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Emerge over the submerging debt levels with logbook loans

Posted 12th April 2010.

In case if you have a vehicle (read: Four-wheeler) registered under your name then chances are high that your financial woes are shortlived. Commonly known as logbook loans, these are the best financing option available in the UK lending industry in modern-day. For people who don’t know what precisely this loan product is? Log book papers are the lawful document that contain important information relating to your car such as VIN number, car engine number, registration number, and name of the owner. As the name suggests, these loan products are specifically meant for the borrowers who own a four-wheeler and in the meantime, are facing various other kind of financial difficulties.

The best feature of these logbook loans is the fact that borrowers can continue using their car normally as they like. Interestingly, this is when the ownership rights of the four-wheeler are with lender. Hence, the borrower can enjoy the luxury of his/her four-wheeler to shuttle from one place to another whenever he/she wants. Thus, the prospective borrower only needs to pledge the logbook and rest leave it on the lender to enjoy the facility of quick cash besides, using the car on their own.

It is extremely important to mention the fact that these loans come with easy processing and simple terms. In addition to it, the convenient online mode of application makes them an obvious choice among borrowers. Also, the client only needs to fill-in the application form and submit the required documents with the concerned lending authority. Hence, you will hardly have to face any difficulty for getting the amount in your bank account.

Eligibility criteria to apply for logbook loans:-

To qualify for car loans UK, one needs to meet the eligibility conditions listed below, at first place.

Borrower should be a UK resident and an adult.
The car papers pledged by the borrower should be registered in his/her name.
No outstanding dues must be remaining on the car. In other words, it should be clear of all the finance and taxes.
The car should not be more than 8 years old.
Having a checking account is must for the borrower.

Meanwhile, people who are trapped in other kind of credit problems like late payment, insolvency, bankruptcy, foreclosures, CCJ, arrears and defaults, can also apply for it. They can get quick cash, courtesy, the easy service of logbook loans. Hence, client no longer needs to face embarrassing experiences such as rejection, disapproval due to disappointing credit status and can apply for this loan product without facing further troubles at all.

Of course, borrowers can use the borrowed funds for any purpose like home improvements, meeting debts or pending bills, bank overdrafts, wedding expenses, higher education fee and holiday tour expenses etc.

Hence, in case of any financial emergencies, you can turn to logbook loans.