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:
- Get money quickly.
- Bad credit is okay.
- Larger loan amounts.
- Borrowing money with other vehicles.
- 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.
