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Logbook Loan in a Nutshell – Understanding Some Important Facts
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Do you have a car? Have you ever thought that your vehicle could be a big boon at the time of any sudden financial crunch time? Well, if you have a car, then you can manage high-value loans from several lenders in these days, and the best part is that you can do that even having a bad credit score. People know about payday loans, as bad credit loans. Well, there are some issues with the payday loans. They look simple, but actually, they are not, at least for everyone. To qualify for a payday loan bad credit, you should have a stable income source. If you do not have that you may not get selected for such loans. Also, getting a payday loan has become quite difficult in these days, as lenders have started checking credit scores before releasing payday loans. Thus, the best choice, for now, is to go for logbook loans.

The Concept of Logbook Loan

In the case of logbook loans, you must possess a car at your name. You must be the legal owner of the car, and if the vehicle is new and in good condition, you will get an impressive loan amount. However, you can still manage right loan from your old car too. But, in that case, you have to do a bit market research. You have to find a suitable lender who is ready to give the right amount in exchange of the logbook of your old car.

How to get a logbook loan?

However, You can find several companies out there, ready to provide you logbook loan facility. The amount that you can borrow varies from 5000 pounds to 50,000 pounds. Depending on your need and your car's condition, you can avail an amount in between the mentioned span. Paying off this loan is hassle free, and you will choose the payment period. However, there is a limit for the payback time. It varies from 3 to 7 years. Paying back in the long term is comfortable for most of the people. However, the payback amount will get larger due to long term. So, cut off your inflation by going for shorter terms.

Apply for Logbook Loan from reputed and registered companies

It is always suggested to avail such loans from those businesses that are registered by OFT or Office of Fair Trading. There are no hassles of credit checking though some criteria are required to be fulfilled if you want to avail logbook loan. Here are those criteria:

  • For logbook loans, you must have a car. Otherwise, you are not qualified for such loans.
  • You must be the legal owner of the car.
  • If you have taken the car on loan, then all loan premiums must have been cleared.
  • You do not have put your car at stake. You can keep the car with you; the lender will keep your car’s logbook.

Hence, those who are seeking for bad credit loans, logbook loan from Payday Loans Now is a quick and hassle free solution for them.

Author bio

Jerry O' Jones is a favorite blogger on the subject of a loan, and you will come across many articles written by him on this topic. In this article, he has given a brief about logbook loan from Payday Loans Now, a quick and hassle solution for instant cash in hand.

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