Log book loans are a form of emergency loan that uses your car as security. This means that you can borrow money quickly, up to as much as £50,000, and you will be given a term of up to seven months in which to make the necessary repayments and receive your logbook and spare key back. There are no credit checks so even if you have arrears, defaults, or even CCJs you can borrow money using log book loans.
The most important stipulation is that your name appears on the logbook of the car. This helps the lender have the confidence that you really are the legal owner of the vehicle and that you won’t simply take the cash and then default on the loan, leaving a debt and default in somebody else’s name. If you are not the named owner of a car then you won’t be able to borrow money using log book loans.
Secured loans offer the lender greater reassurance that the borrower will make repayments and they always have the collateral of that security to fall back on in the case of defaulted loans. Log book loans use the value of your car as this collateral and it means that your lender can lend you the money without the need to undertake lengthy credit checks.
Not only does the lack of credit checks mean that log book loans can be secured very quickly but it also means that whatever your credit rating, you can borrow money in this way. Whether you have numerous debts, have defaulted on accounts, and have CCJs in your name, or you have no credit history whatsoever, as long as you meet the other criteria, you can still borrow money using log book loans.
Log book loans can prove a very beneficial and useful means of borrowing money in a hurry. If you need to make emergency repairs on your home or you need to replace a broken home appliance and can’t access money using more traditional loans and forms of credit then log book loans are ideal, even if you have a poor credit history.
LogbookLoans247.co.uk provide cost effective emergency log book loans so that you can borrow up to £50,000 and repay it over the next few months. Apply today, even if you have bad credit, and you could have the money in just a matter of days.