Welcome To My Logbook Loans
MyLogbookLoans was devised as a means for the general public in the United Kingdom to find a definitive source for up to date information pertaining to logbook loans. While many people are becoming used to logbook loans, thousands of people every day have just started their journey or research into them. If you have no idea what logbook loans are or just need the answer to a question that has been bothering you- we are the definitive authority in the this area. Being that it is our expertise we advise anyone that has an unanswered question to feel free in contacting us via our contact page, and we will try to answer as soon as possible. We are here to service you and hopefully help you decide which company or service you will choose for your logbook loan.
If you are coming here completely lost and need to learn as much as you can about them we would like to give you a quick and rudimentary rundown.
1) Logbook loans are easily accessible
Regardless of your credit history the only two important pieces in a logbook loan is that you own a paid off vehicle that is relatively new and that you have a stable job. Lending companies do not care about your credit history as your vehicle will become the collateral should you default on the loan.
2) The Applications Are EASY
The application process for logbook loans take typically less than 15 minutes to complete and a determination for the loan amount can be received in as little as one day. The applications only require pertinent information like your vehicle make, model, condition, mileage, and other information pertaining to proving that you do in fact have a stable job that will be able to aid you in paying off the loan you are intending to receive.
3) The interest rates are HIGH
The interest rates for logbook loans vary from company to company, but do not be shocked to see extremely high interest rates. Interest rates of up to four hundred percent have been found from lending companies, but these factors are easily negotiated at the table when you are planning on signing the loan agreement.
4) You Can Still Use Your Car
Even though the lending company will technically own your vehicle while you are paying the loan off you will still be able to drive your car around. You will more than likely be asked to have full insurance on your vehicle to ensure that the collateral will be covered by any and all damage that may incur during the time of you paying off the loan.
As you can see logbook loans have both extremely promising pros and somewhat devastating cons. You will need to weigh all of these factors in your head to decide whether a logbook loan is the right choice for you. We hope that through our site you will find the information that you need to answer any concerns you have.