What Is A Logbook Loan?
Logbook cash loans work by securing the value of the loan against your vehicle. The ownership of the car and all the documents is temporarily moving to Loans Logbooks for the duration of the loan. Logbook cash loans enable consumers to borrow a substantial amount of funds against their vehicle provided the vehicle is under ten years old.
How Logbook Cash Loans Work
Logbook loans can be obtained quite easily. The most popular and easy way to find a logbook loan, however, is online. Apply from the comfort of your home and complete the details in your own time as opposed to waiting in line for the employee to see you.
You can keep driving your car around to wherever you need to go – just as before. The lender will keep a hold of your v5 document or logbook while the loan is active.
Once you have completed your application for logbook cash loans – by including details about your vehicle make and model and some contact information the lender will then consider your application based on the details you have provided. They will proceed to communicate with you back on the number you have provided to confirm your requirements, and from there they will be able to meet with you discuss and value your vehicle.
Lenders need to be assured that the amount they let you borrow does not exceed the value your car. In any case, if you are unable to pay the loan back then they need to remunerated for their cash.
How Long Do Logbook Cash Loans Last?
The amount of time logbook cash loans last does vary between lenders. One of the great benefits of logbook loans is that they allow you to pay back early without any repayment penalties. The easiest way to think of logbook loans is much like a taxi. They are useful for when you need money in a quick and easy way, but it’s not something that you’d use every day.
Logbook Loans APR
You will discover by doing simply a small amount of research online that the APR on logbook cash loans is substantially higher than credit cards and overdrafts.
Logbook lenders mostly lend to people who have had problems in the past with maintaining repayments and defaulting on loans etc. Getting a loan from a bank or anywhere can be very tricky as they will almost always do a credit check.
The higher level of APR is down to the fact that the lender takes the risk of losing money by lending to these high-risk consumers. Bear in mind that when compared with many payday lenders out there, logbook loans will work out cheaper – some payday loan lenders were charging up to 2,000% interest.
Logbook cash loans companies always provide a transparent and accessible service to all. Before your loan starting, they will discuss exactly how much your repayments will be and will also want to see proof that you can pay the loan back. They will probably want to see evidence of your salary or similar.
logbook-loans.net can lend up to 60% of the value of your car and a minimum of £500, if you’re unsure or have any questions, don’t hesitate to visit logbook-loans.net. Whether you need to money to sort out some unexpected charges or to fix a part of your house which is falling these loans are suitable.