In times of financial need, you can be short of options that can ensure a viable way out. Traditional financing institutes require you to satisfy a plethora of conditions in order to approve your loan request. Most of the requirements are so cumbersome that in the end they work against the interest of most of the people. Hence, it is good to be aware of simpler loan options that can help you to meet your financial obligations as and when the need arises. One such option is log book loan.
What is a Log Book Loan?
A log book loan is a facility that enables motor vehicle owners to get secured loans against their vehicles. The lender assumes custody of the vehicle’s logbook, which is its registration certificate. This makes your vehicle act as collateral. Hence, the lender has the authority to seize your vehicle in case you fail to pay back the loan amount.
Qualification for Log Book Loans
- Any citizen of the UK who owns an automobile.
- The vehicle must be fully paid or have a small portion of outstanding payments
- No need to have a good credit score in order to get approval
- What Do You Need To Do?
If you need to get a loan secured against your car, the best place to start is the web. A simple search on Google will put you in touch with various viable options. You can then request a log book loan quote from each one of them in order to select the best contender.
By going with a leading provider, you will be able to get the loan within 24 hours, borrow up to £50.000 and suffer no early payment penalties.
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