Logbook Loans Uk: Suitable Way To Get Affordable Cash
Logbook loans UK are one of the easiest ways of availing short term loans in the UK
. These loans are popular among the UK citizens because of its easy-to-avail option. Simply the borrower need to have a vehicle registered under his/her name and that has a valid logbook. If he/she possesses this, they can easily apply for this secured vehicle loan.
Logbook is an important document issued by the Driver and Vehicle Licensing Agency (DVLA) of UK. This document has got relation with the owners vehicle which may be both commercial and private. When people in need of urgent money and can pledge their vehicle as collateral, they can go for logbook loans UK . To apply for a logbook loan applicant will have to keep the logbook of their vehicle with the lender as security till they make the repayment of the full loan amount. Under this loan, borrowers can apply up to 50,000.00 as the loan amount.
There are certain requirements for availing logbook loans UK. The basic criteria require that the car should be registered in UK; it should not be older than 8 years, the applicants name should match with the owner's name in the logbook, there should not be any financial claims in the vehicle, owner should clear the taxes and insurance for the vehicle, the age of the applicant should be above 18 years of age and the applicant should have a regular income.
Logbook loans UK give the facility to the borrower that they can still use the vehicle after getting the loan only on the ground that they are regularly paying the monthly repayments. The Logbook loans are secured loans as borrowers vehicle is pledged so no credit checks are done before sanctioning the loan amount. Even those who are tagged with CCJs and bankruptcy can also apply for this loan.