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How to Get a Logbook Loan - Step-by-Step


Are you interested in getting a logbook loan, but are not sure how you can do this, or even if you are qualified for it or not? Do you want to know more about the advantages and disadvantages of a logbook loan? This short article will explain everything about logbook loans and, when you finally call a logbook lender, you will know exactly what you need.


First of all, what's a logbook loan in the first place? A logbook loan is a secured type of loan, where the borrower (that's you) puts his or her logbook document (hence the name) as a collateral to be kept by the loan company during the loan term (until the loan has been fully repaid). This loan, which can be approved very quickly (usually just 5-10 minutes after a successful application, which, in turn, is not longer than a minute, allows the borrower to collect any sum of money from 500 to 50,000 pounds either on hands, or from their bank account within 24 hours.


There are certain criteria that you have to meet in order to get this loan:

  • You must be a resident of United Kingdom
  • You must be at least 18 years old
  • You have to have a verified bank account
  • The car needs to be registered to your name
  • The vehicle can't be more than 8 or 10 years old (this depends on the lender)
  • There should be no unpaid loans against the vehicle
  • All taxes and insurances connected to the car have to be paid
  • The car must have passed the technical and MOT testing no later than 3 years ago.

A logbook loan naturally has some advantages and disadvantages. Read the following section of this article to find out about the two:


Advantages


  1. A logbook loan does not include a credit rating check
  2. The money you receive via this loan can be used for any personal reason
  3. The application process is very quick and easy
  4. The approval process is only a few minutes long. You'll know in just 5-10 minutes whether you are approved or not
  5. You can apply for any amount. If you need 3,596,you can get this amount no problem
  6. There are less expensive types of secured loans, even if you have poor credit rating
  7. Meeting your monthly payments for this loan will be difficult if you are already having problems paying regular bills
  8. The lending company keeps the logbook document
  9. Since it is a short-term loan, you will have less time to pay it back

Disadvantages


  1. There are less expensive types of secured loans, even if you have poor credit rating
  2. Meeting your monthly payments for this loan will be difficult if you are already having problems paying regular bills
  3. The lending company keeps the logbook document
  4. Since it is a short-term loan, you will have less time to pay it back
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