Category: Business: Finance: Automotive Loans

Detailed Study On The Logbook Loans UK

If you have CCJs, poor credit or have missed a few payments, it might appear nearly impossible to get finance. Many lenders will charge check you and automatically reject you based on your past credit history, which in turn leads to the rejection. However, there is a solution, and that is to apply for a loan that does not require a credit check. There are lots of types of loans that you can be approved with no credit check. Firstly there are payday loans, which are short-term loans designed to tide you over from payday to payday. Payday loans are usually for around #80-#800. Most payday loans companies won’t charge check you provided that you meet their criteria for a loan. Usually, this means that you ought to be in employment, making a certain sum each month usually around #750 and have a debit card with which the loan can be repaid. Browse the below mentioned website, if you’re looking for additional information about logbook loans online.

These loans are just short-term solutions and are usually for a maximum of 60 days. In case you have a relatively new vehicle that’s clear of finance you may be able to find a logbook loan. You do not need to hand the car over; you keep the use of the automobile but release some of the equity in it to secure the loan. Since the loan is secured on the vehicles paperwork, you do not need to be credit checked to find this type of loan. Usually, to get a logbook loan, you will need to be the registered and legal keeper of the car. Some lenders require that the vehicle should have a current MOT and tax to give.

Logbook loans are for a longer period than payday loans usually around two decades. Doorstep lenders can offer cash loans of up to around #500 that is available to even those people who are unemployed. Doorstep lenders are specialist loan companies who specialise in high-risk cases. Loans are managed by local agents who call at your address to collect the payments each week. Such loans are done entirely in cash, the payments are fixed, and the agent offers a handy collection service for repayments. These loans may be repaid over up to a year. Lastly, if you will need to borrow more than #500, then a guarantor loan is a good option for you. These loans which can be up to #5000 or so, require you to have a guarantor that will guarantee you’re great for the loan. If you can’t pay back the loan, the guarantor will take over. Finding a guarantor is not always easy, but a relative or close friend may be willing to assist. Generally, they need to be over 23, a homeowner and to have good credit.