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Are you Self Employed? Want Logbook Loans? Find Out!

Life is pretty unpredictable and it is pretty difficult to say when you will be in urgent need of money. Financial requirements have become even more strenuous in these times of recession. If you are a self-employed person who needs cash urgently, and do not have any other options left to get the necessary funds, opting for logbook loans online can be the best solution for you. Find out what these loans are and why you can benefit from getting these.

What are Log Book Loans?

These are loans secured against your vehicle registration certificate V5C, commonly referred to as Logbook. This certificate has a validity period of 5 years, and includes important pieces of information about the vehicle, such as its owner’s name, color, model no., engine no., chassis no., current registration mark, registered keeper name etc. You need to deposit the logbook of your automobile as a form of collateral, in order to obtain secured loans against it.

Benefits of Log Book Loans

These types of loans offer a number of benefits, which make them so popular.

  1. You can get money at short notice, and use it for any purpose. Whether you wish to spend it on payment of home rent, school fees, hospital expenses or electricity bills, you can do so easily. Money is sanctioned quickly, and the application and approval processes are usually quite fast.
  2. You do not have to show lots of documents to get Logbook Loan UK. The lender usually checks whether you will be able to repay the loan, and how much your vehicle is worth
  3. Generally, most applicants qualify for these loans. The eligibility criteria are not very strict, and the qualifying process for such loans is usually quite easier than that of normal loans.
  4. Even with a poor credit score, such loans can be obtained. Even if your loan applications have been turned down by other lending institutions, such as banks, you can hope to get money against your logbook. This is primarily because logbook loans are secured in nature.
  5. Even after loan application is approved, applicants can keep on driving their car as usual and repay their loan on time.

How To Get This Type of Loan?

You can easily get logbook loans from the websites of online providers. You need to submit an application online, and wait for it to be approved. Once you are informed of approval through phone or email, you have to drive to the office of the logbook loan provider. Your car will be checked and its market worth will be assessed. If the market value is found to be higher, you will be eligible for a bigger loan amount. You are also expected to show some documents, such as your income proof, current billing address, MOT certificate, ID proof and of course, an ID proof. Once these are checked and found to be authentic, you will get loan sanctioned in your name and transferred to your bank account. You may use the loan for any purpose that you like.

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