The idea of a loan offer which does not rely on your credit score is attractive and even seductive to many individuals who have poor credit. A logbook loan is a loan offer type found in the UK where borrowers with bad credit history can have access to V5 loans by simply submitting their vehicle logbook or registration papers (known as V5 after 2005) to the lender as collateral until as such time as they pay back the loan in full. Logbook loans are increasingly popular for this reason and also for the fact that the process involved is quick (with borrowers walking away with cash in hand in less than 24 hours) and relatively stress free as compared with other loan options. However, before applying for a logbook loan, there are certain considerations a borrower needs to make.
Why do you need to borrow?
Borrowing money should be a last-ditch attempt all the time. If you do not absolutely need to borrow money, then you should look for another option, like get a job or start a business to get money. However, logbook loans are a great option for people looking to borrow money for a variety of reasons. The lender is never interested in your reasons for borrowing the money and whether it is a medical emergency, a new baby, holiday money or startup funding, a logbook loan is usually a genuine lifesaver. It is however important to be sure of why you need the money because a logbook loan can have high interests.
What is the value of your vehicle?
Your logbook loan is borrowed against the value of your vehicle and while the ceiling is set with the value of your vehicle, your borrowing cap/limit does not have to be at the ceiling. For example, if you own a vehicle worth £9000, your logbook loan ceiling could be set at £8900 but you may not want to borrow up to that amount – Logbooklender.co.uk are know to give loans up to 70% of the vehicles value. You may want to borrow only £600. At this point, you should ask yourself if you really want to set the value of your vehicle for such a small sum. Avoid the temptation to borrow at your vehicle’s value ceiling (as we have stated in the first point), as you will only be borrowing extra cash you do not need.
Can you afford to pay off the loan?
This will require you to consider your income. How much you make is a determinant of how much you can take out in a logbook loan. If you have a well-paying stable income, then a logbook loan will be easily paid off by you. With many logbook loans, you can modify the terms of repayment depending on what you can afford per time.
You should also have a minimum time in which you want to repay your entire loan. This will help you plan how much you intent to spend on monthly repayments. Understand that while logbook loans are adjustable for long term or short term, they are meant for short term lending and the longer you extend your repayments, the more you are likely to pay with accumulated interests.
Guarantor loans are the type of loans in which the guarantor co-signs the agreement with the lender and the borrower and takes the responsibility of repayments if the borrower defaults the payment. If you are in urgent need to pay your medical bills or there is some financial emergency, these loans offer the best to the people without even considering the credit score.
How Do These Loans Work?
Calculate The Amount You Need: First of all, you have to do a simple calculation. That thinks about the amount that you want to borrow. Make sure that you are borrowing the exact amount that you need or else it can be harmful to you as you will have to pay twice if you miss any of the single payment. So, think about the amount to borrow along with the time in which you will be able to repay the whole amount. Calculate the monthly repayments along with the interest rate. If you think you will be able to repay these monthly payments easily and your salary is enough to pay this, then you can proceed further.
Search For A Guarantor: for the guarantor loans offered by the Loans With Guarantor, you must have a guarantor to take the responsibility of your repayments if the borrower default the payment or unable to pay on time. He can be anyone related to you, maybe your close friend, family member or even your colleague. He must be the one who is willing to trust you, he can be anyone. You can’t choose a guarantor who is financially linked to you such as your spouse cannot be your guarantor if she is financially dependent upon you. The guarantor must be above 21 years of age and he must have a good credit score. Loans with guarantor don’t have the requirement of the guarantor to be a homeowner, if he is not, it is not an issue.
Apply Online: when you have completely calculated the amount that you have to repay along with the guarantor, you can proceed further after complete satisfaction. You can apply online at the Loans With Guarantor, fill the application form and submit it with the correct information.
Meet Up With The Lender: after the acceptance of your application with complete verification of all the information that you provided, we will plan a meeting of the borrower with the lender to sign the agreement after discussing the terms and conditions of the agreement. The guarantor will also sign the agreement with the borrower and the lender. If you are not available for the decided place, we can come to your location too. It is completely your choice.
Receive Your Cash: after you have signed the agreement, LWG will deliver your money only after few hours. We will only take 24-48 hours to deliver the money. It’s up to you whether you want it in the form of a cheque or we will transfer it into your bank account.
Money or cash is the direst requirement that one needs to fulfill their needs. These needs can range from the penny to the number of ponds. But it becomes very difficult to manage one a person needs the credit for something urgent. Banks and associated financial institutions have their own criteria and they are becoming more choosey about their debtors as they are coming across with the bad debtors and even the fraudulent cases a well. Your credit score is a gauge of your credit worth. If you have been successful in managing the credit in your past then the next loan wouldn’t be a problem for you. But if you ever made a delayed payment on a loan, or have not paid the bills then you might end up with no loans and bad credit history as well. Well, it is not necessary that you are in the category of these people; but sometimes you might end up with the bad credit history as of no reason or even because of mismanagement as well.
There are number of people in UK; who are suffering from the bad credit or poor credit history. For such people a loan for bad credit from creditpooris a potential survivor.Credit Poor gives loan as little from £250 to the highest of £50,000 with the count of 1,2 and 3. The process is very simple and quite easy as well. The person who meets the basic criteria of the logbook loan can reach the credit poor and can have the loan with the more flexible, hassle free processing and with lesser documentation as well. For the loan a person must be a UK resident, above 18 and must have MO/Log book on his name. Upon the verification the company can issue the loan as per the worth of the vehicle.
It is important to note that these loans are processed in a day and the quick cash can help people to fulfill their emergency needs as well. With the poor credit the best benefit is obtained, when a person has a bad score even the lower score which unqualified him/her from the bank loan. Credit Poor believe on the equality and that is the reason they treat each customer as per their repayment capability as well. Once the terms and conditions are defined with the customer; the professional team of service advisors explains the borrower about the terms and conditions and each and every clause is well elaborated. Being a part of this practice they ensure that customer knows that how much money and the months are suitable for them for the loan repayments.
Credit Poor is a direct lender; hence there is no extra commission or hidden charges. This method makes them transparent and the worthy as a lender, as well as makes people confident about their asset safety. The team of dedicated advisors is always there to support you and in they ensure that you get the best repayment and installment plans. This 24/7 supports of the team makes them unique and trustworthy amongst the logbook lenders.
Logbook lendings are best fit for taking an affordable financing in a quite simple manner as the financing is provided on your car or any automobile logbook. Contrast various loan providers prior to negotiating. Logbook lendings are likewise a good choice for people with bad credit report given that they do not entail any kind of credit checking. Individuals who are encountering bankruptcy as well as CCJ’s could also obtain the lending. Logbook loans are appropriate to satisfy financing demands varying from ₤ 500-₤ 50,000. Depending on the lender and the car, the amount of logbook lendings can stretch to larger quantities.
Logbook financings are quickly considered suitable. This is since there is no min evaluation of the automobile involved in the supply of lendings as well as logbook to the approval virtually quickly. Logbook lendings are the easiest way to get cash by keeping logbook as protection. As, Security for logbook financings is the logbook of your car. Logbook financings are protected on just the logbook of the car the customer has. Logbook is the legal document bearing the evidence of your ownership over the automobile.
Logbook financings are also liked for the promptness with which they are approved and also sanction the loan quantity. A borrower needs to fulfil certain basic criteria for availing logbook lendings. Logbook lendings are considered as fast loans. This is since there is no min evaluation of the auto associated with supplying logbook loans therefore the approval is almost immediate.
To conclude logbook lendings are a quick as well as very easy method to obtain versus your auto.