Logbook Loans: Monetary support in urgency
Logbook Loans: Monetary support in urgency
Cars are no longer metal device for going one place to another in United Kingdom. Generally, people use them for personal comfort or commercial profit. But now, you can use them to obtain money from banks, lenders, building societies and financial institutions. Many car owners do not know that they can use the logbook of vehicle to sponsor the money. Logbook loans have emerged as best options for borrowers especially when you do not have home or you do not want to pledge home against the cash. These funds are very much similar as comparison to other source of money as far as usage purpose of loan is concerned. Here, you need to place the documents or logbook against the loan amount but you still have authority to use the car personally or commercially.
Any individual from UK can obtain logbook loans if he/she is the owner of car and logbook. It is not necessary that owner of vehicle would be the owner of documents because logbook owner is person responsible for car, taxes, insurance etc. Logbook is a registration form which is issued by the Driver and Vehicle Licensing Agency in United Kingdom. This document has the complete information about the car or vehicle like registration number, chassis number, original color, VIN number, model number etc. Borrowers are required to deposit the same document into the bank while getting the loan amount. Following are the important conditions you have to fulfill to grab instant cash.
- Vehicle age should be less than 8 years
- Age of borrowers should be 18 years or above while making the application
- Vehicle should be from any finance
- Road tax, insurance premium etc. should be paid in advance
- Applicants should be a full time employee or self employed with regular source of income
- Bank account in United Kingdom and citizenship proof is must