Getting a new loan when you already have to juggle old debts can be a frustrating and embarrassing process, as most banks and companies will throw you back the refused loan boomerang. There are some firms however which understand that having a bad credit profile does not necessarily make you a bad payer and that are willing to give you money without checking your financial history. Such companies operate on the basis of logbook loans and will offer you the amount you need if you are willing to make the contract against your vehicle.
If you are part of the middle class and need a loan just for living essentials or for a much dreamed about holiday, this type of loan may represent the perfect solution. But what is a logbook loan? As the name states, this type of loan is based on the information found on the logbook of your vehicle. Therefore, this type of loan is only suitable for people who are registered owners of vehicles and who have finished or are close to finishing their financial obligation on the item. The most positive aspect about getting such a loan is that you do not need a clear economical background, as the company is only interested to secure their investment on something valuable. There are, however some specifications you must meet, and one of them is that the vehicle should not be tied to any other loan.
“Why is the logbook so important?” you might ask. This document is highly relevant because it is government approved and also because it contains crucial information about the vehicle. Whether you own a sports car, a van or motorcycle, the company needs to know the make, the model, colour and other technical aspects. Keep in mind that most lenders do not give money to people whose vehicles are more than 10 years old. This information is relevant to lenders because the interest rate depends on the vehicle, as automobiles who present a higher risk of future damage are not such a reliable investment. Another reason why the book is so important is because it contains information about the owner, such as his or her address, name and phone number.
Getting back to the reason why such a loan comes in handy, you must understand that if you apply for a logbook loan you will not have to worry about rebuilding your credit. It is also very helpful if you need an urgent amount of money for a medical procedure that cannot be postponed, as it can be given within a 24 hour period. The application process is simple, and can be done online by almost anyone who is over 18 and a permanent resident of the United Kingdome. Some creditors offer such loans even to people who have CCJs against them, who have been refused funding before or have other financial obligations. Last but not least, such loans are good because they offer you the possibility to use your car as collateral but still ride it after you have signed the contract. This means you can still use the vehicle for your daily chores, rent it in other to make profit or keep it in your company lot.
Do you need financial help but fear you will be facing a refused loan because of bad credit? A simple logbook loan can solve all of your problems. We run the largest Longbook Loan Company in the United Kingdome and pride ourselves with top customer service. Get your free quote today!