When logbook loans made headlines a few years ago as a loan product that targeted those with a poor credit rating, pundits were fast to write it off as an initiative that will not run its course. Major financial institutions could not simply come to terms with how logbook loan lenders will be able to sustain business dealing with individuals with a history of arrears, defaults as well as a history of CCJs. However, fast forward to today and logbook loans seem to have passed the test of time. Their popularity in the UK has soared to phenomenal levels.
The fact that a person’s credit score or credit rating does affect the ability of a person to avail a logbook loan is one of the reasons why logbook loans popularity in the UK has hit fever pitch. The mushrooming of UK logbook loan lenders on a daily basis is testimony to the fact that the demand for logbook loans is not about to wane anytime soon. If you are thinking of applying for logbook loans for the very first time, it is essential that you apply with a legit UK lender that ascribes to professional ethical conduct and is probably regulated. After all, you do not want a situation whereby you lose your hard earned cash on a crooked lender.
To ensure that you make an informed decision, make use of comparison sites as well as review sites to be able to find legitimate UK logbook loan lenders. Of course, that should not be the end of the road. Find out the logbook loan deals available, whether the lender in question is regulated, the caliber of services it offers its customers, how long it has been in existence, what its past customers say and so on and so forth.
Essentially, to apply for a logbook loan is pretty simple. For one, you need to reside or live within the UK, a citizen of the UK, be over the age of 18 years and provide proof that you are in some form of employment. This can either be self-employment, part time employment or full time employment. In addition to this, your car needs to be in perfect condition and as such, provision of Ministry of Transport (MOT) certificate is of essence. You also need to furnish your UK logbook loan lender with your cars tax and insurance details. The car should not have any charge or financial attachment. The car to be used as collateral must be registered in your own name and should have been in use for a period not exceeding 10 years.
Application for logbook loans is quick, fast and simple. You have the obligation to apply from a brick and mortar office or you can conveniently do it online in record time without moving an inch. Your credit score shouldn’t be an issue as logbook loan lenders are not concerned with it. All they need is for you to have a car registered in your own name. You can apply for a loan up to 70% current official car trade value. While you continue to use your car it is important to note that defaults might lead you to lose possession of your car. Prompt payment of your logbook loan is therefore highly recommended!