A logbook loan is a secured loan with the promptness of approval of an unsecured loan. Borrowers must appreciate that since there is no property to value in case of unsecured loans, they are approved faster than the secured loans. However, unsecured loans come as an expensive financial option. Logbook loans
arranged by Chance for loans combine the advantages of secured as well as unsecured loans.
Logbook loans are secured on the logbook of the borrower’s vehicle. Logbook in legal parlance is the registration form V5. A logbook has entries regarding the current registration mark, VIN number or the chassis number, and details about the registered keeper of the logbook. The logbook loan requires the borrower to keep the logbook with the lender until the loan amount has been repaid in full.
Chance for loans looks to it that its borrowers get a fast
approval of logbook loans. Service is offered immediately on the day of the application. This is a distinctive feature of logbook loans. Service is offered the same day.
Money on the logbook loan is also received the same day as the application.
The application to the logbook loans has been made easier. Borrowers apply through the online application form, mentioning the details of the loan and the details of the car that is being kept collateral. This is a small application form and within a few minutes the application for logbook loan is ready to be processed for approval.
At Chance for loans, bad credit history is given little credence.
Logbook loans in general are given less weightage while deciding eligibility for logbook loans. Borrowers with bad credit history find it more convenient to get logbook loans. Logbook loans entail no credit check. Thus, borrowers who have been refused the regular loans can easily resort to logbook loans.
Borrowers who want to have a logbook loan need to fulfill certain basic criteria. These are as follows:
- The vehicle must not be more than 8 years old.
- The vehicle must be clear of any finance that is remaining unpaid, or where the vehicle ownership has already been pawned for other loans.
- Taxes and insurance due on the vehicle must be paid in full before the vehicle logbook is pledged for logbook loan.
- The vehicle must have passed the MOT test for being eligible for the logbook loan. Every British vehicle has to undergo a test after every 3 years to ensure that it is safe to ride.
- The logbook loan borrower must have a regular income.
- The logbook must be in the name of the borrower.
Chance for loans can arrange logbook loans, even when
certain prerequisites have not been met. Logbook loan quote gives a better idea of the terms on which the loan will be rendered.
