Listed below are the best available sources for logbook loans currently available. Logbook loans are currently a popular option right now since they offer an alternative for those with a poor credit rating, CCJ's or those with no option to secure against their home. With a logbook loan you can borrow much higher amounts than with ordinary unsecured personal loans and also a credit check will not be required. The repayments are also flexible and this type of loan can even serve effectively as a payday loan but not as strict with repayment.
Eligibility depends on the condition and age of your car, the value, and how much equity remains in the vehicle. The requirements for a logbook loan are as follows:
|COMPANY||APR REPRESENTATIVE||LOAN AMOUNT||MIN TERM||MAX TERM||TERMS||CONDITIONS||APPLY|
|478.30%||£500-£50,000||No minimum||48 months||The vehicle in question must be clear or nearly clear of any finance. You must be the legal owner of the car. Proof of income will be required. The loan is secured on your vehicle.||Find out on application|
|Logbook Loans offer simple and fast no credit check loans secured against the value of your vehicle.
Apply instantly online and have your money within 24 hours, even if you have been refused elsewhere.
1. No personal credit checks - available whatever your credit history
2. You can apply whatever your credit rating or past refusals on loans
3. Borrow from £500 - £50,000
4. Your money in 24 hours
Typical 437.4% APR is extremely high. The quicker you pay back the loan the lower your rate however.
|Representative example: Total Amount of Credit: £1150; Representative APR: 478.30%; Duration of Agreement: 78 weeks; Total Amount Payable: £3317.34; Fixed Annual Interest Rate: 125.64%; Instalments: 78 x $42.53|
|439%||£500-£20,000||1 week||78 weeks||You need to provide proof of income. Loan must be paid back within 78 weeks.||Car must be worth more than £500 and be less than 8-10 years old. No Under 18s and only those with income should apply.|
|V5 Loans is a reputable lending company specialising in loans for those that have bad debts, CCJs, would fail a credit check or find it hard to raise money on the high street. The Loans are secured against the value of your car, provided it is worth more than £500 and is less than 8-10 years old.||Advantages|
1. Loans from £500 to £20,000
2. No Credit Checks – previous credit history is irrelevant
3. Loans are possible if you have no collateral other than a car
4. Loans are available even if you want cash today
5. You pay less if you settle your loan early
6. Better value than a Payday Loan
7. You choose loan length - between 1 and 78 weeks
1. Typical is high at 439% APR - though quicker you pay back the loan, the less you pay
2. You risk your car if you do not keep up with repayments