Logbook Loans: Basics and Benefits

In the aftermath of recession, financial issues have been arising from all aspects of our lives – financing our children’s education, paying our phone and electricity bills, mortgage, and credit card interests. People have been taking extra jobs to afford the things we used to, before the economy took a fall. Through the years, many have turned to getting logbook loans for fast money. It has been a popular policy to many borrowers due to its ease and convenience.

Traditional loans require a longer period of time to process, and need different types of guarantees to be considered. But this is not the case for logbook loans, as it is a much simpler type of lending policy where the amounts loaned don’t need to be as big. To apply and avail of logbook loans, the V5 document needs to be submitted. This article discusses the ways and benefits of getting a logbook loan.

How to avail of a logbook loan

  • Prior to applying for the loan, the following conditions must be satisfied:
    • You are at least 18 years old
    • The car should not be more than 8 years old
    • You are a permanent citizen of the UK
  • First and foremost, the logbook of your car is to be submitted. This is the V5 document that provides information about your authorization and ownership of the car.
  • Search online for different companies that offer logbook loans, as there are now several websites that offer them like Logbook Loan Experts. It is important that you browse through them carefully, looking for customer reviews and testimonies that can prove the reliability of the company. Such websites offer quick services to availing logbook loans.
  • Fill out the forms. Provide your details such as legal name, home address as well as contact details. These information will be used by the provider to reach out to you and discuss further
  • Upon submission of your details, the company should contact you to discuss about the loan. Assuming the requirements have been provided, it should not take long until you and the company will agree on where the money is to be deposited or given to you

Pros of getting a logbook loan

  • Past credit rating is not relevant when getting a logbook loan. All that is required is the V5 documentation. It does not look at the capacity to pay during application
  • The car need not be mortgaged to the lending company. The borrower can still use the car at the duration of the loan, as it helps the borrowers to make the money they have to pay back
  • Logbook loans do not mortgage houses, or any other property
  • The interest rates are lower than other types of loans
  • It is a quick process. There have been instances where the money is received within 24 hours upon application. This is very helpful especially for emergency situations
  • The application can be done online, without having to go different places as compared to traditional loans