Logbook Loans – Fast Approval Without Credit Checks
A new type of loan is causing a stir both locally and nationwide, because the money is not lent against property or a good credit rating, but against the borrower’s vehicle.
Is this just another cynical attempt to target people who are struggling in the current climate, who might be desperate to get money, or to help people who are in real need?
Log books loans have been criticised in some quarters for charging high rates and targeting vulnerable people of limited means. But is this really the case?
Log book loans appeal to people who want fast cash or have a bad credit rating, who own their own vehicle and need cash quickly, i.e. usually within 24 hours.
The lending company keeps the V5 logbook for the vehicle, after seeing the MOT and insurance certificate, and checking the car is clear of finance.
The borrower signs a credit agreement. A bill of sale gives the lender temporary ownership of the vehicle until the loan is repaid. If the borrower defaults on the loan, then the lender is entitled to take possession of the car and auction it. This is because the bill of sale removes the usual protection that the Consumer Credit Act gives, i.e. that cars cannot be seized without a court order.
Successful borrowers, mainly use log book loans for short term cash, to bridge a cash flow gap, and usually repay quickly. And one thing is absolutely clear, Logbook Loans are decent money lenders, and take a stand against unlicensed lenders known as loan sharks, who threaten and intimidate vulnerable people. We are licensed by the Government’s Office of Fair Trading and follow the rules of the Consumer Credit Act.
Clients are typically low to middle income car owners who come to us from all over the UK. They may own a car worth approximately £5,000 and would have borrowed money from a high street bank until the credit crunch came along.
For fast approval, try log book loans >>>