The Value Of Logbook Loans

For those who have CCJs, bad credit or have missed a few payments, it may seem nearly impossible to get finance. Many lenders will credit check you and automatically reject you based on your past credit history, which in turn contributes to the rejection. However, there is a solution, and that is to apply for a loan that doesn’t require a credit check. There are several types of loans for which you can be accepted with no credit check. Primarily there are payday loans, which are short-term loans made to tide you over from payday to payday. Most payday loans companies won’t charge check you provided that you meet their criteria for financing. Usually, this means you ought to be in employment, making a specific sum each month usually around #750 and have a debit card where the loan may be repaid. If you are looking for more information on logbook loans uk, view the previously mentioned website.

These loans are only short-term solutions and are usually for a maximum of 60 days. In case you have a relatively new vehicle which is clear of finance you might have the ability to find a logbook loan. A logbook loan is a loan secured against your car’s documents. You do not need to hand the car over; you maintain the use of the car but release some of the equity in it to secure the loan. As the loan is secured on the vehicles paperwork, you do not need to be credit checked to find this type of loan. Log Book Loans are available for between #100 and #50,000 and how much you can borrow depends on the make, model and condition of your car. Usually, to get a logbook loan, you will need to be the legal and registered keeper of the vehicle. Also, the vehicle should be under ten years old and free or almost free of finance. Some lenders require that the vehicle needs to have a current MOT and tax to give.

Logbook loans are for a longer period than payday loans usually up to two years. Doorstep lenders can offer cash loans of up to approximately #500 which is available to even those people who are unemployed. Loans are handled by local agents who call at your address to collect the payments each week. Such loans are done entirely in cash, the payments are fixed, and the agent offers a convenient collection service for repayments. These loans may be repaid over up to a year. Lastly, if you need to borrow more than #500, then a guarantor loan is a fantastic option for you. These loans which could be up to #5000 or so, require you to have a guarantor that will guarantee you are good for the loan. If you are unable to pay back the loan, the guarantor will take over. Locating a guarantor is not always easy, but a relative or close friend may be willing to assist. Generally, they need to be over 23, a homeowner and to have great credit.