Increasing Activity In The Logbook Loans Market

It has been brought to our attention, that recently there have been an increase in applications for UK residents wanting a logbook loan.

The majority of these applications have been submitted over the internet, with increasing numbers of individuals wanting to get their hands on quick cash, but they want to do so in the light of the fact they have a poor credit rating, which can often make loan applications more difficult to complete and pay out.

Logbook loans cater for people with a bad credit rating, however there are certain pre-requisite’s to having a logbook loan, these include:

The vehicle must be less than 10 years of age

There can be no outstanding finance attached to the vehicle

The vehicles’ value, (in most cases) must be 125% of the loan value that you wish to borrow.

This criteria is important due to the fact that logbook finance companies must also manage associated risk of borrowing, due to the fact that this would be a secured loan against a vehicle, and vehicles (in many cases) are depreciating assets due to wear and tear, so it is important to the lender that certain security factors’ are built into the agreement in order to ensure that the loan agreement is robust, and beneficial to all parties’ involved.

The activity in this market is set to increase, with the amount of UK residents applying for sub-prime bad credit loans being at an all time high, with no sign of peaking.

Another supposed reason for the increase in activity is the relatively broad acceptance criteria for these loans, as opposed to more conventional personal loans which require a good credit rating & proof of income, along with details about monthly outgoings etc…

The APR rate on a logbook loan is high in comparison to more conventional loans, but it is representative of acceptable risk criteria which the lenders will agree to in order to provide loans to the public, however the APR is much lower than with smaller cash advances as the loan is secured against a vehicle, making the loan much more viable for the lenders and much more available available to the general public.

The demand on the internet for sub prime loans in general is huge, and continues to grow, with the acceptance criteria from the banks’ being at an all time high, this shows no signs of changing in the near future.

It is advised that you check the details around the repayments and the repayment term before you take out any finance, check that this is affordable to you before you set an agreement in place.

Source: Logbook Loans Place



How Logbook Cash Loans Could Be A Versatile Option

Loans of this nature can be a versatile option for UK residents, this is due to a number of different factors surrounding how a logbook loan works. Below touches on some (but not an exhaustive list) of different factors involving these loans that can make them quite versatile given the right circumstances and careful management:

1/ A successful applicant can borrow between £50-£50,000 meaning that if someone needed to realise more capital than a conventional personal loan, this can be made possible due to the borrowing potential of the loan, however it is worth remembering that the value of the car must be sufficient in order to finance any particular case in point.

2/ Logbook cash loans do not necessarily need to be repaid over a short repayment term, meaning that if someone qualifies for the loan, then they can (depending on the loan amount, larger loans are repayable over a generally longer repayment period on a given scale factor) repay the loan over a longer term agreement.

3/ The amount of money you can borrow is dependant by large on the value of your vehicle, so this allows you a degree of control over just how much cash it is viable for the lender to lend to you.

The versatility around the amount that can be borrowed allows for a certain amount of freedom for the more imaginative of loans customers.

It has been known in certain cases that people have taken out loans secured against their car to finance a business proposition in an environment where ulterior methods of funding were not available to the customer.

The cash could also be used for something as simple as a quick getaway, or even some home improvements or structural work that your home may need, a new boiler or something as fundamental as that.

The facility in place for any potential customer to borrow up to £50,000 makes additional actions possible, in contrast to other kinds of smaller loans.

It is recommended in all cases in finance however, that you are crystal clear in exactly what the arrangement is with the lender, to ensure that all things go as expected with the loan, as much as is possible taking into account your personal circumstances.

There are articles published all over the internet that can help you make an informed decision when taking logbook finance into account, it is recommended that you take steps to educate and inform yourself of the advantages and disadvantages involved.

To make an application for a logbook loan, see the homepage: Logbook Loans Place


Check The Agreement & Terms Before Taking Out A Loan

This article is a reminder to all potential customers, to check the agreement surrounding any loans and any repayments, prior to taking out any loans.

It is important that as the customer you are happy with the terms around the repayments and the loan amount, along with the loan repayment period and the interest rates on the finance.

Logbook loans are loans that are available to anyone who owns a vehicle that holds enough value that they can secure finance against it, (they must also be able to afford the repayments and pass a basic credit search).

Checking the terms and conditions and the agreement can help to avoid any issues that can be minimised by certain measures including but not limited to:

- Making sure you can afford the repayments, this is important because in extreme cases where you default on the repayments of the finance, you could end up having your vehicle repossessed.

- Ensuring that you do not fall subject to any additional charges or increased rates of interest that you were previously unaware of.

- Making Sure you understand the payment methods, be it direct debit payments, cheques or postal orders, it’s important to know how the money is debited from you each month, (in many cases it will be a direct debit.)

- Ensuring that you are happy with the time-scales from loan approval to getting the cash made available in your bank account, this is important particularly if you are in a hurry to get your hands on some quick cash.

- It also allows you to be sure that a log book loan is the best possible loan for someone in your situation who wants to borrow ‘x amount’ of money over ‘x period’ of time.

Giving yourself the best possible understanding of how the loan will ‘play out’ before taking out the loan will avoid many issues further down the line.

Also be sure of the criteria for approval before making your application for the loan to avoid a rejection, approval criteria are as follows:

You must be a UK resident with a bank account.

You must own a car that has a higher value than the balance you are attempting to borrow

You must be able to afford the repayments

You must be over the age of 18

You must be able to show proof of income so that we can clarify if you can afford the repayments

You may also need to show up to date vehicle tax documentation.

For More information or to submit a loan application, see our homepage: Logbook Loans Place




Is A Logbook Loan What I Really Need?

On this article we will be examining whether or not a logbook cash loan is what you are looking for to meet your financial needs, or whether or not there are other options available that could be better suited to you.

If you need cash of £500-£1,000

If you only need this amount of money, you might actually find that a cash advance is more suited to you, especially if you intend to pay back the cash in one month or less.

This could be because you do not wish to risk your car for the loan, if this is a priority to you then a wage advance could perhaps be a better option, however with no security on the loan other than a basic credit check, & verification that you are employed, cash advance lenders tend to charge a higher rate of interest than with a logbook loan.

If you need cash of £1000-£10,000

Have you tried getting a normal, personal unsecured loan?

If you have a good credit rating this could be an option for you, and the interest rates would be a lot lower for this kind of deal with a good credit rating serving as a good indicator to many financial institutions that borrowing the money to you is an invest-able, viable proposition.

Also a guarantor loan can be a good option if you have someone who will guarantee the repayments for you if you have a poor credit rating.

If you need cash of £10,000-£30,000

Do you have a property you own? If so a secured loan could be an option for you, for this kind of loan you will benefit from a lowered rate of interest because property is seen as (in general) an appreciating asset, and offers more security to the creditors than a car.

However it is still important to have a good credit rating for a secured loan.

Logbook loans can work well for people, however it is extremely important that people understand exactly what they are agreeing to when undertaking a logbook loan because like with any loan, if you default on the balance it could result in action being taken to recover the debts.

Loans secured against any vehicle could result in the car being repossessed in extreme cases, so bear this in mind when thinking about which type of finance you wish to undertake, and don’t borrow more money than you have to, because it all needs to be paid back in full, plus any interest that is outstanding on the balance.

Article Source: Logbook Loans Place

Consequences Of Defaulting On Repayments On A Logbook Loan

Defaulting on repayments of any loan can have its consequences, however it is important that the customer understands what happens if they default on a logbook loan, due to the loan being secured against a vehicle.

With A Logbook loan, if you miss repayments you will be contacted by a representative, who will work with you to get you back on track with regular repayments, if for whatever reason you are struggling to make any repayments on a loan, then you should always contact your creditor, and not leave the problem to go away of its own accord.

The repayments on a logbook loan are agreed from the commencement of the finance being borrowed to you, and this is an essential part of any finance arrangement.

If you contact the creditor, they can do something about any potential issues, otherwise it might look to your creditors like you are attempting to ‘not pay’ the actual balance of the loan, it is not recommended that you avoid contact with your creditors and it is important that you maintain a line of communication if you have any issues with repayments or anything relating to the agreement or structure of the loan.

If it is not possible for you to get back on track then the company you are dealing with might give you some time to find your feet, or temporarily reduce your repayments for a period of time in order to help you to get back on track.

In the event that this is not possible, this might be seen as a complete default on the loan, and could result in the repossession of your vehicle, however this is only a last resort and usually reserved for extreme cases.

It is advised that you exercise caution when taking out any loans of any nature, due to the fact that if you cannot manage any repayments on them at any stage it can result in you being pursued formally for the balance that is due, and potentially this could carry additional charges and interest.

It is very important to first assess your personal circumstances before signing the agreement, because once signed it will need to be kept to in order for no additional charges to apply.

It could also be a good idea to read about logbook loans before you make your decision, as another type of loan might be far more suited to you, and your personal circumstances for the amount you wish to borrow.

Article Source: Logbook Loans Place






Logbook Loans Vs Payday Loans

This article explores whether or not it is a good idea to choose a logbook loan over a payday loan? Or vice-versa.

What is a logbook loan?

A loan that is secured against the value of your vehicle, usual loan amounts are in the region of up to 75% of the vehicle itself and there can be no outstanding finance arrangements relating to the ownership of the vehicle.

These are loans ranging from £500 all the way up to £50,000.

What is a payday loan?

A payday loan is a loan that is a short term cash advance until payday, these are intended to be loans of less than 1 month in length and are rarely over £1,000

Advantages of a logbook cash loan?

You can borrow a much larger amount of money (if your vehicle has a sufficient value to warrant the amount you wish to borrow) than with many other types of loan

The interest rates are lower than other kinds of finance due to the fact that there is a greater security placed on a logbook loan, than other types of loan, (the car is used as security) as the logbook loan is essentially a loan that is secured against the value of your car.

Disadvantages of a logbook loan?

If you default on the loan repayments, in extreme cases you could lose your car as one of the terms of the agreement is that the car can be repossessed in the event that you cannot make the repayments on the loan balance.

The interest rate is still rather high on a logbook finance agreement, there might be other options available that could be more suitable.

Advantages of a payday loan?

Quick, and very easy to get set up, cash can be made available within minutes of applying for the loan.

Convenient and easy, high availability even in the event that you have a bad credit rating.

Less than stringent qualification criteria, you only need to be employed and have enough disposable income in order to afford the loan in order to qualify.

Disadvantages of a Payday Loan?

High interest rates due to the heightened perceived risk of borrowing, with only a small amount of cash available to applicants of these cash advances, some tactics deployed by these companies are seen to be very aggressive in circumstances where a loan has been defaulted on.

Surprising rates of declines on applications for cash advances, many people being refused this kind of loan.

The truth is when considering which type of loan is the best option for you, it really is dependant on 3 factors

1/ How much money do you want to borrow? Is it more than £2,000?

2/ Are you confident that you will be able to repay the balance that you borrow?

3/ Are you willing to risk your vehicle if something happens to you that means you cannot pay your loan back?

If the answer to all of the above is YES, then perhaps a logbook loan would be a viable option for you, however if the answer to the above is NO, then it is probably advised that you apply for another kind of loan, perhaps a payday cash advance would be a good option for you.

This is something that you, as the consumer will need to assess, due to the fact that only you, the person taking out the finance has a true and honest understanding of your financial status.

More information about logbook finance available here: Logbook Loans Place

Logbook Loans “In Ever Increasing Demand” In The United Kingdom

Logbook loans are increasing in demand across the UK it has been revealed, with more than 50,000 people across the nation submitting applications for these loans each month, and even more people are considering logbook finance as an option.

The popularity of these versatile loans is thought to be popular, particularly amongst the unemployed due to the fact that you do not necessarily have to be employed or have a good credit rating in order to be approved for one of these loans.

The increase in the demand for these financial arrangements is growing month on month, and the demand is expected to continue.

The most applications across the United Kingdom is most highly concentrated in the city of London, more applications for finance come from there than anywhere else in the nation, with 28% more loans applications coming from the countries capital, and the surrounding areas.

Who are these people wanting logbook loans?

Many of the people wanting logbook cash are people that have been turned down for other loans in the past, people that cannot go to the banks for a loan, people who have been refused more conventional cash advances etc…

These individuals are UK residents, everyday people that live everyday lives just like everyone else.

Logbook finance is an option that is available for basically anyone in the United Kingdom, dependant on meeting certain items of criteria.

What is the criteria for one of these loans?

First, you must own a vehicle, this is key to this particular type of loan, because the loan is secured against the value of your vehicle.

Also, there can be no finance attached to the car that you are putting forward as collateral, this is because if there is a financial arrangement attached to it, it makes any potential loan agreements more difficult to assess in terms of suitability because it will be unclear whether or not you own the vehicle and also whether or not it can cause complications further down the line as a result of you still having to pay off the car.

Making a application for a loan is simple, a quick online form can take care of that for you with you just having to complete a 30 field questionnaire in order to be considered.

If you require more information about logbook loans or wish to make an enquiry, or even to make an application see our homepage for more information : Logbook Loans Place (and an online form from which to apply online)