subject: Finance Through Logbook Loans [print this page] Finance through Logbook loans Finance through Logbook loans
Most of us look forward for help during monetary shortage help that is not time-consuming and free of lengthy procedures. If you are going through similar situation and looking out for similar solution then without hesitation opt for logbook loans. Fiscal service that enables the borrower gain finances against a car logbook is known as logbook loans.
The logbook of the car acts as a collateral for the pile of cash that is given to you. As you have obtained the loan from the moneylender by providing security, you can avail of a customer-friendly interest rate. But it is mandatory that the borrower meets certain pre-conditions before that. The loan can be issued on just any vehicle a van, a caravan, or a motorcycle. Any vehicle that has a V5 document and a logbook in your name can be used for obtaining logbook loans.
The legal owner of the car must have no pending dues against it. The owner of the car and the person borrowing the loan must be the same. Borrowers who comply with these preconditions can get approximately 75% of the total car value. If the fund provided is in the range of about 500 to 50,000 pounds, it will have to be repaid within a comfortable duration of 1 to 8 years.
The funds obtained through logbook loans are based on the borrowers settlement state and fiscal stability. The money comes handy in accomplishing various tasks. This includes paying utility bills, meeting household, educational as well as medical expenses. One can even use the funds to renovate the house or pay rent.
No obligation application available online for no cost on the moneylenders website is very convenient to apply. You will have to provide genuine personal information in the form. Once the verification process is complete the loan gets approved in the least possible time and the funds get transferred to the bank account without much paperwork. Money lenders adopt a flexible approach when it comes to faxing and filling of documents.
Applications forms of defaulters and debtors are also accepted. Those having bad credit record due to foreclosures, arrears, CCJs, bankruptcy and IVA can also qualify for logbook loans. However, since the vehicle stands as a guarantor for the loan, failing to make prompt payments puts the vehicle at risk of repossession.
Although logbooks loans appear to be a great way of obtaining cash for people with bad credit, it turns into a disaster as exorbitant rate of interest is levied on the loans. So it better to pay of the loans at the earliest.
It is obvious that those who take logbook loans are in desperate need of finance. Nevertheless, it is such loans which come to the rescue of people during hard times.
