The logbook loan is a kind of short term personal loan but it can be
secured as bad credit loans too, by
bad credit holders. Because, these loans are not only approved instantly but
also approved without credit check. Lenders in place on loan keep the logbook of
the borrower's vehicle as security. A resident of the UK who has own vehicle
and logbook is registered in his/her name can grab money through these loans.
The loan is provided, decided by the lender according to the vehicles
current market value and repayment capability of the borrower. In other bad
credit loans interest rates are high but logbook loans are offered with low interest rates because lenders are taking the
logbook as collateral and it is given back when the loan is repaid. Now,
securing loan is easy for bad credit holders but to qualify for such loans
there are a few requirements of lenders like:
- ·
The vehicle should be in good condition, less than 10
years old and registered in the UK.
- ·
The logbook should be registered in borrower name.
- ·
The borrower should be an employee with regular
income.
- · Loan seeker should be more than 18 years.
There are so many online lenders in the UK ready to provide loan but
before applying, find a good lender who can provide you loan immediate and with
low interest rates.
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