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Logbook Loans Sheffield
Having a car does not only provide a convenient form of transportation; it also qualifies you for £50 to £50,000, when you apply for a logbook loan. The secured loan works just like a mortgage but instead of pledging your home, you are offering your car’s V5 (known as logbook loan). You can still drive your car while the lender keeps your vehicle’s documents until the entire loan is settled. If you are in need of cash and you have an extremely low credit, you will surely benefit from this.
Who Can Take Logbook Loans
If you have a new vehicle, which is less than eight years old, and it is free from finance, you are eligible for logbook loans Sheffield. The car needs to be fully insured as well. Unlike other secured loans, you can keep your asset, however, you need to surrender your registration documents to the loan provider. As with all types of loans, you must have a regular source of income; this will be the lender’s basis whether you can repay the debt or not. Even if your car is the finest and latest model, if you cannot prove your income, then you cannot have the lender’s approval.
Logbook loans are advantageous when banks and other lenders are already rejecting your application because of your poor credit remark. It provides instant qualification as long as you can meet their criteria and you can enjoy your money in a matter of hours. Credit scores are important because it determines how risky you are but with logbook loans, this factor won’t matter. This is beneficial when you are in an emergency and you need the cash immediately.
How To Get Logbook Loans
Logbook loans have their own offices and website and you can conveniently check all the necessary information about the company. However, before zeroing in on one, you may look for at least three more lenders for comparison purposes. Find a lender that has a physical loan store near your place so that you can visit it without any hassle. After all, the lender will require you to go to their place to check your vehicle and handover the requirements. If the car’s model, make, and year matched their criteria and it is free from any loans against it, they will provide the cash instantly or you can have it deposited to your bank account.
Drawbacks Of Logbook Loans
While you can keep your vehicle, you still need to surrender your car’s important document. Therefore, there’s a risk of losing your property when you are not able to repay the loan anymore. Another disadvantage is the high interest that you are to settle. If you are looking for a cheaper alternative to plan your finances, logbook loans are not the best option. You are to pay extremely high interest rates and other charges on top of the principal loan amount. The loan should be avoided at all cost unless it is an emergency.
If you choose this loan to assist you, make sure to prioritize repaying it first to avoid penalties and other fees.