Logbook Loans – did you know your vehicle can secure you a loan?

Logbook Loans – did you know your vehicle can secure you a loan?

One of the other loan services we offer at Link Loans is a logbook loan.

What is a logbook loan?

Well, this allows you to secure a loan against the value of your car, truck or even motorcycle. Securing a loan is fast and normally you will have cash paid into your bank in 24 hours.

How logbook loans work

Your vehicle is a serious asset and you can borrow money against it. There are a number of things, however, that need to be considered before a loan is secured.

  • You must be the legal owner of the vehicle. If you are applying for the logbook loan, the vehicle cannot belong to a sibling, spouse, other family member or friend. Proof of ownership is a pre-requisite of the application.

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  • The vehicle must be fully paid off.
  • The vehicle must be fully and comprehensively insured.

The condition of your vehicle, as well as the mileage covered, is very important, as loans are based on these two critical factors. Of course, we need to make sure that should you default on loan repayments for an extended period, we can sell the vehicle to recoup our losses. Effectively, when signing the loan, we become the owners of the vehicle for the loan period. The fully comprehensive insurance is there to provide cover should the vehicle be damaged in any way, either an accident or perhaps weather damage.

The application process

To apply for a logbook loan, you will have to provide us with a number of documents. These include your vehicle logbook (often called a V5 loan). This will remain in our possession for the length of the loan period. We will also need proof of comprehensive insurance, your personal identification (either a driver’s licence, identity document or passport), proof of address (a bill of some kind will do) as well as your pay slips and banks statements for the past three months.

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Once the loan application has been approved, the agreed amount will be paid into your bank account within 24 to 48 hours. If your application has been rejected, we will contact you personally, but with an acceptance rate of over 95%, this is not very likely!

Should you have any further queries, be sure to visit this site.

Desperately in need of a loan?

Desperately in need of a loan?

Frustrated by constant rejection by other loan institutions?

Is your poor credit score or the fact that you are blacklisted the reason?

Don’t worry, there is hope… as we can help you with an unsecured loan, no credit checks needed at all.

Interested?

What is an unsecured loan?

An unsecured loan is very similar to a personal loan. There are a few fundamental changes, however. When you take out a personal loan with a bank or other financial institution, they will do thorough credit checks. With an unsecured loan, this is not necessary.

And now you are thinking “Sure, but if I want a loan I am going to have to put up an asset like a piece of jewellery, my car or even my house”. Nothing could be further from the truth. None of your assets are used as collateral.

So how does it work?

Applying for an unsecured loan is very simple! We streamline the process to make it both quick and easy. Not only that but be rest assured that we find you the best possible loan for your unique needs. All this is done free of charge of course!

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You will either need to email us or visit our offices to get the ball rolling. We will require a number of pieces of important information from you, so be sure to bring them along.

This includes the following:

  • Personal identification (either an identity document, passport or drivers licence)
  • Proof of address (a utility bill is perfect)
  • Three months wage slips (as proof that you earn a regular income)
  • Three months bank statements (to help determine an easily repayable loan amount)
  • The name of your employer, a contact number and address

There are other pieces of information we require as well, such as your expenditure. This helps us work out a loan that will not place too much financial strain on you every month. You need to be a UK resident and over the age of 21 to apply for an unsecured loan with us.

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PLEASE NOTE!

All loan terms, as well as monthly repayments, will be discussed with you in full before we conclude the loan agreement. It is imperative that you understand that missing a payment can result in a loan cancellation and the money being recouped from you through legal means.

If you know you are struggling to make a monthly payment, contact one of our loan experts. We will do everything in our power to help you and we have the means to do this. From adding a payment to the end of the loan term to renegotiating terms, we can help. We will not penalise you in any way should you need help in this regard. Never skip a payment without informing us of your intentions. Let us help you!

If you need any further information regarding an unsecured loan, please contact us for a free brochure, or better still, come and speak to one of our staff. We will guide you every step of the way!


 

Why choose a logbook loan?

Why choose a logbook loan?

Let’s be honest, we all need some extra cash from time to time. Perhaps you need to pay for your child’s education, or you have unforeseen medical bills. Maybe you want to consolidate debt.

Well, not only can a logbook loan against the value of your car, truck or motorcycle help, but it is one of the easiest ways to secure money in the United Kingdom today.

Why are logbook loans becoming so popular?Let’s take a closer look.

An easy loan to apply for

Logbook loans are perhaps one of the easiest loans to apply for. Many companies allow you to apply online, but we prefer face to face applications. After all, we do require you to bring us original copies of certain documents. Once we have checked the documents you provide and have appraised your vehicle to determine its value, the application process can begin.

Credit scores mean nothing!

The best thing about a logbook loan is that your credit score means nothing. So if you have a bad credit rating, or are even blacklisted, you can secure a loan. This speeds up the application process as well. Many other loan products required thorough checks of a person’s credit score. This can add days to the application process and then the finance company still might turn the application down. For a logbook loan, it’s all about the value of your vehicle as well as a repayment rate that suits your budget!

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Money in your account in a matter of hours

Should your loan application be approved (and 95% of logbook loans are), you can expect the money to be paid into your bank account extremely quickly. Once you have signed the necessary agreement documents, we authorise the payment of the loan amount into your account. This can be a quick as 24 hours, especially if you signed the agreement in the morning. Sometimes, however, it can take 48 hours. This often depends on different banks and the time they take to clear the money into your account.

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The most affordable unsecured loan product available

A logbook loan is one of the most affordable ways to borrow a fairly large sum of money. Other loan products penalize you with high-interest rates which can make the loan repayment difficult. A logbook loan, however, remains affordable and repayments are easily managed.

 


 

Unsecured loans – a large variety for you to choose from

Unsecured loans – a large variety for you to choose from

When it comes to unsecured loans in the United Kingdom, there are a large variety available to choose from. These products are becoming more and more popular, especially as they can be secured, even if you have a bad credit score, and in some cases, are blacklisted.

Their popularity stems from the fact that you need no form of collateral to secure a loan – unless it is a logbook loan. This uses your vehicle as collateral, but you will still be able to drive it on a daily basis. Unsecured loan applications are also extremely fast and should you be successful, the agreed upon loan fee is paid into your bank account in a matter of hours.

What type of unsecured loans are available in the United Kingdom? In this article, we will take a look at a few options that you can compare should you need cash in a hurry.

Peer-to-peer loan products

This type of loan completely cuts out a financial institution or bank. Here you borrow from a lender with no middleman involved. A word of warning, many peer-to-peer lenders have varying interest rates and repayment options. Before signing for any loan, read the contract fully, including the fine print.

Payday loans

These are often an outlet for people with bad credit scores who need to secure a sum of money. Here, you agree to pay back the borrowed amount once you receive your next paycheck. Again, interest rates with these loans can be fairly high, sometimes close to 1000% APR. Missed payments also result in high penalty fees.

Instalment loans

Here a borrower agrees on a set some of money with a lending institution. This is then repaid over a period, for instance, 24 months, along with the interest accrued.

Guarantor loans

This is very similar to an instalment loan but here the lender will ask for someone to act as a guarantor for the loan. What does this mean? Well, should the applicant not be able to repay their loan, the guarantor will be expected to pay it. This provides an extra level of security for the lender, and can be offered to people with a bad credit history as a form of loan product. Because of the guarantor, interest rates and monthly repayments are often cheaper.

Logbook loans

Logbook loans are given to applicants who own a motor vehicle, truck or motorcycle. Here the vehicle itself acts as collateral should the person stop making their monthly repayments. Should this happen, the lender, who legally owns the vehicle for the duration of the loan, may repossess it. The loan amount depends on the condition of the vehicle as well as the mileage. The vehicle must be comprehensively insured throughout the loan period.

Understanding APR

Understanding APR

When it comes to credit in any form, it is essential that you as the loanee understand various aspects of how the process works and how interest rates are determined.

In this article, we will pay particular attention to something that affects all credit products – annual percentage rate (APR).

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What is APR?

Whenever you borrow money, the financial institution will apply an interest rate to the amount you have borrowed. This is normally the APR. Basically, it is the extra yearly cost your will need to pay back on top of the money you have borrowed.

Does it change?

Yes, the APR will vary according to each financial institutions operating procedures. Note, the APR rate shown for each different credit product is called the representative APR. When you apply for a certain product, depending on the risk to the lender, your final APR rate may be higher than the representative one. If you are a low-risk candidate, the APR rate might even be lower than the representative rate.

How can APR be affected?

APR is generally affected by credit scores of each individual. Should you have a bad credit score, the APR rate on a loan product that you apply for could be set very high.

Knowing your APR

If you know your APR (ask a lender for the rate they will give you), you can work out the cost of borrowing money. For example, an APR rate of 10% on a loan of £1000 means you will end up paying back £1100 over the monthly term.

This can still be influenced by the following:

  • How much you pay back each month (will you pay extra?)
  • How long it takes to finish paying off the loan

Repayments

Your loan repayments will be fixed. Make sure to pay the exact amount. Better still, pay a little extra when you can to help pay off the loan even quicker. Even if it is a small amount, over time it will save you on interest repayments.