What are logbook Loans?
Logbook loans are becoming a more popular form of borrowing money than ever before, and are effectively a form of secured loan. People apply for logbook loans mainly for two reasons, firstly because funds are easily available, and secondly there are no credit checks.
How Logbook Loans work
A logbook loan is secured against the value of your car, the borrower retains possession of the car but the logbook is given to the lender until the terms of the loan are met and the loan is repaid. The amount of the loan is dependent on the vehicle value (usually anything up to 50% of vehicle value), but there are no restrictions on what the money is spent on!
Primarily the Logbook must be in the name of the borrower and cannot be used in someone else’s name. The vehicle is kept with the borrower and therefore their responsibility to fully insure against any damage, problems such as accidents and theft it may acquire within the loan period.
Logbook loans are an easy way to quickly borrow money, even for applicants with a bad credit history.
• Quick and Easy app
• Flexible loan period
• No Credit Checks – bad credit accepted
• No Personal Guarantee
Why not download the app it’s simple, fast and easy!!!
