An Overview of Logbook loans

Introduction:

Eaffy Logbook Loans offer loans on cars, vans and motorcycles from £250 to £50,000. These loans are secured on the V5 logbook of your vehicle and thus are a type of secured loan. Because this is a type of secured loan it generally means you’ll be able to obtain a logbook loan regardless of your credit history.

Eaffy Logbook Loans is authorised and regulated by the Financial Conduct Authority (FCA) and are members of the Consumer Credit Association. We’ve helped thousands in the UK release the cash from their car and we have a positive track record. Applying for a loan on your car through us is very straight forward and you could potentially receive the loan on the same day of the application.

To apply for a loan you can use our online application form or call our office during opening hours to speak to an adviser and get a quote. Our office hours are Monday to Friday 8AM - 6PM and Saturday 8AM - 3PM. You can call us during office hours on: 08081 635 342

What are Logbook loans?

A logbook loan is a secured advance likewise alluded to as a security bill of offer. In this type of secured credit, the borrowers set the responsibility for vehicle (auto, van or bike) as security against the advance they have taken. Generally, the exchange of possession includes giving over the vehicle enlistment record (V5 enrollment report) to the moneylender. The vehicle enrollment report is what is known as the "logbook", subsequently the name of the advance offer. As indicated by English law, a bank can grab the vehicle of the borrower if the last defaults on advances.

Criticisms

The logbook loans Acts set by English law has been in actuality since the late 1800s and has re-cently been furnished with a willful set of principles for the loaning organizations which just serves to make it simpler and more adaptable for borrowers and moneylenders alike. 

Reactions emerged concerning logbook advances, particularly in 2009. The vast majority of these worries were related to the way that logbook advance offers (alongside other Bill of offer offers for private individuals) are not subject to the record as a consumer of the borrower or their monetary status, cash loaned is regularly huge, depending just on the measure of the security, and that banks have the chance to grab the vehicles of defaulting borrowers to fulfill the cost of the credit, without the need of a court arrange. These reactions were suppressed in 2011 by an administration reaction and the Bill of Sale Acts have stayed firm. 

These reactions ought not reduce any individual searching for an loan that offers a substantial total of cash against sensible security, whose record as a consumer does not talk positively about them. Logbook loans can likewise be consulted for sensible terms so an individual can pay back at the earliest opportunity. There is just a single confinement to a sensible logbook advance, it is that the auto or vehicle being utilized as guarantee is not very old.

When and how to use logbook loans

Logbook loans are delegated quick back advances and there is a basic explanation behind that. Not just can the advances be consulted for transient payback, however the procedure to gaining the credits is exceptionally straight forward and expedient, paying little respect to who the loan specialist is. Seeing that you have the insurance (a not to old vehicle) you can truly obtain up to a huge number of pounds. Logbook credit banks additionally don't try to ask from you what you need to utilize the advance for. The main thing you have to stress over it giving your guarantee and the rest is exceptionally well finished with.  

Why choose a logbook loan?

There are an assortment of credits out there that are useful and can serve as the snappy wellspring of cash for whatever your need. Notwithstanding, the reason we pick and suggest logbook advances is basic: They offer an assortment of alternatives that none of these other advance offers can beat.

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Smart Guide to Logbook Loans

There are various reasons why people resort to borrowing money in order to patch financial needs and problems. Some borrow money to pay overdue bills while others do it for car repair or a medical emergency. Still others turn to personal loans for major investments such as home renovation, car purchase or business expansion. Some also borrow for major expenses like a wedding, a vacation or for education.

Whatever your purpose for borrowing money, knowing what you’re getting into is critical if you want the best deals and if you want to avoid grave financial consequences. If you’re car owner and you’re planning to use your vehicle as security or collateral for a logbook loan, for instance, you need to take your time understanding the product prior to finalizing your application.
Below are smart guidelines that you should find helpful when investigating logbook loans:

What is a logbook loan?

A logbook loan is a type of personal loan that is secured against your car. In other words, you put your car as security in exchange for a loan amount ranging from £250 to £50,000. The loan term typically starts from 3 months up to 3 years.
With its flexible amounts and terms, borrowers can choose how much to borrow and for how long the loan will last. If you only need £250, for your bills, you can borrow just that and repay it within the shortest term possible. You can also apply for a £5,000 or £10,000 loan for any purpose you have in mind. But either way, the general rule is to borrow only what you need and what you can afford to avoid the high risks of losing your car.

What is the interest rate?

The average Representative APR (annual percentage rate) for logbook loans is 400%. With competition getting fiercer among lenders, however, some are already lowering their APR to 200% or lesser just to convince customers. Take for instance Eaffy Logbook Loans a popular logbook loan lender online for customers in the UK, which claims to offer the cheapest rates in the market.
if you borrow £850 over 18 months at a flat rate of 132% per annum (fixed) with a representative 450.5% APR you will make 17 monthly payments of £140.72 and 1 payment of £140.76, repaying £2,533.00 in total. However, we only charge interest monthly and we do not penalise you for early settlement. If you repaid the loan in one month it would cost you just £93.50 and nothing more.

How logbook loans work?

To qualify for a logbook loan, you just need to meet the basic requirements which generally includes being of legal age, a UK resident and a car owner. If you are eligible for a logbook loan, you can proceed to preparing the necessary documents such as your V5 or logbook document, the vehicle’s MOT certificate, insurance details and so on.
You can then apply logbook loans online and wait for approval within the same day. Once approved, you can expect to get the money within 24 hours or less.

What are the Risks?

When approved for a logbook loan, you lender will keep the V5 document of the vehicle. You, on one hand, get to keep and still use your car. However, there is a high risk involved here. Since the loan is secured against your car, you put it at risk of repossession in the event that you miss or delay with several repayments or if you do not make payments at all. To avoid repossession, commit to pay religiously, preferably before your due date to cover all bases.

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Logbook loans: Enjoy Safe Money Based On your Car

The last time I checked, applying and getting approved for a loan was pretty much an involving task. It was, in retrospect, a strenuous process that involved too much paper work and dragged on end. In fact, the experience was not pretty for UK individuals with a poor credit rating. A person had to make applications with various lenders with the hope that one would be lenient on their credit status and approve their application. As if that was not hellish or frustrating enough, getting an emergency loan was an impossibility. It was simply impossible to get approved for a loan within 24 hours especially if you had a poor credit rating.

For long, this was the accepted phenomenon until logbook loans became a reality. Using ones car as security, logbook loans have indeed become popular among UK individuals with a poor credit rating. To qualify for a logbook loans UK, a person needs to have a car registered in their own name, to be a citizen of the UK, to be a person of sound mind, to be in employment and to be a person of 18 years and above. If you meet the basic requirements aforementioned, getting a logbook loan within 24 hours should be a walk in the park if you approach the right lender.

Applying for a logbook loan is not a difficult thing these days. People have to do very easy task to obtain money and then, they get it with ease. If a person is having his own car that is not too older, the finance would be given to them on behalf of their cars. In fact, your car is not kept as collateral and a person can use it freely for any necessity and it is never a tiresome job at all. You should not be puzzled for cash support when you are longing for instant money for urgency as these loans would fulfil your wishes easily.

Logbook loans are the good to repay. They come for some month’s duration and people can return the loan debt through instalment process where they feel no tension. They are not asked to pay back the loan debt at once and it saves all from crises and they also handle it within their budgets. These loans come with some simple conditions that you follow in some minutes and then, all problems will leave you.

The most important concern is to apply the form via online form and it would be easy deed to do. Once the form gets filled out and it is verified, the person qualifies for the loan debt and he earns money in next few hours. Financial companies offer several awesome features for you to obtain money and they bring comfort in your life. Some conditions are to be followed and they are:

Person must be UK inhabitant

Person must be 18 years old

Person must run valid bank statement etc.

Once these conditions match the criteria, a person is approved. As a result, you have power to tackle with all necessities in a convenient manner. Though availing loans finance is not expensive these days, however the lender can help you borrow money at affordable interest rate along with convenient terms and conditions. So, once you start dealing with them, you can discuss all affairs about logbook loans and you have funds to use it for any purpose. Therefore, it can make you feeling stronger to cope with any uncertainty which occurs in your life. Every problem has an ending point and you can catch it with your wisdom and good efforts. Don’t be tensed and it willlet you make better decision in any urgency.

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Benefits of Using Logbook Loans

    

When you are denied an loan for improvement, business, or individual utilize as a result of awful FICO assessment, the effect can have expansive impacts. It may be hard to finance a delicate you have quite recently won or exploit another speculation opportunity. Be that as it may, it is not an ideal opportunity to surrender, particularly on the off chance that you possess a vehicle as this gives you access to logbook advances. The accompanying are best advantages of utilizing logbook loans.

No credit checks

The best hindrance that makes it troublesome for some individuals to get to credit is poor FICO assessment. Banks, money related foundations, and even telephone organizations convey intensive keeps an eye on their customers to comprehend their record as a consumer. On the off chance that you have defaulted paying advances including overdrafts, Visa advances, and even home loan, the data is utilized to ascertain your score. Nonetheless, logbook loan specialists don't check your FICO rating when offering credit. The auto serves as a type of guarantee that keeps the hazard taken by the loan specialist low. Keep in mind to focus on reimbursing the advance on the grounds that the vehicle can be taken away and even sold to clear the advance on the off chance that you default.

Easy to access within a few days

While regular bank advances take a considerable measure of time from application to repayment in the event that one qualifies, choices, for example, logbook credits are simple. In the wake of recognizing the logbook loan organization of decision, it will just take several days to get the cash in your record. To rush the procedure, it is fitting to convey all the required vehicle documentation, for example, V5C, protection archives, most recent assessment reports, and valuation evaluations to help the loan specialist get the right esteem.

There are no restrictions on what to do with the money

At the point when business banks give an advance to candidates, they take after nearly to guarantee the cash goes to particular territories of premium. For instance, cash acquired for a home loan is paid to the house dealer as it were. In spite of the fact that this impediment has its points of interest, for example, avoiding abuse, it denies the proprietor adaptability. Nonetheless, logbook loans don't have any restrictions on what you can do with the money. Regardless of the possibility that you had a business opportunity and afterward choose to accomplish something other than what's expected, you have all the flexibility.

You get cash depending on the value of the car

The constraint of advances you can get against a vehicle is subject to its esteem and condition. In the event that you have a decent auto in top condition, numerous moneylenders will be prepared to surrender you to half of the present esteem. In spite of the fact that this can restrict particularly on the off chance that you needed a considerable measure of cash, there is an awesome feeling of fulfillment since it is an individual property.

There is room for negotiation

At the point when numerous money related establishments offer advances, the loan costs are altered and don't have space for arrangements. Nonetheless, logbook loan organizations are generally adaptable and can change the APR (yearly rate) to fit the need of individual customers. Be that as it may, the cost of logbook advances is normally higher contrasted with regular bank advances. To keep the enthusiasm as low as could be expected under the circumstances, it is fitting to guarantee you reimburse the credit inside the most limited time conceivable.

So, whatever the reason, whether you crave a holiday or need help paying off a previous debt, a logbook loan UK is a straightforward and quick to access secured loan suitable to anyone with a bad credit rating or no credit history at all.

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Logbook Loan Guideline for Borrowers

If you have bad credit because you made bad financial decisions in the past, you’ll have no other choice but to pay for the consequences today. One of the major consequences of bad credit is your limited loan options. It won’t be easy obtaining a mortgage loan, for example, if your credit rating is less than perfect. In the end, you’ll be left with high interest rate unsecured loans for options, which won’t necessarily meet your needs.

In case you need a larger amount than what any unsecured loan can offer, this is where logbook loans come into play. Here’s your quick guideline to help you understand the loan product better:

What are logbook loans?

Logbook loans fall into the category of secured loans. This means that you must be a vehicle owner to avail this loan type. Because lenders have guarantees other than your promise to repay, they can lend you higher loan amounts generally from £250 up to £50,000 with repayment terms between 6 months and 24 months. It can be longer depending on the amount of loan and depending on your agreement with your lender.

Who can apply for this type of Loan?

Anyone who meets the basic requirements can apply for a logbook loan. If you are at least 18 years old, you live in the UK and your vehicle is free of any financing then you are eligible to apply for a logbook loan. If you have bad credit and you meet the aforementioned requirements then all the more that you are welcome to apply. Logbook loans, in fact, are specific for borrowers with bad credit. Just prove that you have sufficient monthly income and you’re willing to secure your loan against your vehicle then your loan application is good as approved.

Why apply for a logbook loan?

You should apply for a logbook loan if you are in need of a large amount of money but you can’t otherwise apply for other types of secured loans. If you have bad credit and are left with no choice, logbook loans are an ideal last alternative. Not only can you borrow a larger amount with secured loans but you can also expect to receive the cash within a day. More importantly, you won’t have to worry about credit checks anymore. Lenders only need you to meet the basic requirements so they can approve your loan application fast.

What are the risks to carefully Consider?

Though advantageous in several ways, it is worth noting that logbook loans also have risks to carefully consider. Log book loan lenders may easily approve your application but you ought to remember that this loan option come with the risk of repossession. Since you agreed to put your vehicle at risk, your lender has the right as per the debt agreement to recover your collateral if you can no longer repay your loan.

High interest rates are another risks to take into account. Because you have bad credit, except to avail logbook loans with high-interest rates typically at 400% representative APR.

 Where to find the best logbook loans?

If you’re ready to face the risks involved with borrowing a logbook loan, you can find the best logbook loan deals online. You can visit website right here to compare deals at much cheaper interest rates than the market average. If you’re ready to apply, just complete the online application, provide the necessary details and wait for further instructions. If you’re not ready to apply yet, you can request a quote at no charge and decide later.

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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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