How It Works
1. Apply >> 2. Qualify >> 3. Meet >> 4. Money
How to get a Logbook Loan
Logbook loans are one of the quickest and easiest ways to borrow money. They are loans secured against your car or other vehicle, in the same way that many bank loans are secured against your home. Many people call them car logbook loans for this reason. They are no credit check loans similar to payday loans but work very differently. The purpose of this article is to explain what logbook loans are and how they work.
It is possible to get a same day cash loan from several logbook loans UK companies. The loans process is quick because there is no credit check carried out, and it is easy because everything, from online application to receiving the loan, can be completed in a single day. Getting a logbook loan involves a 4 step process. The purpose of this article is to show you exactly how to apply, qualify, and get the best logbook loans in the quickest possible time.
Stage 1: Fill out an online application
This stage is very quick and easy, and can be completed in less than 1 minute if you have all your details at hand. There are several logbook loans UK lenders to choose from and all have an easy online application form with an instant decision as to whether you qualify for the next stage. You can compare the best logbook loans on this site. You will be asked basic questions about you, your situation and your car which shouldn’t take you very long to answer. The information you need to apply online is:
- Name and address
- Telephone number
- Main email address
- Confirm that you own the car
- Car registration number and year
- Make of car
- Model of car
- If your car is clear of finance (or almost clear of finance)
- Best time to call you back
At this point you will get an instant decision as to whether the lender thinks you might qualify for a logbook loan. The next stage is for someone from the lender to call you back to go over your application and agree terms for your loan.
Stage 2: Lender will phone you back
The purpose of this stage is for the lender to confirm that you qualify for logbook loans. There is no credit check – see why. Someone from lender will call you back at the time you stipulated in your online application. During this call the lender will go over the details in your application form to check everything is correct and complete. They will then discuss your needs and requirements with you regarding a loan, at which time you can ask any questions you may have about logbook loans or about the lender’s terms and conditions. You will agree terms for repayments, interest rate, and loan amount, and decide on which logbook loans branch you will visit to sign your agreement (see stage 3.)
To qualify for logbook loans you must usually match the following criteria. There are several lenders in the UK and each has their own terms and conditions so you will need to check directly with them on their own websites. However, the following qualification criteria are a good rule of thumb.
- No credit check is carried out
- Bad credit history is OK
- Very bad credit rating is OK
- Refused by other lenders is OK
- CCJs are OK
- Age 18 and over only
- UK resident only
- Proof of home address
- Car must be clear or almost clear of finance
- Age of car must be 8 years or less (except for prestige and classic cars)
- Must be legal owner of the car
- Must possess the car’s V5 logbook
- Car of sufficient value (loan given on value of car)
- Regular income, or other evidence that you can repay the loan on time.
- Self employed is OK.
- Non home owners is OK
Disqualified people include:
- Non UK resident
- Under 18 years of age
- No logbook
- Not the legal owner of the car
- Car with lots of finance left
- Car not roadworthy and legal
Stage 3: Visit a logbook loans branch
The purpose of this stage is to meet the lender so you can sign your documents, verify your ownership of the car and receive your money. The lender needs to check that you have all the appropriate legal documents relating to your car, and you must sign the written agreement confirming that you agree to the repayments schedule. The lender retains your V5 logbook at this stage. This will be returned to you on repayment of the loan.
There are lots of logbook loans UK branches throughout the country, so it is usually very easy to get a logbook loan no matter where you live. Logbook loans are available in England, Scotland, Wales and Northern Ireland. To see *some* specific cities and towns see “Lenders” on the home page. The lender will be able to tell you where your nearest logbook loans branch is (see stage 2.) Local branches tend to serve a wide surrounding area so do not be put off if you can’t find mention of your home town. Logbook loans are UK wide financial services.
Stage 4: Receive your loan
You drive in to branch with your car and documents, you sign your agreement and hand over your V5 logbook. Then you receive your loan and drive away in your car as normal. This can all take place on the same day as when you apply online. There is no credit check so cash loans can be handed over immediately without delay.
Payment of the loan depends on the lender but usually you can get your money by cheque or bank account transfer, and possibly even in cash on the spot. This makes them very popular with people who need money today and can’t wait for a decision. Logbook money is easily available in the UK.
As long as you make your repayments on time you will get your V5 logbook returned to you in the post on full repayment of the loan. At the qualification stage you will have agreed terms of repayment so the schedule will be clear to both parties.
At no stage in the logbook loans process will you be asked what the loan is for. It is not like bank loans where they will ask you these personal questions. All the logbook loans company cares about is whether you make repayments as agreed. If in future you need to take another logbook loan out it will be useful to have made all your repayments on time.
For more information on logbook loans see the following links:
How to apply online for a logbook loan?
What is a loan secured on car?
