In simple words, logbook is a vehicle certificate provided by the Driving and Vehicle Licensing Agency (DVLA) of United Kingdom. Logbook loans are personal finances secured against automobile or vehicle. These funds are easily available in finance market and anyone can avail them without any barrier. If you are UK residence with a vehicle, you are eligible for the cash.
Borrowers are free to use the vehicle without any restrictions but lenders keep the logbook registration against the amount. Amount can be borrowed up to £50,000, but the loan amount depends on the value of automobile. Following are the requirements to meet while applying for these loans:
- Vehicle logbook (registration) should be in the name of applicant.
- Vehicle should be less than 8 years old.
- Borrower should be full time employee with regular source of income.
- Applicant must be a UK citizen with active bank account for last 6 months.
- Vehicle should be insured and taxed, must be cleared of any loan or finance.
Lenders don't consider credit score while lending the money to borrowers, so no credit check is required for logbook loans. These funds can be applied in any banks or financial institutions, but if you are looking for instant approval then online lenders are the best option. Applicant needs to fill some personal information online and expect the approval within 24 hours. Zero paper work is the main cause behind the easy and fast procedure. You will find number of companies and websites offering various finances with lucrative options, don't get fascinated by the options. Do proper research about the lenders and conditions, and then only make the final decision.
These finances are instant solution for any financial crisis. When no other loans are accessible, these loans are here for you.
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