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.