Logbook loans- instant approval finance without credit check
After the recession, lenders have become more smart and intelligent. Now, they hardly lend the money without collateral or security deposit. Every bank and financial institution likes to go with secured lending now days. However, it is not possible for loan seekers to take the risk of home and property against the small or big amount. In order to resolve this dilemma completely, lenders came up with logbook loans. In United Kingdom, there are only very few people who know the exact meaning of this financial service. First of all, we have to understand the meaning of logbook. It is a legal document of car or vehicle owned by borrower. This document contains important information regarding the vehicle, like VIN number, registration number, engine number, color, chassis number, etc. This document proves your ownership because it contains the name of original owner. These loans can easily be availed with out any credit check.
Logbook loans are also known as secured loans against car because you deposit logbook against the loan amount to lender. However, you do not loose the authority to use the car. After obtaining desire amount, borrower can still utilize the vehicle for personal and commercial purpose. This is the only financial service in United kingdom where a person can grab good amount ranging from £500-£5000 quiet easily without credit check and taking the risk of home or property. Due to security deposit, borrowers can also negotiate with creditors regarding interest rate and APR. You can use the cash for any important purpose, like home improvements, debt consolidation, business, education, traveling, wedding, credit card payment, hospital expenses, etc. Please keep in mind that validity of logbook is only for 5 years only. Hence, banks can not provide you cash more than 5 years.
Here are some easy terms and conditions to obtain logbook loans. Every person is required to fulfill these conditions:
- Car’s document or logbook must be in the name of loan seeker
- Car should not be above the age of 8 years
- Borrower should be working full or part time with regular income source. Few lenders also expect you to earn certain amount every month.
- Vehicle should be free from any due insurance payment or finance
- Car should be insured and taxes as well
- UK citizenship is must for every person
- Person should have one valid and authorized active checking bank account in country.
Gerry Parker is an expert author and has more then 7 years of experience in writing finance related topics. To know more about
Article Source: Messaggiamo.Com
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