UK Finance Blog

Archive for the ‘Logbook Loans’ Category

Due to the downturn observed in the economic scenario of UK, a larger population depends on the loans for their needs and desires. No doubt, these loans have become an integral part of everyone’s life.

Everyday it is a new struggle for people living here to strike a balance between his income and expenditure.
It is not possible to do so by just relying on one’s earnings for a particular period. Rather it is inevitable to deal with certain situation without any cash help from some external source.

Recently, I had gone through a similar phase in my life. I was in a dire need of money to pay off some sudden and unforeseen expenses at my personal front. I felt the pain with each passing day as the due date came closer. But as it is said, there is a solution to every problem, I stopped suffering the day I got to know about Loan against car.

I admit to have overlooked the category of secured loans as it seemed to be risky in terms of pledging a collateral as precious as home against the loan amount. But when a friend of mine told me about this wonderful category of loans branched out as a loan against car. It actually turned around my situation to my favor.

The only requisite for being able to avail such loans is that you need to submit the logbook of your car. Logbook refers to a set of documents concerned with your car all put together. Once you take this step on your part, the loan amount is approved by the lender in less than a day’s time.

The most interesting fact which lies with loan against car is that in simultaneity of the loan term you can actually use you car like earlier. Another positive point is that no credit check is done under the same.

Ensure to comply with the following conditions:

• You must be the legal owner of the car
• Car must not be older than 8 years
• It must be in a working condition at the time of applying for these loans

If the lender finds you eligible for this loan, you may avail an amount according to the present market value of your car. It is a simple process to be followed in order to enjoy the benefits of cash help.
Being a car owner in UK brought a great fortune in my life.

Whether someone is facing a critical financial condition, looking to buy a new home appliance or is getting keen on going for a family vacation, I am sure of one fact that finances for these situations are available at any moment in UK, and one single term remarking this solution is ‘Loans’.

After looking at a lots of loan advertising on web and television, I enhanced my enthusiasm, despite of being in tough financial condition where my child’s education fees was due.

I found a lots of interesting financial products to bail me out of this cash crunch. These products involved secured and unsecured loans, payday loans and also the loans for homeowners and tenants. However, I found that every loan product here was asking for a collateral or was high with APRs, except loan against car.

These loans are also termed as ‘logbook loans‘. I preferred this product above all as this was the only financial service which was providing me with sufficient funds with lower APR and nothing to put as the security.

Yes, at least I think that while availing the loan against car, I have not kept my car as a collateral with bank. This was one thing that actually left me shocked as the name of this loan product was suggesting something else.

According to the terms and conditions set for these loans, I only had to surrender the documents of my car as this was enough for bank to get a security for their money.

All over the above, the bank is letting me use my car throughout the repayment term and this I think is one beneficial attribute of loan against car.

However, the bank put some conditions like a car should not be older than 8 years, it should not be carrying any other financial claim and should have the registration of my name. In my case I was fit for all the conditions.

The less documentation and fast fund transferring is also one feature of these loans which can attract many individual to subscribe for loan against car.

I could not forget how logbook appeared as an angel to me when I met with an accident few month back. I was severely injured and eventually admitted to hospital. To meet hospital expenses instantly I had no savings as I spend all my saving for the improvement of my home. I was wandering what to do as I was not in favour of taking any external financial help. Soon my friend told me about Logbook loans. I searched on web and gather information as much as possible.

At that moment I had a car and I needed money. I took a quick move and applied online without any delay. When I was getting into the terms and condition of Logbook loans I was surprise to know that the loan approved is transferred into borrower’s account within 24 hours. Not only that, for this loan even bad credit people can apply. No credit check is perform for finding deserving applicant. Anyone is free to apply if he legally owns car and has logbook of the same car.

Surprisingly, only logbook of the car is pledged and not the car itself. Due to this I enjoyed driving my car even during the tenure period. When I approached one of the lender for Logbook loans, my car was tested to conform that if it is in fine order and there is no issue. Current value of the car was determined and I was offered the lent amount. The offer was enough for me to remit my medical bill. The day I received the amount I cleared my medical bills. All of these processes were wrapped up sitting at home!

Repaying the amount was not an issue for me. Since the term to pay back the amount is always kept small I just waited to get the bonus I was suppose to get. As soon as I got that I rushed to pay the borrowed money. I was overwhelmed by seeing the quicker and smarter way of processing the application to approving. Logbook loans has no tough criteria to be met, but yes you need to have your car that is not older than eight years. Another thing to be kept in mind is, your job should be permanent. If you could meet these simple criteria you too can enjoy the advantage of Logbook loans.