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!

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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.

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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!

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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.

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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.

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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.

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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!

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