This form of loan is usually taken for a short period of time and the security that you provide is the logbook to your car
. This loan is usually meant to take care of an immediate need of cash and one is advised not to take it in order to meet a long term obligation. As this loan attracts a high annual percentage rate (APR) with APRs ranging from about three hundred to about five hundred percent. This should not discourage you though as these loans have a lower interest rate as compared to many other forms of short term loans including payday loans.
With loan amount awarded starting from as much as five hundred pounds to as much as fifty thousand pounds this loans can be used to get you out of some major financial burden that may arise. These loans have an approval period of less than twenty four hours making them advantageous over other forms of loans of this amount.
Eligibility
To be eligible for this loan you need to be eighteen years and over. Apart from being the legal owner of the car you also need to ensure that the car is free of all financing. Some of the logbook loan providers may also require that you have a source of income to be able to repay the loan. Others may require you to be a resident.
About some providers
There are about four well known providers of logbook loans. This is just to provide you with a guide on some of the logbook loan companies. These companies include V5 loans limited which has operations only in England. It is a fairly new company that began its operations in 2008.
White clover group is another company. It has operations all over the U.K. They lend up to fifty percent of the value of the car. They operate in England and Wales only. They do more checks than other companies but they also charge a lower interest rate than most other companies.
Logbook loans limited is a U.K. wide company. They have the highest maximum lending amount among its peers lending up to fifty thousand pounds.
Mobile money limited is a provider that has its operations in England and Wales. They also tend to lend to the self employed and those who face bankruptcy.
This is just a guide with there being some sites on the internet that can provide you with a comparison of what each of this companies charge. Try to also get information that may be specific to you.
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