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What’s a Logbook Loan?
You’ve heard of a loan, but what is a logbook loan? Simply put, a logbook loan is quick credit; money paid to you when and how you need it. Logbook Credit prides itself on delivering logbook loans to a wide range of clients, and securing such payouts against the value of their motor vehicles. It’s the smart way to obtain instant credit.
Have you been desperately in need of cash? Whether it’s trying to take a vacation, pay off debt, take care of family emergencies or anything else, you might need some cash that you don’t have. Since you have bad credit and the banks won’t even talk to you, logbook loans will give you the cash that you need quickly so that you can take care of your personal life.
You use your car’s value as security that you will pay the lender back. This means no credit checks, no footprints on your credit and no fuss. It’s a very simple process to go through. You fill out an application online and give the details about your car. A lender calls you to confirm the details. Then you meet with an underwriter and before you know it, the cash is in your hand.
If you’ve been considering selling your car to get the cash you need, you don’t have to anymore. As long as you’re able to pay back the loan, you get to keep your car. This way you still have reliable transportation to get you around town. You just don’t have the logbook to the car – the lender has that. All that means is that you can’t sell the car until the lender receives all the money from the loan.
The best part about logbook loans is that you don’t have to tell the lenders anything. It’s all confidential. You don’t need to tell them why you need the money. Plus, you get as much as you need, as long as your car’s value is high enough to cover the loan. If your car is worth £20,000, then you may be able to get a loan for that much.
You should only take out the loan for as much as you actually need – as tempting as it could be to ask for more. It’s not a gift, it’s a loan. You will ultimately have to pay back the loan, which is why you should think twice about how much you actually need with the logbook loans.
Cash is delivered on the spot from the underwriter. You can then deposit into your account, pay off bills, take a vacation or do anything else you want with the money. The important thing to understand with the logbook loans, however, is that if you don’t pay the loan back, they get to come and take your car.
Logbook loans are an excellent way to obtain the cash you but you need to remember that the money gets paid back. It can be a great short-term way of getting cash until your next paycheck, when you make a sale of something or you get a new job.
One of the hardest things to get when you’re self-employed is a loan. As soon as banks here that you work for yourself, they don’t want to give you a loan because they don’t have any way of verifying how much you make. Logbook loans will provide you with a loan that you can get, even if you are self-employed.
When you’re self-employed, logbook loans are a quick and easy way to get a short term loan for any reason at all. Whether you need the loan for work or for your personal life, you will get the loan if you have a car. The reason that logbook loans are popular is because there’s no credit check and very few people actually get rejected.
The logbook loans will check to see the value of your car. The loan is secured based upon your car’s value. This means that the more your car is worth, the easier it will be to get qualified for a higher loan amount. A representative will call you once you complete the application to find out how much you actually need and how much time you need to pay off the loan.
You can then meet with an underwriter. Upon meeting with the underwriter, you get the money you need, even when you’re self-employed. They don’t care who your employer is, how much money you make or even what your credit score is. They are only going to focus on your car, which is why the logbook loans are such a great thing to apply for.
You get the loan as long as you pass a few basic requirements, including that you’re the owner of the car and that the car is finance free. So if you’ve been rejected time and time again for a loan all because you work for yourself, the logbook loans will finally provide you with the funding you’ve been searching for. You hand over your logbook and they hand over the cash. When you’re ready to pay back the loan, the swap is made again.
Many people end up selling their car to get the money they need because they don’t know about a logbook loan. If you did that, however, you wouldn’t have any form of transportation to get around, which could make earning a living a little difficult. There’s no need to go to extremes when you’re short on money and you work for yourself.
The logbook loans can provide you with the necessary funds in as little as 24 hours after your application has been received. All you need to do is hand over your logbook and the money is provided to you – no matter what you actually need the money for.
Financial problems happen to the best of us. When you’re struggling financially and you need a short-term loan, logbook loans are an excellent opportunity for you to consider. They will provide you with a quick way to get all the money you need – often within 24 hours of completing the application. It can be tempting to take out more than you actually require, so it’s important to think about how you will pay back the loans.
Before you go far in the logbook loans process, you need to understand that there is an APR involved in the transaction. You are not simply trading your logbook for cash because the lender won’t make any money if that were the case. The logbook is exchanged for cash and you pay an APR to cover the lender’s ability to make money.
The APR for most logbook loans is between 400% and 800%. At quick glance, this is a lot of money. When you do the math, however, it’s a small amount to pay considering you get quick access to money that you need without a credit check. The longer you take to pay back the loan, however, the more you have to pay the lender.
You should be borrowing the money for a very short period of time to avoid high fees. A month or so should be as long as you take to pay the money back. This means that you need to have a way of paying the money back already figured out before you apply for the logbook loans.
The loan you will get approved for is dependent upon the value of your car. It’s possible to get approved for as much as £50,000 if your car is worth that much. Before you jump at having that much money lent to you, make sure you are able to pay back the full amount. If you default on the loan, the lender will try to work with you, but it could end with them taking your car to cover the loan.
If you are taking out the loan because you’re waiting on a paycheck, don’t take out more than that paycheck will be for. If you have just been part of a lawsuit and you’re getting reimbursed, then that is another way to back for the logbook loans.
Any way that you decide to pay the logbook loans is acceptable, as long as you actually have a way to pay back the money. The loan is designed as a short-term solution to your financial problems – with the emphasis on short-term. You should never borrow more than you have the means to pay back otherwise it could cost you your car in the process.