Interest Rates from 43.1%APR to 1333% APR. Minimum Repayment Period is 1 month. Maximum Loan Repayment Period is 36 months. Representative Example: £1,200 loan for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative Example APR: 49.7% (variable).

No obligation quote and APR will be based on your personal circumstances. *Once approved, your cash could be sent within 5 minutes. The time that it takes for the cash to be received in your account will depend on your bank’s processes and procedures.

Warning: Late repayment can cause you serious money problems. For help, go to MoneyHelper.org.uk You can also get free debt advice by phone or chat at FinancialAdvice.co.uk

A logbook loan is the type of loan taken by using your vehicle or car as a security. It allows you to borrow money despite having poor credit. It also means that there is a chance that you will lose your vehicle if you are unable to make the loan repayments.

If you have challenging financial situations and can't cover the daily expenses and own a car, you can get a logbook loan by keeping your car as security. The amount of loan that is offered depends on the current price of your car. Many lenders provide 50 to 60 % of the value of the car. You and the lender make the repayment plan.

Logbook loans online have the best quality that the moneylender will not handle your car. You will be free to use your vehicle. As long as you repay all your borrowed money, your vehicle is in your hand. The worry arises only when you don't refund the borrowed amount. In this case, you will have to lose your car.

Why Should I Choose the Logbook Loan?

If you are in a challenging financial situation, you explore all types of loans to get out of the financial difficulty. This type of loan is the best option for you, even if you have a poor credit history.

Many people praised this loan that it was helpful for them. Always think twice before making any decision regarding the loan, as if you fail in repaying the amount, it can cause your significant loss.

Advantages

If you have bad credit and are disapproved by all types of loan plans, you can consider taking this loan. But before choosing this loan plan, always think about it, as you may risk your vehicle for it.

Following are the benefits of the logbook loan.

1.No Credit Check

One of the best advantages of choosing a logbook loan is that the legal owner or loan provider does not check the consumer credit act. So, if you have defaulted to another type of loan, you can think about this loan type.

2.You Can Take a Large Amount of Money

When you risk your car, there are many chances that you will get a large amount of your money. A large amount of money is only granted due to the value of your vehicle. You can also negotiate on delaying the repayment period if you cannot repay the amount on time.

3.Fast Processing

This loan approval process is swift. You can take the loan amount in no time. This loan is very attractive as its approval chances are very high as compared to other loan plans. Users get many benefits from the logbook loan.

In many cases, an online application is checked, your details are limited, the application is approved, processed, and then the loan amount is transferred to the borrower's account.

4.Easily Understandable Terms and Conditions

Even the layman can understand the terms, rules, and regulations of this loan. Payday Loans UK mentions the details about this type of loan on the consumer credit agreement. Lenders make the repayment cost and interest rates very clear. But if you have any confusion, you can still ask your questions to clear your confusion.

5.You Can Repay in Installments

In this loan, you have a massive advantage in selecting the repayment plan according to your choice. You will not have to repay the loan amount, interest and other charges at a single time.

6.No Limitations on the Usage of the Funds

If you own a car in a good position and use it as security, the moneylender will not ask why taking the loan. He will give you a loan without asking how will you use it.

This feature makes the logbook loan unique from others. Like, you can take a loan easily without giving explanations. If you want to take any loan, this will go best to make money quickly.

What are the Disadvantages of Logbook Loans?

As there are many benefits of taking the loan, there are many circumstances in which you should think about the other option of loans as taking this loan can create many problems for you. Some of which are described below.

1. Inability to Repay

If you think you will be unable to make your repayments, you should not take the risk of taking this loan. If you don't make repayments as agreed, you may lose ownership of your car.

It will be a significant loss for you if you notice. So, it is a piece of wise advice that doesn't risk losing your vehicle while facing money problems if you don't have a regular source of income and will not be able to return the borrowed money.

2. Car Ownership Rights

If you don't have full ownership of your vehicle, it may cause the ineligibility of the logbook loan. In simple words, if you used your car for another security loan or your vehicle was bought on credit, you do have not full ownership of your vehicle.

Due to not having full ownership of your car, the moneylender agent will not grant your application.

Conclusion

Logbook loans online are utilised to deal with hard financial circumstances by keeping your vehicle security to the money loan establishment. The credit sum you take from the cash bank relies on the worth of the vehicle.

On the off chance that you have a vehicle in the right condition and have complete responsibility for the vehicle, you might be qualified for the loan. With this credit, you don't have to give a reason to take the advance. Money loan institutions will provide you with an advance without asking the reason.

If you have any inquiries, you can ask us. We attempt to give satisfaction to our customers.

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