If you are surrounded by a situation where you are in deep need of money and find
yourself unable to arrange it immediately, then logbook loans may help you. These are short term loans but their repayment may be extended as per the needs of borrower.
These are secured loans which are taken by keeping the logbook loan of your car with the lender. This book contains all the information and details about the car. It may include the colour of car, its engine number, VIN, registration number etc. As your car is acting as collateral so these loans are granted without much waste of time.
There are various other conditions that a borrower should satisfy if he/she wants to go for such loans:
-An applicant must be a permanent UK citizen;
-His/her age at the time of application should not be less than 18 years;
-He/she must have a valid UK bank account;
-The car which is to be kept as collateral should be in good condition and not more than 8 years old;
-The car should not have any liability against it earlier.
Once all these conditions are satisfied, your loan will be approved instantly.
As these loan are secured so the lender charge low rate of interest on them. This makes such loans very attractive for borrowers. A borrower may also apply for such loans via internet. It makes the complete loan process very fast and efficient. Online process is generally free from hassles and also helps in knowing about new offers. There are various such websites available over the internet that helps you in comparing the terms and conditions of different lenders and choosing the best for you. This proves to be of great help to the borrowers.