05 Jan

Logbook Loans – Instant Approval Without Credit Check

For salaried people, it is almost impossible to fulfil all the financial needs or requirements that may come your way out of the blue. You may require money any time in the month. Logbook loans have emerged as a good option where people can take money for any purpose without worrying about their credit score. Before applying for these loans, it is important to collect the complete information about it.

A Logbook is a document related to your car which is issued by Driving and the Vehicle Licensing Agency in the UK. It contains all relevant information about the car such as engine number, chassis number, model, registration number, VIN number and information about owner of the car. In order to avail instant cash at low interest rate without taking risk of property or real estate, you need to deposit the logbook in bank as a security against the loan amount.

Depending on the lender, value of car and repayment capability, a borrower can avail any amount ranging up to £50,000 with logbook loans. The loan applicant must complete the following conditions before getting the successful approval:

  • The vehicle age cannot be more than 8 years
  • Applicants and owner of car both should be the same person. In other words, banks only transfer the cash in the bank account of owner of the car’s logbook.
  • The vehicle should be free from any financial claim
  • Applicants should be full time, part time or self-employed with a regular source of income
  • UK citizenship is a must with a bank account in UK

Car logbook loans are secured against the logbook of the vehicle. Therefore, it does not contain the process of credit check which makes the procedure quick. It is a god send for those non-homeowners or tenants who cannot pledge a property or home equity against the money but seek fast money without an exorbitant interest rate.

After getting the loan from the lender, still borrowers can use the vehicle for any purpose including personal or commercial. You can apply for this type of finance online which makes the procedure easy, simple and convenient for any UK citizen who owns a vehicle that complies with the pre-mentioned rules.

You are under no obligation to accept any deal. You can compare n number of deals until you find the best one for you.