Logbook Loans – an Excellent Financing Option for People with Bad Credit
If you have that misfortune to have a bad credit, CCJs, defaults, bankruptcies or arrears, getting a loan from a bank will not exactly be a walk in the park. There several options that you can turn to in that case, with one of them being payday advances.
However, contrary to advertisements, payday loans are not as easy to get. First of all, you have to meet a minimum salary requirement. Also, in order to get approved for this type of loan, you need to be regularly employed. Payday loan agencies don't accept unemployed, or even self-employed applicants.
A very good alternative to a payday loan, if you are interested in a fast and hassle-free loan option are logbook loans.
Like payday loans, these are also available very quickly (24 hours after getting approved) and don't include a credit check. However, the amount you can receive is considerably higher and is in the range of 500 to 50,000 pounds. Also, logbook loans are extended to self-employed and unemployed people as well, as long as they can show that you have an income.
What do you need to get a logbook loan?
- Resident of UK
- 18 or more years old
- Having a regular income
- Legal owner of the vehicle
- The vehicle has to be clear of any finance (although some lenders will accept if you have 1-2 months left on repayments
- The car must be 8 or less years old
- The vehicle has to have an MOT certificate
- Finally, the vehicle needs to be insured and taxed.
Logbook loans are pretty much an established loan option in the UK, with many lenders operating for several years here. This wouldn't be the case if there wasn't a clear demand for them.