Logbook Loans UK | V5 Loans | Loan Against Car: logbook loans cheshire

Showing posts with label logbook loans cheshire. Show all posts

Saturday 15 October 2016

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.

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.

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.

Logbook Loans Cheshire

Looking for quick cash? Eaffy logbook loans are for you

If you need anything from £250 up to £50,000 then this could be the answer... and you even get to carry on driving your car. You can even receive your money in under 24 hours if your car is free of finance and you meet the criteria.

Eaffy Logbook Loans have become one of the most popular types of loans as you aren’t faced with the usual hassles and checks. If any of your previous loan applications have been refused, then this could well be the ideal solution.

The funds you release for your car can be used on anything... Logbook Loans give you the flexibility to pay of other loan amounts, go on holiday or just release some cash flow if you prefer.

No obligation: Hundreds of people apply for a free quote every single day! Why not get your free no-obligation quote today?

Been refused before? If you’ve been thwarted before at the credit check stage when applying for loans then relax... V5 loans are amongst the most accessible loan types.

Keep driving your car: Keep the keys and carry on driving your car whilst enjoying borrowing some of the value.

One minute application: Applying for your Logbook Loan quote is simple, quick and can be done via our online form.

Your money to use: It’s your loan, so your money to spend however you like. There are no restrictions on how you can spend your Logbook Loan.

Loans to suit you: Not all loans ’out the box’ suit everyone, so have a chat with an advisor to see how a Logbook Loan can work for your own situation.

It couldn’t be easier to apply for Eaffy Logbook Loans with our site, in fact all you need to do is complete the short application form on this page with some basic information, then you’ll be contacted by a Logbook Loan specialist to discuss your lending requirements further.

With simple online application and free no-obligation Hereford Logbook Loan quotes, why not see how much you could lend now! Logbook loans online

Logbook Loans For Older Cars? Absolutely.

If you’re wondering whether your older car is still eligible for a loan then you may be in luck. Some

other Cheshire lenders will limit the age of an eligible car to 8 years, but the lenders on our Cheshire network focus mainly on the current value of your vehicle which means that older cars may still be eligible. It’s easy to see if your car meets the criteria... simply complete the short enquiry form you can see above.

No Credit Check Logbook Loans?

Sadly this isn’t actually the case, and is a misconception about V5 loans but it shouldn’t put you off from enquiring. Even though all applicants are actually credit checked, because you are using your vehicle as security you may find that a V5 loan is more attainable than other forms of loan making them particularly popular with those with poorer credit histories. So if you’ve been refused in the past you may find this type of loan is your best option.

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.

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.

Beware Logbook Loans On Second-Hand Cars

Most of us drive second-hand cars because we're not made of money. There's a whole load of pitfalls when buying a car that isn't new, but one is often overlooked and particularly troubling.

Drivers could well inherit debts which have been taken out by previous owners of the vehicle you bought, which means you could see your car being seized, when it isn't your fault.

Eaffy Logbook-loans have sent out a warning after stating that one in five people who reported a problem to them about logbook loans, they ended up having their car repossessed despite not borrowing the money themselves.

What happens is, someone takes out a logbook loan and they put their car up as security. Like using a pawnbroker, the full ownership of the car is retained by logbook loaner until the debt has been paid off in full.

Eaffy Logbook loans have warned that you might buy a car that is still the subject to an outstanding logbook loan taken out by the previous owner and you, who have done nothing wrong, ends up being chased for the debt.

There's an estimated 60,000 logbook loans to be taken out this year, which is a 61% increase on 2011. The CA survey regarding drivers who had bought a second-hand car found that 63% did not check if the car had an outstanding loan.

As such, they'd like to see the law changed so that the car cannot be taken if the owner is not the original borrower. The person should own the loan, but the thing they put up as security.

Sadly, at the moment, there's no way of telling whether or not the car you're buying has a logbook loan attached to it, which is why it has become such a problem.

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.

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!

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.

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!

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.

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.

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.