Logbook Loans 

Logbook loans are a form of equity loan that residents of the UK can take out by using their vehicle as security or collateral. This type of loan can help anyone who has a bad credit history to get cash quickly for any emergency situation. The reason that these loans are so popular is that the company that provides the funding doesn't generally conduct a credit check on the applicant. However, even though the company that you apply to doesn't necessarily conduct a credit check, they sometimes work with third parties who also provide funding, and some of the lenders will send out an applicant's application to a variety of other lenders to get them the best possible offer.

Logbook Loans | The Procedure

Logbook loans follow a certain procedure. The applicant must first fill out an application, providing contact, vehicle, and work information. The person applying for the loan talks to an underwriter who will approve or deny the loan. When the loan is approved, the applicant must finish the application at a loan centre and provide the logbook and insurance information for the vehicle. The loan officer reviews the information with the applicant, so they understand the terms or the payment plan.

Logbook Loans | What You Need to Know

Logbook loans company regulations require that certain personal information about the applicant be collected. The company must be able to verify your mailing address, phone number, proof of income, and proof that you are the actual owner of the vehicle. You must also show proof of valid insurance coverage. Quite often, the company will not approve a loan for a vehicle that's over a certain age or that has more than 100,000 miles on it. There may be some exceptions.

Logbook Loans | Applying for Logbook Loans

When applying for logbook loans, you should be aware that some of your information is provided to third parties. The lender will contact your employer to verify your employment. You must give your permission for them to contact your employer, and if you decline, it's not likely that you'll get the loan. They may also contact the financial institution that you do your banking with. They may want to see statements from your account to see how transactions are conducted and whether you make timely payments. When third parties are contacted, they are supposed to keep all information confidential. If a third party outside the country is contacted to verify any information that you provide, they are also required to agree to the terms of service that are set forth by the lender in the UK.

Logbook Loans - Use Your Car As Security

London Logbook Loans offers you the opportunity to take out as secure loan on your car. This means that more people will be approved for loans by us, even if they do have  a bad credit history or a low income. However, they will need to be employed and meet our criteria in regards to their vehicle.

Solve Short Term Problems

Our logbook loans allow you to solve any short term financial problems you may be having as we will pay out very quickly once we are satisfied that you are eligible for our logbook loans. Taking out a loan with us is many times quicker than going through other lenders such as banks as we will process  your application almost immediately and as we do not require credit checks, this quickens the process considerably.

Larger Loans

As you will probably know, if you offer security against you loan, you can usually take out a much more substantial loan than you would otherwise be permitted to do. This is certainly true of the loans at London Logbook Loans. As we have the security of knowing that your vehicle revert to us in the unlikely event that you are unable to continue making your loan payments, we can offer larger loans much more confidently, so if you are looking for a larger loan of up to £50,000, it may be well worth applying to us if you are the owner of a vehicle and named on the log book.

Taking Out A Loan

Taking out logbook loans with us is pretty simple, but we will need to corroborate some information about you. For instance, we will need to see a valid ID and your v5 log book before we can proceed. You will also need proof of address and be able to prove that you have a steady income. If all of the information we need is in order, you could receive your logbook loan instantly and use the money for something you really need without the hassle of meeting bank managers etc.