Know how to avail short term logbook loan!

Logbook loan is considered to be the most secured and the most common modern example of lending money. The best thing related to logbook loan is that you can have the possession of your vehicle even after you qualify for the loan but the ownership of the vehicle will be transferred to the lender, and it will be considered as security against your loan taken.

Types of logbook loans

As it is mentioned earlier that logbook loans have turned out to be the best form of money lending procedures, so these loans are of great importance. It is crucial to mention that if you require short term logbook loan, then you can be offered with different options.

In addition, it is also worth mentioning that in case of short term logbook loans the representative APR rates are often high so it is recommended that the sooner you will repay the loan, the lesser you have to pay back at the end. Logbook loans can be attained as short term and long term logbook loan depending upon the urgency of the borrower. You can avail £250 to £50,000 of money through log book loans.

What are the criterions to be fulfilled to qualify for short term logbook loan?

Before coming to the criterions to attain logbook loans, it is very crucial to mention that these types of loans are very effective and popular in the UK. I would like to share an instance related to one of my friend who was having very poor credit. Once he was badly needed money, and he was refused from everywhere, (banks) but later on he was informed about short term logbook loan.

After that he qualifies for the loan and the problem was also solved. So, the basic intention behind sharing this instance was that you will never get refused for logbook loans whether it is for short term for or long term.

Criterions for short term logbook loan are mentioned below:

  • While opting for logbook loans, you must have to show your income certificate along with you have to prove your affordability to repay the loans.
  • It is also crucial that your vehicle should be insured before you opt for short term logbook loans.
  • The logbook of your vehicle should be in your name, and you must be the legal owner of the vehicle along with that you also have to submit your valid MOT certificate.
  • The amount of the loan entirely depends on the valuation of your vehicle and for that, your vehicle must not be older than 8 years. If you want to know more about logbook loans, then you can definitely log on to logbooklender.co.uk.
  • The most important criteria for short term logbook loans is that your vehicle must be clear of any finance.
  • It is also necessary to have a UK bank account to apply and qualify for these loans.

So these are some of the basic criterions to get logbook loans for short tenure. So, if you find that this post is really helpful for you, then you can share it with your friends and help them to get the money on time.

Decoding the Way to Overcome Bad Credits

If you are suffering with bad financial situation, then that doesn’t mean the end of the world for you. There are many services available that can help you to get out of your current misery and provide a path for you to get back on feet. It is not always possible for us to pay in hard cash for big purchases like buying a car or home. Unfortunately, everyone is not blessed with perfect living and good credit. For some people, life can be harsh and incidents can happen which is capable of affecting your credit history at any instant of time.

Depending on the financial condition of someone, credit can be differentiated into four credit levels namely excellent, good, average, and poor.Excellent credit shows that you are a trustable person to creditors. These people with excellent credit are normally offered the lowest interest rates on credit cards, mortgage loans and auto loans. The low-rate offers save them huge amount of money as compared to consumers with good, average or poor credit ratings.

How to Deal with Credit Situation?

Approvalof a secured or prepaid credit card is definitely a great way to get your finances back on track. Owning a credit card is of great benefits, especially if you are looking to buy a home or a car one day.Big purchases like this requires a decent credit rating to get you what you need to live life peacefully. These credit cards are secured and specially designed for those people having less than perfect credit and only a small amount of money deposition is required to activate the credit card account.

There will be always a phase in your life which will make your credit poor,that can be dealt with ease by getting a bad credit personal loan. There are many people in the world who have struggled to fulfill their needs and consider getting a bad credit personal loan. There are firms which has made obtaining a bad credit personal loan easier as ever with few simple verification steps.

Increasing numbers of default and bankruptcy cases in recent years shows that borrowers are finding the ways insufficient to manage their debts and improve their financial condition. Nowadays, these loan providers offer debt consolidation loans for the management of debts and give borrowers a chance to increase their credit rating.

Benefits of Taking a Consolidation Loan

The Consolidation loans are categorized on the basis of security as secured loans and unsecured loans. Personal property, such as a vehicle, home or other valuable items are kept as collateral to obtain the loan in secured consolidation loan. An unsecured loan does not require any collateral by the borrower instead, it is given on the basis of trust towards borrower.

A consolidation loan is opted by many people effectively to manage debts and eventually improve their credit rating. It is also advisable as interest rates on consolidation loans are generally lower as compared to combined rates of all your debts. You will have to deal with only a single lender rather than multiple creditors asking for payments every time you meet. These loanshave an important role in making you credit poor to credit efficient.

Many times loan providers also offer counselling services to give wide view of your available options that will suit your particular needs and may also able to eliminate or reduce your debts quickly. The amount generally offered in a consolidation loans ranges from $5,000 to $50,000 depending upon needs.

When looking loan, a deep research in this field is necessary to find the best possible loan arrangement. Loan Quotes should be compared before further consideration on the basis of interest rates, repayment mode, loan duration, loan amount and fees charged by lenders in the process.

Short Term Guarantor Loans

Short Term Guarantor Loans

Short term guarantor loans refer to borrowing a small sum of money and repaying it back over a fixed time period. The time duration can be 6, 9, 12 or 24 months for the repayment of the loan. The application gets processed very quickly in case of guarantor loans if you have a guarantor with a good credit rating backing your application. Guarantor loans don’t cost much than any standard instalment loan.

In short term guarantor loans, the loan amount varies from £50 to £750. These form a very cost effective small loan solution. Guarantor loans are quite different from normal instalment loans in many ways. Guarantor loans require the applicant to find a guarantor from family and friend network. The guarantor could be a colleague, friend or a family member who would agree to repay your loan instalments in case you failed to do so. The risk to the lender in case of short term guarantor loans is low, as a guarantor with a good credit rating needs to back the application process. Instalment loans require the borrower to make regular payments over a short period of time. A guarantor is not required in this case.

Guarantor loans offer several advantages to the borrower. These have lower interest rates and charges than the instalment loans. No credit scoring or checking is done in case of a guarantor loan. A lending can easily be obtained with an eligible guarantor. More flexibility is offered in the repayment in comparison to pay day loans. The employer is not contacted in case you have procured a short term guarantor loan and your application is kept confidential.   

The application process for a short term guarantor loan is quite simple. The applicant needs to fill in an application form. Instant decision information is offered from the panel of lenders. The funds get deposited directly into the account of the lender within an hour of the acceptance of application. For further details interested people can log on to cheap guarantor loans.  

Finding a Guarantor for short term guarantor loans

Short term guarantor loans are quite easy to procure as these do not require an applicant to find a guarantor who is also a homeowner. This results in widening of the potential pool of your guarantors. Your guarantor could be your close friend, family member or a work colleague. Your guarantor should be somebody who trusts you and knows you well. The person must be willing to repay your loan instalments in case you failed to do so. You must be on time when it comes to loan repayments if you do not wish to spoil your relationship with the guarantor.   

A guarantor needs to meet specific criteria. The guarantor must be a UK resident and must be of 21 years or above. A good credit rating is a must for a short term loan guarantor. The guarantor must also have a minimum income of £800 per month. Short term guarantor loans are quite easy to procure without any hassles.