Secured loans against logbook-Logbook acts as collateral
A logbook is a certificate that provides the details about your car like model of the car
, registration number, engine number, ownership details, etc. You can utilize this logbook in getting financial aid when you are out of cash. Surprised? It is true. With the help of secured loans against logbook, you can obtain funds for the fulfillment of day-to-day needs. There is no need placing any asset against the loan amount. Only that logbook acts as collateral. This is returned to you at the time of repayment by the lender.
While going for
secured loans against logbook make sure that your have insured your car. The car should be at most 8 years old. The best feature of these loans is that the rate of interest on the loan amount is low because of presence of security. Through these loans, you can avail the amount ranging from 500 to 50000. The repayment term of these funds is of 1 to 5 years. Make sure to repay the entire borrowed amount at the given period of time. Otherwise, the lenders will charge you extra fee as penalty or may confiscate your logbook.
With the help of these loans, you can fulfill all your needs such as renovation of home, repairing a car, wedding expenses, holiday trip, funding child's education, etc. The terms and conditions of this financial scheme various from lender to lender. Therefore, you should check them before going for any deal. However, there are some basic conditions that must be fulfilled by the borrower to avail these funds easily, such as:
The borrower must be residing in UK for last 6 months.
The borrower must be an adult of at least 18 years or above.
The borrower must be permanently employed with a steady income of at least 1000 pounds per month.
The borrower must possess a valid bank account.
Secured loans against logbook-Logbook acts as collateral
By: Abnre Cassa
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