The term logbook loan in UK is used to represent a loan agreement, which is of offering a loan on the guarantee of a debtor’s motor vehicle. In the case of logbook loans, the lenders will retain the vehicle’s logbook with them or in some cases the vehicle’s registration certificate and will allot the needed cash to the borrower. In this case, on defaulting, the lenders can seize the debtor’s vehicle, which is pledged for the loan at anytime. This is the major difference of these kinds of loans from the general vehicle loans or other sort of such loans.
Logbook loans have also earned some dishonor is UK due to their comparatively higher interest rates and many of the lenders do put forth unfair conditions on terms and policies which also put the borrowers in trouble. Usually, logbook loans are being taken by people with compromised credit history, but when they have urgent requirement of funds. It is very easy to get and the processing also will be done quickly. Most of the lenders do offer to clear the loan processing within 15 minutes of 1 hour where the borrower can get the money in hand promptly. However, to get a loan you have to show the proof of a fixed or steady income with your capacity to make the repayment of the loan without fail.
The basics of logbook loans
These loans are short-term money lending offered to you in exchange of the commitment to repay the loan amount in instalments or as one-time payment with a bit higher rate than the usual market standard. Logbook category loans are lately well known in UK for its features like quick availability and fast processing etc.
The major beneficiaries of logbook loans are the individuals with trouble in their credit history. A bad credit score can be the aftermath of your defaulted payments, bankruptcy etc. Sometimes, it may be unintentional or due to the financial incapability, which can happen to any anyone at any point. It is also a fact that your negative credit rating does not always mean that you won’t be able to repay even a small loan.
A logbook loan is very generous in nature and offered to all with just a baseline verification that you are capable of repaying it in term. Banks and other financial institutions may scrutinise your credit history stringently to approve your loan, but it is not the case in log book loans. This is the major reason contributing to the increased demand of these types of loans lately.
The instant processing of log book loans are made possible by keeping the verification process simple. As a credit history check is not required, a lot of steps are being cut and processing time is saved. The lenders are just concerned about the current financial situation of the borrower and the affordability to make a proper repayment. As you pledge the logbook of your vehicle as security, it is not a big matter for them to get an assurance that you will make the repayment in terms as there is always a threat of losing your vehicle without notice.to Discover More Here then click here http://expresslogbookloans.co.uk/
