Logbook Loans: Quick Money on Your Logbook
By: Scarlette Riley | Posted: 23rd June 2008
An introduction
Logbook refers to a vehicle registration certificate issued by Driving and Vehicle Licensing Agency (DVLA) in the UK. A logbook is valid till 5 years and contains entries regarding owner of the vehicle, registered keeper of logbook, chassis number, current registration mark, engine number, model and color of the car. You can avail loans by keeping your logbook as security to lenders. Such loans are known as logbook loans. Person who has logbook registered on their name are eligible for these loans. In spite of your logbook being kept as security, you can drive your vehicle anywhere without any disturbance.
Various facts and figures
In order to avail logbook loans you must fulfill certain prerequisites and these are as stated below:
a) logbook should be on your name.
b) Vehicle against which these loans are taken must not be older than 8 years.
c) You must be a fulltime employed and need to submit proof of your employment.
d) There shouldn’t be any due on your vehicle.
e) Vehicle should be insured and taxed.
The loan amount is decided by deducting the outstanding dues on the vehicle as lender doesn’t want to take this overhead. The best thing about logbook loans is credit history is not checked and thus people suffering from adverse credit score can also get the loan without any discrimination. The loan amount varies from £500 to £50,000. The loan amount can be used to meet your personal needs, debt consolidation or purchasing of a new car etc. depending on your wish solely.
Now day’s logbook loans are also offered by online lenders. So if you want a fast access and quick money without much effort then online borrowing is good option. You must repay the debt timely because in case of failure you may loose possession of your vehicle.
Scarlette started on a horse back and had a few falls herself. Therefore, she knows Financial decisions are to be made after considerable thought and backed by good financial understanding. To find Secured Loans against Logbook , secured vehicle finance visit http://www.logbookloans.org.uk
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Tags: 8 years, spite, credit score, credit history, debt consolidation, adverse credit, prerequisites, quick money, vehicle registration, personal needs, chassis, fulltime, financial decisions, chassis number, logbook loans, vehicle licensing agency, registration mark, dvla, registration certificate