Logbook Loans

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Logbook Loans - Ideal for people with bad credit

Logbook loans are the ideal situation for someone who owns their own vehicle, has bad credit and need money quickly. When an emergency arises and there is no way a bank will lend the individual a large sum of money without a large collateral, like their house, and a lengthy credit check, then a logbook loan is the answer.

A logbook loan is a loan made against the logbook of your car for the amount of money one needs to get them out of their financial crisis and back to normalcy. Hundreds of thousands of people, especially in today's economic unsteady times, have bad credit. It could be because they have lost their job, gotten a divorce and have extra payments going out or simply due to inflation. The individual could have filed bankruptcy, had a few late payments on some debit or experienced a CCJ, payment defaults or arrears.

An individual or family considering taking out a logbook loan on their vehicle needs to think about what they are doing and go over their budget to make sure they can afford the monthly payments to repay the loan. They do not want to get into another financial crisis and this time, they could lose their automobile if they do not meet the monthly required payments. A logbook company that extends credit to a person for their logbook has the right to claim the car for the missed payments. It varies by company how many missed payments before a logbook lender will reposes a vehicle, sometimes its one payment sometimes its three payments. The best thing to do is make sure your budget can withstand the extra funds being withdrawn.

The major questions that a logbook loan company is going to ask an applicant are going to be if they have a full-time job or other permanent source of income so they can repay the logbook loan. They will also ask if the logbook is free and clear. This means there can be no loans or moneys owed on the vehicle. But the major question the logbook lender will want to know is if the person applying for the loan can afford the monthly payments. They do not want to put anyone into an economic bind.

A logbook lender will retain the logbook for the duration of the loan period. At the end of a logbook loan, the lender will return the logbook and many of them will report your good payments to a credit reporting bureau. This will help an individual begin to repair their bad credit past.

Representative Example

450.5% APR Representative

Representative example: if you borrow £850 over 18 months at a flat rate of 132% per annum (fixed) with a representative 450.5% APR you will make 17 monthly payments of £140.72 and 1 payment of £140.76, repaying £2,533.00 in total. However, our lenders only charge interest monthly and do not penalise you for early settlement. If you repaid the loan in one month it would cost you just £93.50 and nothing more.

Rates range from 99.9% to 450.5% MAX APR. Logbook loans are instalment loans secured against your vehicle and are subject to affordability. Missed payments may result in additional fees and/or the repossession of your vehicle. Over 18s only, T&Cs apply.

LoansLogbook.com is unable to supply you with an exact APR (Annual Percentage Rate) that you will be charged if you are approved for a loan. APRs vary according to the information supplied by you in your loan request and the duration of the loan. Loan terms range from 12 months to 36 months paid on a monthly instalment pay schedule.

Our lenders do not charge any set up fees when you take out the loan, nor is there any charge for settling early. You may however incur charges if you fail to make your payments on time. Any late payment charges will be clearly set out in the agreement you sign with the lender and will be explained to you fully before you take out the agreement.

Implications of Non-Payment and other Considerations

We would like to remind you that LoansLogbook.com is not a lender and LoansLogbook.com does not charge any fees for its services. Every lender in the LoansLogbook.com network provides the consumer with specific terms, conditions, and practices prior to the consumer's acceptance of the loan. We recommend that you carefully review the terms and conditions of any loan offer presented to you. For further details about the above considerations see our Rates & Fees page.

Implications of Non-Payment, Late Payment, or Partial Payment

When you accept the terms and conditions for a loan offer, you are agreeing to pay back the loan principal and finance charges in the amount of time shown in the documents supplied by your lender. Additional fees or charges by your lender may apply in the event that you are unable to repay your loan in full or if you make a late payment. LoansLogbook.com cannot predict the amount of the fees or charges that you will incur as a result of non-payment, late payment, or partial payment. LoansLogbook.com has no control of knowledge of the loan details between you and your lender. Please refer to the late payment, partial payment, and non-payment policies detailed in the loan documents provided by your lender. LoansLogbook.com does make an effort to work only with reputable lenders dedicated to pursuing collections of past due accounts in a fair and reasonable manner.

Fees and Interest

If approved for a loan, your lender will present you with the exact fees and interest rate of your loan prior to your acceptance of the loan. LoansLogbook.com is not a lender and cannot predict the exact fees and interest of the loan option presented to you. You are under no obligation to accept the terms presented to you by the lender.

Credit Score Impact

LoansLogbook.com does not make credit decisions nor does LoansLogbook.com conduct a credit inquiry on consumers. Some lenders on the LoansLogbook.com network may conduct a non-traditional credit check in order to determine your eligibility for a loan. Lenders typically conduct a credit inquiry with the three major credit bureaus: Transunion, Experian, or Equifax. Ultimately, your credit score may or may not be affected by the actions of a particular lender. If you do not repay your loan on time your lender may report this delinquency to one or more credit bureaus, which could have a negative impact on your credit score. We encourage consumers with credit problems to consult a Credit Counseling company.

Renewal Policy Information

Renewal policies are determined by the lender, not by us, so they will vary. Be aware that some lenders may not debit your account for the full amount of the loan which may result in additional fees and a renewed loan. Make sure you read the renewal policy carefully and make your wishes clear to the lender.

Collection Practices

LoansLogbook.com is not a lender and LoansLogbook.com does not engage in debt collection practices. Your lenders' collection practices will be disclosed to you in the loan documents. If you are unsure of the collection practices used by a specific lender we recommend that you discuss this issue with your lender directly. LoansLogbook.com makes reasonable efforts to only work with established, reputable lenders who pursue collections of past due accounts with fair conduct.

Legal Disclaimer

LoansLogbook.com are a broker and not a lender who refer customers to other brokers or lenders that are authorised and regulated by the Financial Conduct Authority.

All loans granted subject to affordability. Proof of income will be required. A Logbook Loan is secured against your vehicle, which may be repossessed if you do not make payment. Lenders abide by the CCTA voluntary Code of Practice. We do not have a renewal policy.