With the worsening economy and increasing number of loan borrowers, the financial market is introducing new ways and options to get loans. Several types of loan methods have made it easy for people to get loans from banks and other financial players. In addition to banks, internet based companies are also offering loans to people and has greatly increased the competition. The main obstacle to get loan from the banks is poor credit history and unemployment. But now people do not have to worry about that either because of the logbook loans.
Logbook loan is a type of loan in UK which you can secure against the documents of your vehicle. You can secure logbook loan against motorbike, car, van, and business vehicle. There are few terms to get logbook loan against a vehicle:
- Loan applicant should have a stable source of income for past few months
- The vehicle must be registered in the borrower’s name
- Vehicle should be clear of any bank payments and every kind of finances
- Vehicle should not be older than 8 years
- Owner of vehicle must be resident of United Kingdom
Logbook loan is a fast and simple method of getting loan. You will get loan payment within few minutes of application if you meet the criteria of the lender. The lender will not ask you about the purpose of getting loan, like banks do in other types of loans. Poor credit history does not stop anyone from getting logbook loan as long as the applicant owns a car in his/her name. The loan borrower can keep driving the car without any issue or limitation. The interest rates of logbook loans are cheaper than many instant loan schemes. Only the logbook of the car will be kept by lender as security which will be given back to the borrower after the repayment is done.
The amount of the loan money depends on the worth of the vehicle. Normally the loan amount is ranged from £250 to £50,000. Some companies even give up to £100,000 worth of logbook loan if you have a car of higher market value. There is no long process involved in securing a logbook loan. You only have to fill an online form on company’s website. The company will check the details and if you are eligible for a loan then they will contact you for further information. You do not have to physically visit the lender’s office. They will come to your home to finalize the loan application. The loan payment is handed over to you on same day of application.
If you are a resident of Leeds and you are looking for logbook loan on low interest rates, you can get it from logbook calculator. Logbook calculator gives you opportunity to get loan from £500 up to £25,000 against car, van and motorbike. LBC has lowest interest rates among other logbook loan provides in UK with 99.9% representative APR. To apply for a logbook loan, simply fill the form on the logbook calculator website or give a call to LBC Leeds office.