Logbook Loan Explained
Also known as V5 loan, a logbook loan is a short-term, secured loan specifically designed for people with bad credit or no credit. It is the UK counterpart of car title loans in the US. With a logbook loan, the borrowed money is secured against the vehicle’s V5 document or “logbook”, which the lender takes possession of until the loan is paid back in full. In the event of default, the lender can seize or repossess the vehicle without court order.
Logbook loans have become extremely popular because there are no credit checks. So long as you legally own a vehicle, you can borrow money instantly without having to worry about rejection because of bad credit. Even if you have had foreclosures, repossessions, or bankruptcies in the past, you can qualify for a loan, and best of all, you can get your money within the same day!
What are the Advantages?
Undoubtedly, the main advantage of a logbook loan is the fact that it is readily and easily accessible for people with poor or bad credit. With a V5 loan, you don’t need to pass credit checks, so there’s no need to fear rejection no matter how bad your credit may seem.
Another great thing with a logbook loan is that the money is available almost instantly. There’s no need to wait for days or even weeks, because you can withdraw your cash within 24 hours max. Application is also done online and requirements are pretty simple. Indeed, logbook loan is fast and easy!
With a logbook loan, you can borrow between £500 and £50,000, and there are also no restrictions as to where you can use your money. You can pay for that urgent expense, spend it on a long-deserved vacation, or even use it to upgrade the car itself.
Lastly, with a logbook loan, you can keep on driving your vehicle, despite it being used as collateral against the borrowed money. If using public transport is just unimaginable for you, then you can get the best of both worlds with a logbook loan.
Who Needs It?
Evidently, logbook loans mainly benefit those with poor or limited borrowing history who could otherwise not qualify for a standard loan. Whether it’s your first time taking credit, are self-employed, have had court judgments in the past, foreclosure, repossession, bankruptcy, or any situation that could prevent you from borrowing money, then you definitely need a logbook loan.
Additionally, logbook loan is perfect for those who need cash urgently. If you’ve fallen ill, got caught in an accident, or lost a job, you may need a logbook loan to pay for those immediate expenses. When time is of the essence and there’s nowhere to turn, then a V5 loan is what you need.
What We Do?
LogbookLoanSpot compares deals across the top logbook loan providers in the UK for you to access easily. For years, we have closely studied how logbook loan deals work, and hire only the experts in the field that should bring you in touch with the most trusted logbook loan lenders across the land. We analyze individual circumstances carefully in order to find everyone a perfect logbook loan deal that matches every need and budget.
We understand how frustrating it is to have bad credit, and believe that it shouldn’t rip you off the right to access cash easily especially in times of desperate need. We are here to take away the heavy burden off your shoulders and do all the job for you, making sure that your financial needs will be met on time. Our matching service is the best and fastest in the market and we can guarantee you a successful logbook loan application within the same day! Simply complete our online form to get started now for FREE!
How it Works?
Step 1: Fill in our FREE online form
Before anything else, we request that you submit your details using our contact form so that we can obtain your vehicle’s make and model and call you back with a FREE quote. After reviewing these information, you will be matched with one of our trusted lenders and our representative will contact you with free advice.
Step 2: Meet and greet with one of our lenders
If you’re ready to proceed, we can schedule an appointment for you and the lender’s representative so you can get your money soon. You will be told what requirements to bring, as well as set up a meeting time and place of your own convenience. You will also have to bring your car for it to be evaluated, but if you can’t, don’t worry because the lender will come to you!
Step 3: Finalize the terms
Typically, you may be able to borrow between £500 and £50,000, depending on your vehicle’s value. You will also have to agree to a certain interest rate, loan duration, as well as a payment schedule (weekly or monthly). We are more than willing to help you out in determining how much you can afford to put in your repayments, so you can avoid having to spend more than what is necessary.
Step 4: Drive your money and your car home!
If you are happy with the terms and conditions, then all that is left is to seal the deal! After finalizing everything, you can have the money deposited in your bank account or get your check and drive home with your car!
Turn Your Car Into Quick Cash Today!
It’s really fast and easy getting a logbook loan through LogbookLoanSpot. Simply complete our 30-second form for FREE, professional advice.