Logbook Loans - V5 Loans

Credit Against your Car

With a log book loan you keep your car while you are reimbursing the amount we have assigned you.

Fill out the form on this page and submit. A representative will touch base with you shortly with a no-obligation quote and with further info on how you can have a loan assigned to you!

If you are hard pressed for cash for any urgent need, we are here for you. We offer a simple platform that is designed to make life a whole lot easier for you. We have managed to come up with a more feasible alternative to the payday market by incorporating your vehicle as collateral or trust fund. This gives the facility unmatched flexibility.

What You Need to Know

•     The loan facility can be accessed by furnishing your  vehicle’s logbook and proof of income.
•       You get to keep your vehicle. The logbook is to be  submitted as collateral.     
•      The application is processed within a good time
•      You can apply for any amount between £250 to  £50,000
•      Making it a great option for those seeking bad credit  loans
•      The collateral for this form of payday loan can be  your car, boat or even a motorcycle
•      Your vehicle can be repossessed if you fail to pay  and late payments attract a small charge

Eaffy Logbook loans Loans Are Also Available On High Street And On the Web.

There are several reasons why you should choose us. Our service and terms are friendly. We also understand how to make it work for you without pulling you deeper into a financial black hole. On top of all this, we stick to the CCTA voluntary code of practice.

1. Eaffy Logbook loan is the Most Reliable on the Market

How We Work

We are experts at finding the right loan for your personal circumstances. Our simple comparison process eliminates the hassle of applying multiple times by searching a wide panel of lenders to compare 100s of loan products. Our Commitment To You

There are no upfront fees, you are under no obligation and our comparison service will not affect your credit rating. Fast, Free and Flexible

Shopping for Logbook Loans - V5 Loans

Our comparison service can help whether you are employed or self-employed. Secure and Confidential

We promise that your details are safe and secure with us and that yourdata is held in accordance with the Data Protection Act of 1998.Logbook loans and V5 loans are made by a 3rd party company.

Logbook Loans - V5 Loans - Need More Info?

Contact Us at eaffylogbookloans.uk to get more information on our version of payday or get your quote.

All major lendings that a person applies for in a lifetime are secured like a mortgage, car and educational leases are mostly secured loans. In case of mortgage and car loan, the very purchase, the house and the car in either case, is the guarantor. Should the debtor or loan holder be unable to pay back the loan, the creditor can take possession of the house or the car and can later sell them off to settle the lease. However, in many cases the bank may require additional assets as well during the application. Simply fill out the form on the left to get a quote from the best in the business!

APPLY NOW!

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Eaffy Logbook Loans Get Loan Against Your Car

If you're looking for quick cash but bad credit is in the way, getting a logbook loan is your best option. The financial product is currently very popular in UK because of its many advantages including the fact that it does not require credit checks. It's readily available online and on high street plus many lenders are also now offering same-day approvals.

Now when it comes to cost, the APR can be pretty high seeing that lenders are dealing with high risk. If you want a logbook loan that's affordable and one that comes with a reasonable interest rate, you came to the right place.

What We Do

If you need cash quick but bad credit is in the way, Eaffy Logbook Loans can help. We are a trusted and reliable name in the lending industry offering one of the cheapest logbook loans in UK today. As long as you own your car and it meets our requirements, we guarantee to process your applications as fast as we can, even promising to provide confirmation within the same day.

At the heart of our operation is our vision to make logbook loans as readily available and as affordable for our diverse customers. To do that, we always make sure to provide the most reasonable interest rates. In addition, we do not shy away from key partnerships to give you more options.

We are currently working with top logbook loans providers in the market. We work hand in hand to make logbook loans affordable for every borrower who owns a car.

What You Need

To be eligible for a log book loan, you have to be 18 years of age or above, a resident of UK and a vehicle owner. The car should be less than 10 years old and is free of any financing.

Once you meet the basic requirements, you are ready to avail of the cheapest logbook loan in UK. To hasten the application process, you may already want to prepare the necessary documents which will include your vehicle's V5 or logbook document, MOT certificate, insurance details, proof of identification, proof of employment and one of your recent bills.

Ultra Simple Application Process

Aside from giving you logbook loans with low APRs, Eaffy Logbook Loans is also pretty popular for our simple and straight forward application process. In just minutes and in just three steps, you can already apply for a logbook loan. It doesn't get any simpler than that.

All you have to do is fill out our online form, wait for our confirmation and then receive your money. All if these can happen within the same day because we all about providing utmost convenience and ultra fast service to our customers.

Partner with Us Today

If you want a stress-free and hassle-free logbook loan application, look no further. Eaffy Logbook Loans is your ideal partner for the most convenient application process and the most affordable logbook loans in the lending industry today.

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UK Car Logbook Loans

Are you in need of some urgent cash and don’t want to borrow against your property? Logbook loan is the perfect alternative for you. All you need to do is use your car for a loan. Logbook loans are easy to get for anyone who owns a car and is ready to let a money mobile branch hold car papers against the money he is about to borrow. At present, log book loans are considered as one of the loan options which don’t call for a big security and offer better gains. People who are in need of money and don’t have any loan options find it the right option as they don’t have to park their car in parking area of money mobile branch before the time their loan repayment time arrives.

Need of Car Logbook Loans

Car Logbook loans in UK are quite common as one can look for different loan companies who are ready to lend you a certain amount of money in lieu of your car logbook document even if you have bad credit. For citizens living in UK no credit check loan is not hard to find. Your credit check won’t create problems for you when you are looking for loan in lieu of car documents. Though, one can find many bad credit loan options but it’s always secure to select a car logbook loan instead of unsecured loans for bad credit. Secured loans against car logbook loan is one of the benefits which you would get in UK log book loan.

Eligibility for applying Logbook Loans

Process and formalities don’t take much time when you consider logbook loans online. Though, people looking for an easy logbook loans in UK are only allowed to submit logbook documents where it is specified that they are the car owner. On top of that, it becomes easy to find bad credit logbook loans in UK as long you do have a steady income source and you are recognized as a UK citizen. Do keep in mind that the time when you purchased the car should not extend to more than 8 years on the date when you apply for log book loans in UK for bad credit. People who don’t have any kind of financial claims, insurance and taxes dues can apply for a loan secured on car logbook.

Make an internet search online and you’d find an endless list of loan companies who know how to leave you with fast logbook loans in UK and are ready to offer you lowest rate log book loans. If you are currently living in Stockport logbook loans would seem the perfect as it´s recommended as UK secured loans against logbook and you can get fast cash loans with logbook credit from mobile money branches anytime in any financial condition.

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Logbook Loans Stockport

UNLOCK THE MONEY IN YOUR CAR WITH STOCKPORT LOGBOOK LOAN V5 LENDING

If you're looking for a convenient way to free up some much needed money then a logbook loan may be the perfect option. If you've been declined a loan elsewhere then our service could well be the answer to your financial needs. What's more, you could have the money agreed and delivered the same day.

We provide loads of free logbook loan quotes every single day for people just like you.

Why not use our online Stockport logbook loan quote enquiry form to find out how much you could borrow against the value of your car. It only takes a minute of your time to enquire, and you're under no obligation to proceed with the loan. 

THE PERFECT LOAN SITUATION

LOGBOOK LOANS STOCKPORT COULD BE AN OPTION FOR APPLICANTS THAT HAVE BEEN REFUSED ELSEWHERE.

Logbook loans have become the loan of choice for those looking for a straightforward, convenient loan without any of the hassles of conventional loans. If you have a CCJ or are in arrears then you could still be eligible. If you are the legal owner of your car, and it is clear of finance (or very nearly clear) then enquire online today!.

Almost anyone can release money from their car with Stockport logbook loans, so get a quote today!

Apply for your Logbook Loan

To apply for a loan from Eaffy Logbook Loans Stockport, simply complete the on-line application form above for an instant, no obligation, quotation or if you prefer, call Freephone 08081-635-342 to speak to an experienced member of our sales team. We’re happy to help and we can complete and transfer funds for your Logbook Book Loan the same day!

Completing Your Logbook Loan

Once your application is received by Eaffy Logbook Loans, 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, agree the loan with you and then arrange for one of our specialist representatives out to visit you in the comfort of your home or office. They will check the vehicle and help you complete the paperwork.

Once the application is completed, you will receive your cash the same day.

Why choose a logbook loan?

If you own a car, a loan against it can be a great way to raise finance. You use your car as security for the loan and receive a lump sum payment into your bank account.

You then repay the loan in monthly or weekly instalments which will cover both the amount you originally borrowed and the interest on that amount.

The amount you can borrow depends on the value of your car. The higher the value of your car, the more you are likely to be able to borrow. This will also depend on how much you are able to pay back after we go through affordability checks with you.

Being self-employed won't stop you taking out a loan, as long as we can see that you have a regular income and the amount of money you have left each month after all your outgoings is enough to cover your loan payments, your application will normally be successful.

We also offer same day logbook-loans for older cars. If you have a car that is more than 10 years old, we may also be able to lend against it.

 Apply now 

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Logbook Loans Online In The UK – The Best Way Of Instant Financial Assistance

You would be very pleased to know that there are multiple loan options presented in the marketplace to assist people in monetary terms. Situation of financial emergency may arise at any time and if you are well prepared, then it will not harm you in major prospects. In the case of no savings available in your bank account, you remain only with one option i.e. asking money through a loan. Having wide range of loans may satisfy you but at the same time, it may also confuse you in choosing the right option.

When you are in urgent need of cash and no other finance options appear as suitable for you, choose only the logbook loans in the UK. The monetary advantages of these kinds of loans can be availed by keeping your vehicle as the security for the borrowed sum. These loans are quite popular among the UK people because it allows them to get their desired funds with no hassle.

Instant Quote on Logbook loans – No Upfront Fees

The professional lender in the UK is presenting the logbook loans online in which no documentation process is involved. Borrowers can apply directly through a secure online application procedure by submitting a form with required details. As soon as they complete the application process, the lender can able to facilitate borrowers with a quick transfer of cash to their registered bank account.

Moreover, the bad credit borrowers can also utilise these instant logbook loans not only as their financial backup during urgency but also as an opportunity to bring credit score back on the track of the satisfaction. A reliable lender always understand the financial obligations of an individual and therefore, provide flexibility in the repayment terms, as the bad credit people can improve their credit scores through timely repayments of the borrowed money.

Hence, the moment has come for you to regain financial stability in your life by choosing the way of logbook loans in the UK.

Logbook Loans on Lowest Lending Rates

Easy Loans UK is an experienced and regulated provider of logbook loans in the UK. We offer loans on the lowest possible rates of interest, and moreover have scheduled smart repayment options. These loans give borrowers the much needed credit, by placing the vehicle as collateral. We provide a fast and efficient route to logbook loans, with approvals coming on the same day the application is made by the borrower.

At Easy Loans UK, we always want to make sure car logbook loans align together with several financial advantages. We give them an opportunity to borrow cash without any hindrance during the times when they need real cash to meet their personal as well as social obligations.

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What is a Logbook Loan?

Your logbook or V5 is the document which confirms that you are the registered keeper of the vehicle. With a logbook loan, you can borrow cash based on the value of your vehicle and the logbook lender retains the logbook whilst you pay the loan back. The loan is secured against your vehicle, and as soon as it is settled by you, the logbook lender will send you back the logbook. For the duration of your repayment period, the logbook lender is the owner of the vehicle, but you will still be able to keep driving it as normal.

The loan is secured using a Bill of Sale in England and Wales, and this is the document which transfers legal ownership of the vehicle to the lender until the loan is repaid in full. In Scotland, whilst the principle is the same, the paperwork is slightly different in that rather than a Bill of Sale being used, you sign a sale agreement transferring ownership to the logbook lender, and they then hire the vehicle back to you under a hire purchase agreement. Again, you still continue to drive the vehicle for as long as you are making repayments towards the loan.

Either way, even if you’ve been refused credit before, or you’re just looking for a fast decision on a loan, a log-book-loan could be the simple solution.

How It Works?

You could borrow between £250-£50,000. Our service is at no cost to you, and there is no obligation to accept the quote you receive.

·         No obligation FREE quote

·         Same day approval

·         Get your money sameday

·         You continue to use your vehicle

·         No early settlement fees

·         No hidden charges

Requirements

It's simple, here's a breakdown of what you will require if you get a free quote with us and decide to pursue a logbook loan:

·         The vehicle's V5 document (logbook)

·         MOT certificate

·         Vehicle insurance details

·         Proof of income (pay slips or bank statements)

·         Proof of identification with current photo (passport, government issued ID)

·         Recent bills containing your permanent address

Refused A Loan?

We will consider applicants with poor credit as long as they can afford the repayments.

·         Refused a loan elsewhere? We could help you

·         Bad credit rating?

·         CCJs considered

·         Self-employed considered

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Get a V5 logbook quote to compare our rates to Convert Cash or PayDay alternatives. Apply Online NOW– Use our online form for a no obligation quote.

We offer Logbook Loans on Cars, Vans and Motorbikes. Contact us now for a quote, it only take a few minutes. We accept applications from the whole of the UK, that means your local area is covered. We guarantee acceptance if the criteria is met, and our aim is to offer a loan to 100% of applicants.

What is a V5 logbook loan?

Just like a high street money shop lends you cash based on the value of your goods you can get a loan against the value of your car. The best part is that you keep your car, no trade-ins! Logbook loans are a simple, stress-free way to get money from your car. 

The fact is this type of logbook loan can have lower APRs and therefore cheaper than some other last minute loan and payday options.

Reasons for getting a V5 logbook loan?

A logbook loan fits in because it is designed for people who have trouble getting a loan due to a bad credit rating but have a vehicle that they can use as collateral. Many people assume that they would be very expensive, but because you have something to put down as collateral, then it substantially lowers the risk associated with the V5 loans and means that the lender will be prepared to charge less for it.

You can spend your logbook loan money on whatever you like. Pay the bills, have a holiday or buy some presents… you can decide whatever you want.

CONVERT CASH V5 LOGBOOK LOANS PROVIDE FREE LOAN QUOTATIONS THROUGHOUT THE UK

If you’re looking for a loan that’s instant to apply for, convenient and stress-free then a logbook loan is the ideal type of loan for you. With more favourable interest rates than most other payday loan providers and money delivered direct, a logbook loan is an alternative way to get money from the value of your vehicle.

Simply complete our online application form above to see how much you could borrow against your car.

IT DOESN’T MATTER IF YOU HAVE A BAD CREDIT RATING WITH A V5 LOGBOOK LOAN

If you’ve got a poor credit score, a CCJ or are even in arrears it doesn’t matter. We don’t ask for these embarrassing background credit details when you are applying for your logbook loan.

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Facts About The Logbook Loan

Logbook Loans are constantly favored when there is a critical need of cash, as these loans are much simpler to get paying little heed to different sorts of advances that have an exceptionally long system and they additionally consider FICO assessment for the advance. On the off chance that you require logbook loan and you have your own particular auto in the United Kingdom, then Eaffy Logbook Loans is helping you with your monetary issues.

Before applying for anything, you should know each manage and direction alongside other real things. In spite of the ease that eaffy logbook-loan has made for its clients, you should likewise know these things that will help you on your way further. You should know each and every insight about the progression that you are going to make. So observe every one of these realities identified with the logbook advance.

•            What Is The Logbook Loan?

A Logbook loan is the sort of credit that is given against the auto that you owe. Be that as it may, you should be the enlisted proprietor of the auto in the United Kingdom and your auto must not be under deal or any such different process. You will have the capacity to get the cash against your auto, yet don't stress, this is just to secure the procedure. In the interim, you will have the capacity to utilize your auto as you are utilizing it now. We wouldn't take it from you unless you pay the greater part of your reimbursements on time.

•            How Much You Can Get With The Logbook Loan?

As these sorts of loans are given against your auto, yet this doesn't really imply that you don't get more cash on the off chance that you have a little auto. The cash we give is free of the auto that you owe. In this way, you can get cash as much as you need. What's more, the reimbursements for your cash can be from months to a couple of years. It is absolutely needy upon you that how much time you will take to pay back the cash as we don't compel our customers to pay early.

•           What If You Need Urgently?

In the event that you have any crisis that can be a direct result of some restorative issues or you have some past due utility or different bills, then you have gone to the ideal place. Eaffy Logbook loans dependably respects those individuals who are in dire need of cash and they locate no other source. These credits are given to the customers inside a little time. Once your application is endorsed for the credit, we will convey your cash following a couple of hours. Thus, it is one of the best choices to consider when you are in earnest need of cash.

•           What About Interest Rate?

Eaffy Logbook Loan is constantly headed towards peopling as much as it can. Consequently, our banks are quicker to individuals with the credits instead of putting more weight on them with expanded financing costs. In this way, our loan specialists offer the most reduced financing costs than some other in the market. In this manner, we are most popular and the best among our clients.

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7 Facts You Need To Know About Logbook Loans

There are just promises of something better in the Press nowadays that the world financial retreat is behind us. Yet, for some individuals real proof of an arrival to the great days is few and far between.

Meanwhile we as a whole have an obligation to ourselves and our families to ensure our budgetary security yet in some cases it gets to be hard to do as such, particularly if each money related organization that you swing to is themselves working under strict rules taking after the monetary emergency.

The idea of logbook loans goes some approach to address and understand such issues, especially for individuals with an awful record as a consumer or who have been denied an advance from somewhere else.

Logbook Loans are one of the quickest sorts of advances accessible in the United Kingdom. They permit you to get cash from a budgetary organization utilizing your auto (which must be free or almost free of fund) as security. Viably subsequently a logbook advance resemble a home loan yet utilizing your auto as security.

The vehicle utilized as security can be a van, auto RV or even a motorbike. There are no credit checks and the borrower will even now claim and drive his/her own particular auto while the advance is exceptional.

Here are 7 certainties that you have to think about logbook loans.

1. Unemployed individuals can get logbook loans

Individuals who are unemployed or on advantages can like wise apply and get logbook-loans. The most critical thing with this sort of advance is that you should have the capacity to reimburse as advances are allowed subject to reasonableness. Reimbursement could originate from different sources. Consequently, vocation is not a basic variable that you requirement for you to meet all requirements to get the credit.

You simply should be sure that to be sure you can reimburse the regularly scheduled installments of the advance acquired and concur the terms of reimbursement with the logbook loan specialist.

2. Individuals with terrible credit can at present apply  for a logbook loans

You don't have to stress that you are not going to get a log book-loans just in light of the fact that you have a terrible FICO score. Logbook-loan specialists won't address or even check your FICO score so you don't have to stress. Since there's no credit check, your poor FICO assessment won't keep you from getting the advance.

Be that as it may, on the off chance that you take up a logbook-loans and reimburse it on time you can enhance your FICO rating.

3. Logbook Loans are otherwise called Car Title Loans or V5 Loans

In the UK these advances are best known as logbook loans, after the natural name for an auto title archive on which the advance is secured. In the US they're known as Car Title Loans (and sometimes in the UK) and they can likewise be known as V5 advances, the official name of the auto logbook.

As the advance is secured against your vehicle the bank will hold the logbook while the progress is extraordinary. As a rule the vehicle must be under 10 years of age and recall that it can be repossessed on the off chance that you don't keep up the reimbursements.

4. You can get the back inside 24 hours or less

Given its effortlessness and the way that you needn't bother with credit checks, you can get the money just inside 24 hours.

This sort of progress doesn't include an excess of printed material; henceforth it's a speedy method for getting cash. When you apply for a consistent advance from a bank, the entire procedure can take weeks before the cash get credited to your record (that is if it's endorsed). The procedure may take long because of the way that the bank first needs to screen and assess your credit value, get proof of your pay and in addition finish a long and complex shape.

Logbook loans don't include this confounded procedure. You can like wise apply for a logbook credit internet utilizing your PC. The application just takes a few minutes and the loan specialist will come to you to finish the printed material.

5. Are less expensive than payday advances.

Logbook loans are particularly expected for the sub prime market and that makes them costly. They have high financing costs.

Logbooks loans are approved and loaned by non-managing an account budgetary foundations. By the way that you don't have to stress over your record of loan repayment and value, it is viewed as a high hazard wander and banks subsequently charge high financing costs to the candidate.

Be that as it may, when log-book-loans are contrasted with payday advances, the cost of logbook loans are quite less expensive. That is on the grounds that Payday credits charge a financing cost that is anyplace somewhere around 3 and 10 times the rate of logbook advances.

6. Have an adaptable period for reimbursement

Not at all like payday advance where the candidate needs to reimburse the obligation inside a brief time frame, logbook loan can be compensated for over a time of year and a half.

The candidate can concur with the bank on the best way to pay the advance .The adaptable advance period is extremely advantageous particularly to those candidates who require time to reimburse back the advance.

7. You can save money on the aggregate cost of a logbook credit

It's conceivable to spare a great deal of cash on your logbook loan. This is on the grounds that, on the off chance that you reimburse your office early, you'll just be charged enthusiasm for the period when the progress is extraordinary.

This implies in the event that you were expected to reimburse in two years and you reimburse the credit following one year, you'll spare the spare the money that you would somehow or another spend paying premium. This sparing can be very extensive.

In case you're occupied with a logbook loan and have an auto that is clear of fund (or about clear) then either phone 08081 635 342 (it's allowed to call from a landline) or fill in the two moment application on this site and we'll hit you up at the soonest opportunity.

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DISCOVER WHY LOGBOOK LOANS ARE SUCH A POPULAR WAY TO GET A V5 CASH LOAN

Get A Free Quote at http://www.eaffylogbookloans.uk/                      Call us: 08081 635 342

Eaffy Logbook Loans has been designed to put you in touch with the most reputable UK logbook loan lenders. Our free service is the most convenient way to see how much you can borrow against the value of your car.

You can find out on this site just why logbook loans are such a popular way to get a stress-free loan, and why here at Eaffy Logbook-Loans we have the perfect site to apply for a free loan quote, just complete our form or call the Free phone number above.

 WANT TO KNOW MORE ABOUT LOGBOOK V5 LOANS?

If you can’t find the answers to your questions on this page or on our other information pages then please give one of the professionals a call. They will be able to advise about your individual loan requirements. Or if you are in a hurry why not get in touch with a reputable logbook loan provider direct by simply completing our online application form?

Logbook loans are used for people that have bad credit that need money quickly. Logbook loans can be completed on the same day. The applicant must have proof of a steady source of income to be approved for a logbook or V5 loan.

Are you looking for a Logbook Loans in your local area? Our brokers/lenders have great rates available so use our quote form now to see if they can offer you a great logbook loan. Remember you can secure your loan against the value of your car, but you can keep driving it! If you’re looking for a convenient and stress-free then a logbook loan is the ideal type of loan for you. With more favourable interest rates than most other payday loan providers and money delivered direct, a logbook loan is an alternative way to get money from the value of your vehicle.

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Get a V5 logbook quote to compare our rates to Convert Cash or PayDay alternatives. Apply Online NOW– Use our online form for a no obligation quote.

We offer Logbook Loans on Cars, Vans and Motorbikes. Contact us now for a quote, it only take a few minutes. We accept applications from the whole of the UK, that means your local area is covered. We guarantee acceptance if the criteria is met, and our aim is to offer a loan to 100% of applicants.

What is a V5 logbook loan?

Just like a high street money shop lends you cash based on the value of your goods you can get a loan against the value of your car. The best part is that you keep your car, no trade-ins! Logbook loans are a simple, stress-free way to get money from your car. Click Quick Quote to compare our rates now. 

click here for free Quote http://www.eaffylogbookloans.uk/

The fact is this type of logbook loan can have lower APRs and therefore cheaper than some other last minute loan and payday options.

Reasons for getting a V5 logbook loan?

A logbook loan fits in because it is designed for people who have trouble getting a loan due to a bad credit rating but have a vehicle that they can use as collateral. Many people assume that they would be very expensive, but because you have something to put down as collateral, then it substantially lowers the risk associated with the V5 loans and means that the lender will be prepared to charge less for it.You can spend your logbook loan money on whatever you like. Pay the bills, have a holiday or buy some presents… you can decide whatever you want.

CONVERT CASH V5 LOGBOOK LOANS PROVIDE FREE LOAN QUOTATIONS THROUGHOUT THE UK

If you’re looking for a loan that’s instant to apply for, convenient and stress-free then a logbook loan is the ideal type of loan for you. With more favourable interest rates than most other payday loan providers and money delivered direct, a logbook loan is an alternative way to get money from the value of your vehicle.

Simply complete our online application form above to see how much you could borrow against your car.

IT DOESN’T MATTER IF YOU HAVE A BAD CREDIT RATING WITH A V5 LOGBOOK LOAN

If you’ve got a poor credit score, a CCJ or are even in arrears it doesn’t matter. We don’t ask for these embarrassing background credit details when you are applying for your logbook loan.

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Important Things For Logbook Loans

Things To Know About Logbook Loans

There are plenty of personal loans available in the UK. The problem is when you have a poor credit score, you’ll have a hard time getting approved for a loan especially when you need it. In this case, this is when logbook loans may be helpful. While accessible, logbook loans can be risky too. This guide will help you determine whether a logbook loan is suitable for you or not.

What are logbook loans?

Logbook loans are personal loans secured on an asset, in this case, the borrower’s vehicle. It is a type of secured loan where you can cash in on your vehicle while still keeping it. The financial product is widely available in the UK especially among borrowers who get rejected by major lenders due to their less than stellar credit rating.

Who can apply for a logbook loan?

If you live in the UK, you are of legal age and you’re a vehicle owner then you can apply for a log-book-loan. With the security requirement, logbook loans are usually easy to get approved for. Providers won’t consider your credit score hence ideal if you have a bad credit rating. You have to be employed with a steady stream of monthly income to be eligible.

How much can you borrow?

With logbook loans, loan amounts are larger than what unsecured loans offer. In most cases, providers offer loans from £500 up to £25,000 maximum. The amount you can borrow will be affected by two major factors, your income and your vehicle’s trade value. As for the repayment terms, you can repay the loan from 12 months up to 36 months.

How much does a logbook loan cost?

Logbook loans may be quick to access but it can be really risky and expensive. The typical cost of a logbook loan is represented by its 400% APR on average. Most of the time, the rep APR can be even higher than that. The rep APR essentially covers your loan’s total cost including interest rates, admin fees and other related charges.

For example, if you borrowed £850 at 450% APR and you want to repay it over the course of 18 months, you’ll end paying a total of £2,533 by the end of the term or that’s about £141 per month. As you can see, the amount of interest you’ll be paying is significantly more than the original loan.

How logbook loans work?

When you apply for a logbook-loan, you are essentially taking out cash from your vehicle. Your provider won’t get your car in exchange for the cash you need. Instead, you get to keep your car but ownership has been transferred to your lender until you’ve repaid the loan in full. You’ll be asked to sign a debt agreement along with a bill of sale document. This means that you agree with the terms that your lender can repossess your vehicle if and when you are unable to repay the loan. The bill of sale then allows your lender to sell your car if you are unable to update your payments after repossession.

Are logbook loans right for you?

Because logbook loans are risky and costly, deciding on whether to apply for one should be carefully planned. First, you need to make sure it’s the right type of loan deal for you. Secondly, you need to make sure you can commit to timely repayments each month. And finally, you need to plan your borrowing. Apply only for what you need and you can afford.

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