In dire circumstances when even payday loans are no source of relief for you, logbook loans is your ultimate way to find a solution to your financial crisis. The perfect emergency loans, you only need to provide your vehicle as collateral and not worry about anything else.
Application Process
Logbook loans are for those who are in quick need for money. It requires you to have a vehicle of your own, as the name suggests that the loan will be issued against your car’s logbook. You use the car as your collateral. You can also apply for the loan online. You will have to fill a form stating your name, contact information, details about your monthly income, whether you have any mortgage or loan repayments.
You will also have to fill in details about your vehicle – the brand and make, date of manufacture, mileage, and registration details. This information must be current. Lenders usually lend £5,000 to £50,000 depending on the condition of the car. Therefore, it is always a good idea to keep your car in a good condition always. You can consider Logbook Loans 4U to apply for this loan if you are a UK resident.
Sanctioning Of the Loan
Following are some important things regarding the sanctioning of logbook loans:
– The most important document is the V5 which must be in your name to prove the ownership of the car.
-You will also be asked to furnish a valid document with a photo, a passport or a driver’s license will do.
-You will also be asked to submit a utility bill as an address proof (the current months preferably) and your pay slip as income proof.
-You can borrow only after your documents are approved.
-Your car will be checked by a professional to confirm the loan amount you will be sanctioned.
-A trained professional will help you understand all the terms and conditions for the loan and the repayment.
Once this is all done you can drive away with the sanctioned amount.
Repayment
You have to repay the loan amount within a year. If you want to repay it earlier, you should check whether your lender will give you any benefit for this.
Logbook loans are a great way to solve your short term monetary problems. You do not need a good credit history for such a loan and this helps avoid a lot of hassles. This is why it is so popular these days.
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