In need of cash quickly? Whether it’s for home repairs, household bills, unexpected charges or just that luxury item that you really crave, and this month’s paycheque just won’t stretch to it, a logbook loan could be the solution for you. Quick loan lenders such as V5 Loans UK offer secured loans from £500 to £20,000 against your car, allowing you to pay the money back at a fixed monthly rate chosen by you.
Logbook loans provide a simple, fast alternative to bank loans, and unlike payday lenders, are fully regulated and secured. Take a look at this checklist to see if you are eligible for a logbook loan today.
Car Owner
Provided your car is free or almost free of finance, and you are in possession of the logbook and proof of ownership, you will be able to secure a logbook loan. The amount available to you is determined by a valuation of your car – and you can even take out a loan if your car is faulty or damaged, provided you inform the lender.
Proven Income
You must be able to provide proof of your income and ability to afford the monthly repayments on your loan. V5 Loans UK offer flexible loan repayment plans starting from just one day up to 78 weeks – offering a far more reasonable service than many competitor companies.
Poor Credit Rating?
Taking out a fast loan with bad credit is difficult, but a poor credit rating is no obstacle for those wishing to secure a logbook loan. Quick loan lenders like V5 Loans UK pride themselves on their ability to help those with bad (or no) credit history, and can have the money in your account within minutes. In fact, repayment of a logbook loan can improve your credit rating!
Ineligible
Logbook loan companies are unable to offer their service to the vulnerable, mentally infirm, those under 18, or those who have been pressured by others into using the service.
So, if you require a short-term cash solution that’s simple, transparent, affordable and fair, a logbook loan from a reputable provider such as V5 Loans UK may well be the way forward. Using your vehicle as collateral for the loan gives you security, meaning your debts cannot spiral out of control, and early repayments have the potential to boost your credit score.
