments later on. So if the vehicle is basic for work or comparable duties, you will absolutely need to precisely consider whether you need to take out this kind of credit in the event that you trust that there might have any challenges with covering the customary reimbursements.

Are there any significant drawbacks

Since you are not utilizing a standard credit from a high road bank you will probably find that the financing costs will be higher than ordinary, yet fundamentally superior to anything fleeting advances like the payday advances. It isn't generally important to paying altogether high loan costs in the event that you can put the essential time and exertion into investigating the market. On the off chance that you are in the circumstance of having the capacity to get the advances from the high road banks, you aren't probably going to be worried with a somewhat higher financing cost since you will have the capacity to get the money advance for the fancied sum.

By utilizing the value correlation sites you ought to have the capacity to get a full energy about the possible costs required with the different diverse banks. In a perfect world, you need to take a gander at getting a decent three or four quote which you can contrast one next to the other with give the important time to review the offered terms and rates. When you can settle on the most best hopeful you can reach them keeping in mind the end goal to get a firm credit cite that can coordinate the particular conditions.

Where to find a logbook loan?

There are many place online where you can look if you want a logbook loan. If you want to apply directly with a lender than you can submit your application online with the likes of Eaffy Logbook Loans and other similar companies. The advantages of this is you may be able to think more clearly without as much pressure, knowing that it is just a no obligation quote.

Whichever route you decide to go on, it is always a good to get the appropriate advice first before. And as always if you ever get into difficulties, you should got speak to someone at the Citizens Advice Bureau.

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