What you need to know about Logbook Loans

Logbook Loans are perhaps one of the best lending offers for those who cannot get the approval of traditional loans. They offer fast, hassle-free cash without having to wait long and without the burden of producing complex and numerous requirements. Because of the economic down fall, financial companies, including banks, have become stricter and more stringent when releasing money. This poses a big problem for borrowers who need additional cash to pay their overdue debts, bills, tuition, and sustenance of their day to day needs. It is the ease and accessibility of logbook loans that makes it a quicker and painless solution for borrowers – everything can be done online, and the cash can be received in as early as one day. If a borrower has a car and he meets and passes the requirements, then the loan is guaranteed.

Logbook loans only require the submission of the car’s V5 document (V5 loans), as well as proofs of identity and income. The V5 document represents the borrower’s authority and ownership of the vehicle. Because the industry is so popular, many companies have taken the business online to make it more accessible to everyone.

So, how does one apply for a logbook loan?

First, it is essential to have a good understanding of how a logbook loan works. Look for articles in the internet, and do a research on how it works, what it requires, and what are the possible disadvantages if the loan is not paid back as agreed. With the numerous companies providing logbook loans, this information is readily available in the internet. Also, check around for reputable and credible online lenders to ensure that the company is legit and reputable. Upon finding the right logbook loan company, their website should provide an online application form for the borrower’s credentials and contact information. The company will then contact the borrower to discuss the details, including the terms and conditions of the loan. It is important that everything is clear between the two parties by asking questions and making clarifications.

Second, the V5 document needs to be submitted for the application to proceed. Note that this does not mortgage the car to the company – the borrower can still keep the car provided that he is able to maintain timely repayments as agreed with the lending company. This is one big advantage of logbook loans as they still allow the borrower to use the company to drive himself to work or to his business, making repayments more possible as the borrower can still earn his money through his work.

Aside from the V5 document, what are the other requirements?

The lending company will usually ask for proofs of identity and income, or the bank statement in lieu of the proof of income. Furthermore, the borrower needs to be at least 18 years old and is a resident of the United Kingdom. Furthermore, the car needs to be no more than 8 years old and that it is owned by the borrower. The lending company will assess the vehicle, and the borrower can get as much as 50% of the assessment value.

So, what are the benefits of logbook loans against other loan types?

First, logbook loans require no credit assessment. They do not look into the borrower’s credit standing to assess if he is eligible. So long as eligibility is met and the requirements are submitted, the borrower can receive the cash in no time.

Second, logbook loans offer lower interest rates compared to other types of loans. Furthermore, the presence of a variety of online lending companies makes the competition tougher, and so they lower their interest rates to attract more borrowers.

Third, the terms of repayment can be decided solely by the borrower. If the need is immediate and it can be repaid right away, then he can pay it back the soonest possible time to clear himself of debt.

Read More

Why Logbook Loans

Logbook loans may be risky and costly but it also comes with its fair share of advantages. If you're thinking of taking out a loan against car any time soon, here are a few points why this kind of financial move makes sense:

1. No credit check

Other than the promise of quick cash, one of the best things about logbook loans is the no credit check policy. If you have bad credit and you can't get approved for a personal loan elsewhere, logbook loans are ready to save the day. Logbook loan lenders do not run credit checks making it easier for borrowers to get approved despite history of ccjs, defaults and even bankruptcy.

2. Fast processing

It's rare to find loans that offer same day approval. Most unsecured personal loans do but their loan offers are very small. Not so with logbook loans. Provided that you meet the basic requirements and you own your vehicle, you can expect approval within the same day you applied. Once approved, you can receive the money within minutes through your bank account.

3. Flexible loan amounts

Loan amounts are more flexible with logbook loans. Whether you just need £500 for overdue medical or £10,000 for a major investment, you can count on logbook loans to cater to your needs. In general, lenders offer loan amounts from £250 minimum up to £50,000. Or you can usually borrow up to 70% of your car's official trade value.

4. Flexible loan terms

Loan terms are also just as flexible as the loan amount. You can repay the loan in a few months for smaller amounts or you can opt for the maximum 36-month term for larger loan amounts. If you need more time, you can negotiate the term with your lender. Most lenders are often open to different arrangements provided that you meet the requirements and you can provide all the necessary documents needed.

A Word of Caution

While easy and fast to avail, logbook loans come with risks. Since it is a secured loan, there’s always the possibility of losing your car in the event that you can’t repay the loan. Make sure you know what you’re getting into before you go ahead with the transaction. Otherwise, you might not only lose your car in the end but also put your credit rating at risk. 

Read More

Why Logbook Loans Are a Low Cost Borrowing Option

You may not be fully up to speed on what a logbook loan actually is. Well basically, it is a loan that is secured against your vehicle, and the finance company keeps hold of the vehicle logbook for the duration of the repayments. The logbook (or the V5) is a document that contains the details of the vehicles current owner, the engine number, the VIN number and registration number.

When acquiring a logbook-loan, the company providing the loan, takes possession of the logbook, but the person taking out the loan, is allowed to keep using the vehicle. However, failure to keep up with the repayments means that is very easy for the finance company to repossess the vehicle in order to sell it on. That is why it is important to make sure that you have enough money to meet the financial commitment of taking out the loan, or you may end up waving goodbye to your treasured vehicle.

As stated earlier, there are other ways to obtain credit, especially if you are in need of credit in the short term. However, these tend to take on the form of payday loans, and these have a very high rate of interest, plus, you can only borrow a certain amount based upon your next lot of wages. People who have taken out payday loans tell of being caught in a spiral that requires them to take out further loans in order to pay off the initial loan.

Payday loans are suitable for some people but are to be avoided if possible, and logbook loans make more sense, as the companies who provide logbook loans tend to make sure that the person taking out the loan can afford the repayments.

With the current low interest rates, it is a good time to take out a loan, however, this does not stop some loan companies charging extortionate amounts of interest, and typically the shorter the loan period, the higher the interest. Payday and doorstop loan companies are among some of the worst for charging very high rates of APR.

Another advantage that log-book-loans have over other methods of credit, is that you do not need to go through the problem of having your credit history examined. This can be a stumbling block to many people’s credit applications, and it can be a waste of time even applying for certain loans if you have CCJ’s or defaults on your credit file.

Plus with payday loans, you can only borrow a certain amount of money against your next pay packet, and this can mean that you are not getting the amount of money that you need. However, with a logbook loan, the amount you can borrow depends on your car, its age and condition.

Hopefully you now have a better idea about the advantages of logbook loans compared to other kinds of loans. There are many companies out there who are in a position to offer you a logbook loan, so you should not find it too difficult to find one that suits you.

Read More

Shedding light on Logbook loans

The term “bad credit” is a very sensitive subject in the financial world. Lenders, in essence, view individuals with a poor credit rating as a risk to the well-being of their business and rarely offer them credit facilities. In fact, it is correct to say that individuals with a poor credit history generally find it difficult getting access to credit facilities or a mobile phone contract. For a long time, this was the standard mode of operation so much so that those with a poor credit rating felt like second class citizens.

There was hue and cry, distress, depression and a low self-esteem among those with a poor credit score. Applying for a loan or a phone contract became a nightmare of sorts and those with bad credit had to contend with the all famous line “we are sorry but we can’t approve your application at this time”. Well, this was the case before V5 loans became a reality. V5 loans or what is commonly known as logbook loans indeed changed the loan industry in ways never seen before.

With logbook loans, individuals could now apply for emergency loans without having to worry about the status of their credit score.

How logbook loans work

If you are thinking of applying for a logbook loan for the very first time, you probably need more information on how this amazing and lifesaving loan product works. For starters, in order to qualify for a logbook loan, you need to be a legal owner of a car, a van, a caravan, a motorcycle or even a lorry. The reason for this is because logbook loans are secured using a car’s logbook. You sign off your car logbook to the lender in exchange for the amount you receive as a loan. When you do this, your car becomes the property of the lender for the duration of the loan. However, you continue using the car as you make repayments.

Ordinarily, UK logbook loan lenders advance logbook loans up to 50% of the value of your car. To determine how much you are privy to when applying for a logbook loan, it is essential that you provide your lender with your car registration. They will then evaluate its worth and advice you accordingly. However, there are a number of things you can do to ensure that you increase your chances of approval or even the maximum amount you can apply for. For one, you need to regularly service your car so that it’s in good condition. The insurance and tax details of your car need to be up to date not to mention the car needs to be free of any financial charges. The standard duration for a logbook loan is 78 weeks which gives you the flexibility to plan your repayment without feeling as if your back is against the wall.

Things to note

Getting approved for a loan facility despite your credit score status is a beautiful thing. However, you need be cognisant of the fact that defaults could put your car in jeopardy. In fact, you risk losing your car if you fall way back in repayments. Logbook loan lenders have the legal right to repossess and sell your car if you are unable to meet your logbook loan obligations. You can also be sued especially if the proceeds from the sale of your car are not sufficient to meet the principal amount together with the accrued interest!

Read More

PROS AND CONS OF A LOGBOOK LOANS

There is no denying the fact that logbook loans have gained increasing popularity over the years. More  and more borrowers are turning to the loan type for quick fix solutions to their cash problems. But at the same time, logbook loans have also gained a lot of flak especially from financial experts. Because of its high  interest rate, experts warn borrowers from getting one. Others recommend extra caution. In any case, it is very important to know the pros and cons of what you are getting into. Below are more details about what to expect when applying for a logbook loan:

LOGBOOK LOANS PROS

Logbook loans are popular especially for people with bad credit because of the following advantages:

EASILY ACCESSIBLE

More lenders are now offering logbook-loan deals online which mean that the loan product has never been more accessible. To avail the loan, all you need to do is make sure you are eligible. You can then apply online and expect approval confirmation quickly. Before applying, however, it is imperative to do your homework. Research your lenders and make sure to pick one with a solid track record.

FAST APPROVAL

Provided that you meet the requirements and have the necessary documents handy, you can expect for fast approval. Some lenders are even promising same day approval services. With stiffer competition in the lending industry, fast approval and convenience are lenders' ways to convince borrowers to sign up.

FLEXIBLE LOAN AMOUNT

Since logbook loans are secured against a vehicle, the loan amount is more flexible that what unsecured loans such as payday loans offers. With a logbook loan, you are welcome to borrow from £250 up to £50,000. It also means that logbook loans can meet a wider range of financial needs. Whether it’s for home renovation, vacation or a medical emergency, logbook loans make an ideal financial solution.Flexible Loan Term

FLEXIBLE LOAN TERM

Also equally flexible as the loan amount is the repayment term for log book loans. You can opt between 3 months up to 3 years of loan term depending on what you can comfortably afford per month. The loan product gives you the freedom to tailor your loan set-up according to your personal circumstance so the likelihood of default is lower.

NO CREDIT CHECK

Of the log-book-loan advantages, the best on the list is the no credit check policy. While other personal loans require you to have good credit, logbook loans do not mind your credit score. As long as you have a car to serve as collateral, you can avail of the loan and therefore meet any pressing financial need.

   LOGBOOK LOANS CONS

But logbook-loans are not without its disadvantages. Three of the common cons you should know about are the following:

HIGH INTEREST RATE

One of the most common complaints experts and borrowers alike have about log book loans is the high interest rate. Compared with traditional personal loans, logbook loans charge hefty and sometimes excessive interest rate. The average Representative APR for the loan product is at about 400% which is several times more than loan options for people with good credit.

DEBT TRAP

Then there's always the debt trap problem. If you're a borrower with bad credit, it is very easy to fall prey on the cycle of borrowing money to meet your array of financial needs. If this happens, there is the likelihood of putting your credit score at an even greater risk of being bad. When you borrow money, it is very important to take extra caution. Borrow only what you need and make sure to repay the loan back on time.

REPOSSESSION

Like with any secured personal loans, the worst thing that can happen to you is repossession in addition to a huge hit on your credit score. When you signed the debt agreement, you are essentially handing over temporary ownership to your lender. That means that if the lender has the bill of sale to your car, they have the right to repossess your vehicle as per the agreement. Repossession is usually the last resort and it happens when you missed payments for a number of successive months. This is also after your lender contacted you and you didn’t made new arrangements.

Read More

Log Book Loan Leads

One of the formerly less-in-demand types of loan is suddenly seeing an upward trend. We’re talking about logbook loans. For the benefit of a few who don’t know what a logbook loan is; logbook loans are cash advances usually taken against their vehicle. People with a bad credit or an over extension of credit are the ones who take logbook loans as they are not considered eligible for other loan types. Since the number of lenders of logbook loans is comparatively less, such consumers take the help of the internet to reach suitable lenders. We, Eaffy Logbook Loans gather the information submitted buy them and validate the data to convert them into 100% verified logbook loan leads UK. So, if you are looking to buy logbook loan leads we are your best partner! We sell logbook loan leads that are the best in the market not because there are very few players but because our logbook loan leads speak for their own credibility.

Our logbook loan leads contain details such as names, addresses, telephone number, email id, loan amount sought etc, of the potential buyers that is aimed to give a fair idea of the prospects you will be dealing with. We do not deliver randomly generated raw data collected from the web. We follow a stringent validation process that converts raw data into qualified logbook loan leads; ones that you can start working on as soon as you receive them. As part of the validation process we manually call each and every lead and verify their basic information. This task is performed by our experienced and skilled executives who operate with only one thing in mind – data integrity! This ensures that all our logbook loan leads UK are accurate and conform to legal standards. Going a step ahead, which is also the key differentiating factor between an ordinary leads provider and Eaffy Logbook Loans, we subject the already verified logbook loan leads to a round of scrubbing that weeds out any faulty record. The qualified logbook loan leads UK thus generated are delivered via email in excel / .csv format or as hot transfers or online from where you can access them using specific filters. Further, if you happen to receive invalid / bad leads when you buy logbook loan leads, stay assured that our replacement policy will cover you. Should you buy logbook loan leads from the leader you can be certain of optimizing your costs as you’ll be working with exclusive leads!

Read More

What are the merits of applying for logbook loans?

If you reside in the UK and you have bad credit, you probably have heard about logbook loans. Like any other citizen, you know how difficult it is to get a loan advancement from high street bank when you have a poor credit rating. Chances are that you’ve had your own share of rejections and have been looking for a way in which you can get approved for a loan without your credit score scrutinized. If that’s your wish, the logbook loans are your best bet.

From the sound of the name, this is a type of loan that essentially uses your car as security. You put up your car as security to get the cash you require from your logbook-loan provider. However, you do not lose possession of your car. The good thing is that you continue to make use of your car as you make repayments for your loan. Prior to your logbook loan being approved, you need to sign a bill of sale agreement which essentially passes the ownership of your car to your logbook loan provider. You also need to give your lender your car logbook loan prior to them approving your loan. With a bill of sale document, your lender does not need to involve a court before repossessing your car.

Logbook loan merits

No credit checks

Well, to begin with, credit checks are mandatory according to UK law prior to approving a loan or a mobile phone contract. The only difference is that the results of the checks as regards logbook loans have no impact as to whether one is approved or not. As such, if you have a poor credit rating or a history of defaults, you have nothing to worry about as regards approval.

Simplicity of requirements

Unlike other loans that require a lot of requirements and paper work before you can be approved, the situation is different with logbook loans. You simply need to have attained 18 years, provide proof of address, proof that you receive income regularly, have a V5 document, and be a bonafide citizen of the UK. With that, you are good to go and can apply for a logbookloan without qualms.

Ability to apply for a large amount of money

If you have dealt with payday loans, you definitely know that the amounts advanced are not only small but also the period of repayments is somewhere between 2 weeks and 3 months. What if you want a large amount of loan and yet you have bad credit? When this happens, logbook loans are your best bet as you can apply up to 70% of your current car value.

Longer repayment period

Logbook-loans repayment period take up to 78 weeks and this means that you can spread your repayment for a longer period of time. You can choose to make repayments based on a schedule you are comfortable with. Just to ensure that you do not default as this may lead to your car being repossessed.

Read More

Loans Against Your Car

Logbook loans are becoming a more popular form of borrowing money than ever before. Effectively, this is a secured loan with the value of the loan secured against the value of your car. This allows you to borrow up to tens of thousands of pounds with ease. The borrower retains possession of the car but the logbook is given to the lender until the terms of the loan are met and the repayments are made.

Secured Loans

A secured loan gives the lender much greater security over the money that they lend to borrowers. While in many cases, this implies that the loan is secured against the value of a house, it can effectively be secured against virtually any item of value and a car is often the second most valuable item a person owns that includes ownership deeds; in this case, the logbook.

Logbook Name

There are certain stipulations that must be met to enjoy access to an online car loan. Primarily, the logbook must be in the name of the borrower and not in somebody else’s name. This ensures that people cannot use the logbook belonging to another person’s car, take out and default on the loan, and the unwitting car owner loses possession of their car.

Car Age

Some companies may also place a stipulation on the age of the car with many only offering loans to those car owners whose vehicles are under 8 or possibly 10 years old. This is because the value of a car quickly depreciates when it reaches a certain age and the car itself may become worthless if it fails an MOT or suffers any major damage or breakdown. Hence, a logbook loan will work best on newer models of vehicles but we urge you to speak with one of helpful consultants to find out further details in this regard.

No Credit Check Logbook Loans

One of the greatest benefits of an online car loan is that it does not typically require a credit check. This allows people with virtually any credit history, whether it’s good or even non-existent, to borrow a reasonable sum of money without even having to worry about the indignity of a failed credit check. A regular income ensures you can make the agreed repayments and the logbook of your car means that the loan will be secured against a tangible asset.

Read More

Differences Between Logbook Loans And Payday Loans

The downturn in the economy over the past 5 years and many bank’s reluctance to lend to individuals has left many people unable to borrow from traditional sources as quickly and easily as they used to.

This has led many people to seek alternative lenders offering credit to people in the form of short-term loans. Over the last few years two of the most popular sources of short term finance have emerged, logbook loans and payday loans.

There are a few key differences between logbook loans and payday loans and the we will help highlight these.

Secured vs Unsecured

The main difference between logbook-loans and payday loans is that one is secured and the other is not. Logbook loans from V5 Solutions utilise the security of the borrower’s vehicle (car, van or motorcycle) while payday loans are unsecured. This creates a distinct definition between who is eligible for either loan product and how much can be borrowed.

Credit Checks

As V5 Solutions logbook loans are secured against your vehicle we don’t carry out personal credit checks. As long as you meet our qualifying criteria you should be able to borrow £300 – £10,000 quickly and easily with us.

As payday loans are unsecured the lenders carry out extensive personal credit checks and if you have a low credit score, CCJ’s or arrears then you may not be accepted.

Amount Borrowed

A major difference between V5 Solutions logbook loans and payday loans is the amount that you can borrow. V5 Solutions offer same day logbook loans from £250 to £50,000 depending on your vehicle and personal circumstances. While Payday loans typically range between £50 and £300 they can be particularly useful if you only require a small amount to borrow over a short term.

Speed of Access

Payday loans offer same day loans, similar to V5 Solutions logbook loans, except that as the loan is unsecured the whole loan process can be completed online. This is very useful and convenient.

V5 Solutions provides same day logbook loans but we have to meet you in person to view your vehicle, sign our loan agreements and issue the loan payment to you. We can usually complete this all within a few hours of receiving your loan application!

Cost

While log-book-loans and payday loans are typically more expensive than traditional Banks, they are far more convenient and flexible and if used correctly can be cost effective too.

A typical payday loan will cost £30 per £100 borrowed per moth. 30% interest per month. This means that if you borrow £100 for 1 month (or until your next payday) it will cost you £30 in interest and charges. In total you will repay £130. If you borrowed £500 it would cost £650 to repay in full.

As V5 Solutions logbook loans are secured on your vehicle we can charge you a lower monthly interest rate. If you borrowed £500 from V5 Solutions your final payment after 1 month would be £592. You would also be required to pay your 4 normal weekly instalments of £21.24.

If you have to extend your £500 payday loan for a further month you will incur an additional £150 in interest charges taking the total repayable to £800.

However, with V5 Solutions the total repayable after two months is only £749, including your normal weekly £21.24 instalments. This  makes a V5 Solutions logbook loan cheaper than a payday loan.

Loan Terms

Payday Loans are typically 1 month long compared to a V5 Solutions logbook loan which is 18 months long. In both cases you can settle your loan early and make large savings. With V5 Solutions you can settle your logbook loan at any time and pay less. To find out how much you could save by settling your loan early just call us on 08081635342.

 Loan Payout

Payday loans are typically deposited into your bank account. But what if you don’t have a bank account or you require the funds in your hand to pay for something urgently? This might not be the most convenient option for you.

Our logbook loan payments are more flexible and can be made either by cheque which you can deposit (or cash at various outlets in your town) into your account or we can pay directly into your bank by BACS or Faster Payment.

V5 Solutions provides convenient same day logbook-loans throughout England. Use our Eaffy logbook loans  for your free, no obligation, online logbook loan quote.

Read More

Logbook Loans Are Still in Season!

Is it accurate to say that you are searching for an advance that doesn't mull over your record of loan repayment? Is it true that you are searching for something that can give you the cash you have to handle a major objective today, in the guarantee that you'll set aside a few minutes installments over a set term? Do you need straightforwardness? In the event that you've addressed yes to these inquiries, then it's a great opportunity to take a gander at logbook advances.

Numerous individuals overlook logbook loans since they imagine that they're ceased. This isn't valid in any way. You can in any case go out and get logbook advances, which are somewhat unique in relation to fleeting advances. Most transient credits are for significantly less cash than logbook loans, so it's imperative to know which advance you're truly after. In case you're hoping to request a lot of cash, then it's an ideal opportunity to search for a logbook loan.

The motivation behind why such a large number of individuals can get a logbook-loans is on account of they have a strong physical thing to offer as security. This would be the vehicle they have. For whatever length of time that the vehicle isn't excessively old, it can be utilized for a logbook advance.

To begin, you ought to scan online for one of these credits. This gives you the capacity to apply once and have numerous banks give you their best offer. Try not to stress over the online arrangement; regardless you're ensured by industry controls.

What would you be able to spend the cash on? Pretty much anything you could envision. On the off chance that you need to repair another vehicle, you can do that. On the off chance that you have to pay a considerable measure of bills that are stuck at a high loan fee, you can do that. The cash you'll recovery is there on the grounds that the logbook loan is at an alternate loan cost, which implies you spare since you're not paying those higher expenses.

The imperative thing here is that you pay off the advance inside the term that you set. On the off chance that you don't do that, then the organization has the privilege to take your auto since you neglected to pay the cash back. This is the place many people say that logbook advances are troublesome, yet that is essentially in light of the fact that they didn't feel that the tenets connected to them at the time. In all actuality the organization truly wouldn't like to experience the anxiety of attempting to offer your auto, which is in all probability not in the best mechanical condition. It's ideal to simply have you pay back the credit so you can be en route.

The time is more right than wrong to look at extraordinary logbook advances. For whatever length of time that you have confirmation of pay and work, you're in the running for an extraordinary credit that does precisely what it cases to do. Simply round out the greater part of the structures effectively, and you'll know rapidly regardless of whether you qualify. Look at it today!

Read More

Logbook Loans How it works?

Applying for a logbook loan is extremely simple. You can phone our offices for free, which are open Monday – Friday 8.00am to 6.00pm Saturday 8.00am to Noon or fill out the online application form.

Anyone applying for a loan from Eaffy Logbook Loans must live in England, Wales or Northern Ireland, and be the legal owner of the vehicle they wish to obtain the loan on. The vehicle must be taxed, fully comprehensively insured and free (or almost free) of any outstanding finance.

Unlike other logbook loan providers we do not carry out any formal credit checks so your application with us will have no effect on your credit score. Don’t worry if you have been refused a loan before, because we should be able to help.

Once we receive your application, one of our experienced team will contact you to go through your details on the phone to ensure you can afford to repay the loan. They will answer any questions you may have and then we’ll either direct you to our offices or we will send one of our specialist representatives out to visit you. They will check the vehicle and help you complete the paperwork. Once everyone is happy to proceed, the application is completed and you can receive your cash the same day.

Logbook loans explained

A logbook loan is a loan secured against any vehicle. It’s a quick and simple way to withdraw cash from a vehicle, without a formal credit check. The vehicle owner will be asked to produce the logbook (V5 loans) to prove they are the registered keeper of the vehicle.

A logbook loan may only be issued by an FCA regulated company. The loan is secured on the vehicle using a bill of sale and the customer is asked to sign a consumer credit agreement.

The borrower can use their vehicle throughout the duration of the loan, and it is the borrower’s responsibility to ensure the car in insured, taxed and kept in good order.

A logbook loan is a great way to secure cash quickly or if you have been refused credit before and you are looking for a quick decision on a loan.

How much can I borrow?

Our loans range from between £250 and £50,000 – the amount depends on how much your car is worth and your ability to afford the repayments.

You have the option to repay the loan in weekly or monthly instalments depending on your circumstances. So, whatever the vehicle – a car, van or motorbike

Fill out the application form today to see if you could get a logbook loan – fast        

Read More

Process Of Logbook loans UK

When you take out a logbook loan, you’re basically putting up your car as security against a loan. This means that you no longer have full ownership of the car until you’ve paid the loan off; it technically belongs to the company that lent you the money. This can lead to a serious problem if you buy a second-hand car with an outstanding logbook loan. Even if you had no idea about this and were told there was no outstanding finance on the car you could end up being chased for the debt by the logbook loan company. They can sometimes even take the car off you.

How do they work?

When you take out a logbook loan, you need to hand over your vehicle’s logbook (this is the vehicle registration document that proves you own the car). You’ll also have to sign a credit agreement and a form called a ‘bill of sale’. A bill of sale is like a finance agreement, although it’s a very old-fashioned and complicated one. The law only recognises a bill of sale if the lender registers it with the High Court; this is something they need to remember to do after you’ve signed it and given it to them. If it’s not registered, the lender must get a court’s approval to repossess your vehicle. Once you’ve done this and signed on the dotted line, the lender now owns your vehicle; however you can still use it so long as you keep making all your loan repayments.

How do I get the money?

Normally you get the loan by cheque, which takes several days to clear. Some logbook loan companies do offer a quick cash service, but they may charge (this can be up to 4%) for this. Most logbook loans run up to 78 weeks (which is 18 months), although you are able to pay it off earlier. Be careful though; with some agreements, you may only be repaying the interest charges until the last month of your contract. This means that in the final month, you’ll need to repay the full amount of money you originally borrowed in the first place.

Drawbacks to taking out a logbook-loan

The annual percentage rate (APR) can be around 400% or higher, and is charged on the loan amount each week. This means that if you borrowed - for example - £1,500 and paid £55 a week for 18 months, you would repay over £4,250 in total. That’s almost £3000 in interest. Even more worryingly, you could lose your vehicle if you can’t make the repayments to the loan company; they technically own it now so they can take it back.

It’s worth knowing that…

One in five people who have reported problems with log-book-loans have ended up having their car repossessed, even though they didn't borrow the money in the first place. Around 60,000 logbook loans were taken out last year. The average amount of a loan is £1,000, but it can be as high as £50,000. In a survey of 874 drivers who had bought a second-hand car, nearly two thirds (63%) did not check if the car had an outstanding loan attached and two in five (40%) hadn't even heard of a logbook loan.

What to think about before taking out a logbook loan

The annual percentage rate (APR) can be very high, so it is best to pay it off as quickly as possible. Be careful though - there may be early repayment charges if you repay more than £8,000 in any 12-month period. Logbook loan lenders may ask for weekly payments and some do not take direct debit so it can be difficult to keep on top of how much you owe. If you can’t pay back your logbook loan The very first thing to do is to check if the bill of sale is registered. If it isn’t, you have a lot more options.

Logbook loan lenders have the right to use bailiffs to seize your car or motorbike if you don’t meet repayments, and they can sell it on. Because of the nature of a logbook loan, they wouldn’t even need to go to court to repossess your car.

If you sell your car whilst you have a logbook loan taken out against it, and the amount it sells for is less than the amount you still owe, you will still be responsible for paying the difference. If you don’t, you might get taken to court for the money.

Read More

Top Five Benefits Of Car Log-book Loans

If you are looking for a log book loan, you’re in the right place!

However, if you are after a little more information before committing to a loan, why not have a read of our top five benefits of choosing a log book loan from Eaffy. We think you will be pleasantly surprised!

Borrow what you need

Here at Eaffy, we are able to offer loans from £250 right up to £50,000.

Loans are agreed based on the value of your car as well as your personal situation and your ability to make potential repayments. All of this is discussed with you and we would never encourage you to borrow more than you need, or more than you can reasonably afford to repay.

Easy to understand

We are proud that our lending process is easy to understand – we will not try to bamboozle you with tricky terminology and complicated lending rates.  You can either apply online and pop in with your documentation, or do the whole loan application in store – either way, one of our friendly team will talk you through the steps and you will be encouraged to read through all of the paperwork before you sign upon the dotted line!

Quick cash

We understand that sometimes things just crop up unexpectedly and that sometimes you will need the cash – and fast!

So, after you have completed the loan application and everything has been signed and approved, the money is transferred straight into your bank account, usually within one hour of approval. One of the biggest benefits of our quick cash transfer is that you are left to get on with your day, and your life. 

The car is still yours to use!​

After completing your logbook loan, you will still have access to your car and be able to use it for your usual daily routine, as you were before - the car is still yours to use for work and leisure purposes.

Very occasionally do we have to resort to repossessing a customer’s car due to lack of payment, but this is only in extreme cases in which we have been unable to gain a satisfactory result with the customer and after all the legal notices have been sent, as per the Consumer Credit Act 1974.

Favourable eligibility criteria

We understand that many people will have a blemish or two on their credit history. That’s why we do not automatically refuse loans for those that have had credit defaults, CCJ’s, or have been made bankrupt. We work with you to establish whether the loan is right for your personal situation, taking into consideration your credit history. Every applicant and application is treated fairly and with respect, regardless of previous circumstances and history – and we are proud of this!

Think a log book loan is right for you? 

Why not give us a call today to discuss further on 08081635342 or simply apply online today!

Read More

Process Of Getting A Logbook Loan

There are two sorts of individuals who are most enamored with logbook credits: the individuals who can't get their hands on general advances and the individuals who don't wish to hold up through the whole procedure. Logbook Loans, as well, have a methodology to take after, yet it is no place as monotonous as the traditional one. It is entirely straightforward however a long way from normal learning. Individuals need to know increasingly about logbook advances and this article listens to their interest. So on the off chance that you have found out about the advance and are acquainted with the fundamental idea, yet at the same time wish to become acquainted with the definite strides that occur, this article is for you. It investigates the whole course from application to endorsement.

On the off chance that you will put your auto as security and get a logbook advance affirmed, yet stay ignorant regarding where to begin, the principal thing you have to do is discover the moneylender. These loan specialists are turning out to be progressively open and you ought not have much trouble discovering one on the web. Notwithstanding, ensure it is a nearby organization, since they would in the end need to see your auto. You ought to search through various necessities and read through late charges and increments in loan costs, in the event of steady late installments. Becoming acquainted with the bank totally, before going ahead, is dependably the smarter choice. You would prefer not to put the responsibility for auto into wrong hands. Be that as it may, on the off chance that you are managing an all around presumed firm, these second thoughts ought not stress you.

Having settled on where to get the advance from, you can continue towards the online application. This application is shockingly straightforward. These applications more often than not request individual, work, monetary and auto related subtle elements. You ought not need to take out more than 15 to 20 minutes to finish the application. On the off chance that you discover any sort of trouble filling the structure, you can simply call the without toll number, where the administrator would walk you through the whole application-filling process. In the event that there are a particular inquiries you require replied, don't hesitate to inquire. This progression closes once you present the application. Presently you ought to sit tight for an answer.

When your application is affirmed, expect a telephone call from the administrator. It ordinarily talks about a couple points of interest, affirm your enthusiasm for getting the advance and above all, organize an arrangement. This arrangement includes a visit from an agent of that organization. He or she would be in charge of reviewing your auto and guaranteeing that the subtle elements, which you entered in your application, are valid. Since they hold your auto as guarantee and offer it to settle your obligation in the event that you don't pay back the advance, they would need to be fulfilled.

Next, we move the last stride. In the wake of assessing your auto's worth, they will get in touch with you with the offer. They are prone to offer around half 75% of the auto's assessed worth. On the off chance that you acknowledge the offer, you can have the cash inside 60 minutes. After getting the cash, you handover the auto's logbook, alongside its lawful possession, to the loaning foundation.

Presently, you have the cash in your grasp and the auto in your carport. You can would whatever you like to do with the cash, they have positively no sympathy toward it. What they do look forward is credit reimbursement and interest installments. For whatever length of time that you orchestrate that, your relationship is sans anxiety and great to go. As should be obvious the procedure is exceptionally shortsighted. There is insignificant printed material and practically zero bother. On the off chance that you contrast it with different advances, it looks pipe dream. Maybe this is the reason individuals are progressively turning towards logbook advances.

Read More

How a Logbook Loan Works

Just like any other loan, you can take out a logbook loan on the high street or there are plenty of online providers too. Offering loans of anywhere between £250 and £100,000, these lenders charge Annual Percentage Rates (APRs) of at least 100%, with 450% being far from unusual. When you consider that high street loans are available with APRs below 5%, your options have to be pretty narrow to sign up for one of these loans.

Repayment periods can be as little as three months (although at least six months is more common), while some lenders will let you pay back the debt over as much as five years. How much you’ll be able to borrow will depend on how much your car is worth – remember that’s what the loan is secured upon. Some lenders will let you borrow up to half of what your car will fetch, but the terms and conditions vary from one lender to another.

When you take on a logbook loan "loan against car" you’ll have to hand your registration document (V5C) over to the lender and you won’t get it back until the debt has been cleared. Default on the payments and your car will be seized so you’ll never get the V5C (or your car) back. 

If you live in England, Wales or Northern Ireland you’ll have to sign a credit agreement and a bill of sale. By doing this you’re assigning temporary ownership of your car to the lender, but as long as you keep up the payments you can continue to drive it. Crucially though, the law recognise a bill of sale only if the lender registers it with the High Court. Should the lender fail to do so, the lender has to get a court’s approval to repossess your vehicle.

If you live in Scotland, bear in mind that bills of sale aren’t recognised, which means they can’t be used as security and they’re not legally binding.

As with any loan you need to read the small print very carefully, paying especially close attention to what the arrangement will cost you. A typical logbook loan has an APR of around 300%, so if you borrow just £1000 for 12 months, you’ll have to pay back £1960, at £163 each month. Take out the same loan on the high street and you could potentially cut these costs to as little as £1032 and £86; just half as much.

Read More