Get logbook loans in UK and get rid of money problems
With the current financial situation persisting in the UK, it is imperative that you look at loan options to get some cash. There are number of people who have lost their jobs over the years and have become susceptible to financial crisis. During such situations, it is important to look for options that could alleviate your financial crisis and sustain your monetary matters. Over the years, I have discovered that logbook loans in UK is one such option. It disregards the credit history and offers quick cash to anyone who wants it in the form of a loan.
‘Quick to borrow is always slow to pay.’
What are logbook loans in UK?
A logbook loan is a secured form of a loan in which a vehicle is kept as the collateral for such kind of a loan. However, it is a bit different from other loans. In this kind, the borrower transfers the ownership of the vehicle to the lender to secure the loan. However, they keep using it even while repaying the loan. If in case, the borrower fails to pay back the loan or fail to pay the instalments, then the vehicle is seized by the lender to collect the proceeds of its sale.
How much can you borrow?
Under the logbook loans in UK, you can borrow within the range of £500 to £50,000. However, it depends upon the value of your vehicle that you possess and the one you want to put up as collateral. Usually, you can borrow around half the value of your vehicle’s worth.
Get your bill of sales
In England, before you opt for logbook sales, you need to get your bill of sales. You need to sign a credit statement along with a form that states that the lender owns your vehicle, temporarily, as long as you make steady repayments and will be allowed to use it. However, it is recognised by the law only if the lender registers it with the High Court, as if it is not registered, the lender won’t be able to repossess your vehicle in case you fail to make repayments.
How to get a logbook loan?
You can get logbook loans in UK by simply filling out an application form with the lender of your choice after checking their interest rates as well as their repayment schemes. Check the eligibility criteria as well as the documents required before getting ready to borrow any loan from a lender.
Usually, for these types of loans, the interest charges around 400% Apr and higher. They usually last for 78 weeks though you can pay it back early, if you have the means and if you want to. Moreover, the interest is charged on the borrowed money every week. Like for example, I borrowed a sum of £1500and paid around £55 for 78 weeks, thus paying back a total amount of £4250.
You can get the loan in the form of a cheque. However, some even offer to pay in cash depending upon your requirements.
So go ahead and get logbook loans in UK now and get rid of your monetary problems. To know more about it, you can log onto http://www.logbooklender.co.uk/ to get a price quote for your loan.