Applying for a loan and then waiting for the correspondence to confirm whether or not you’ve been successful in getting the loan can be frustrating. This experience is all the more familiar to those with bad credit who may have applied for many different loans and have been refused credit by many different banks and lending institutions.
Instant logbook loans operate in a different way to banks. Because instant logbook loans do not have any credit checks, this means that there is no frustrating wait for the letter or call. In most cases, as long as the information you have provided in your application is accurate the lender will be able to accept you – in principle, over the phone.
A representative from the instant logbook loans company will then meet up with you to discuss and clarify repayments and terms and conditions. If you’re an organized individual and have all the required paperwork its possible for a logbook loan application to be completed in a very short period of time, sometimes as short as 24 hours.
There are some other criteria which it’s important that you’re aware of. For instance, the vehicle that you have usually needs to be less than 10 years old. This is because very often cars over this age do not have as much value which makes it tricky to value a loan against them. You must also be earning a regular income and be a UK resident who is aged 18 and over.
Remember that during the application process it’s useful to collate all your documents – especially your logbook, so they are at hand so you can confirm details and so on.
The application process for instant logbook loans is secure and will always remain confidential. Instant logbook loans lenders are bound by the data protection act on how they use your information and your details will not be handed onto third parties.
You may have been refused credit elsewhere and have been embarrassed by your poor credit record. Instant logbook loans companies do not carry out credit checks and will not be concerned with your past credit history.
Most instant logbook loans providers will need to see payslips or a P60 document which shows that you are in employment and are able to make repayments on your loan. If you do not have these documents then they may need a letter of confirmation from your employer that shows how long you’ve worked there, position and salary. The loan company will not provide the employer with details of the application or tell them that you’ve come to them for a loan.
Remember that instant logbook loans companies use the value of your car as security. If you cannot keep up repayments then it’s possible that you could lose your vehicle. This will always be an absolute last option and most lenders will offer you other ways to pay back your debt to them such as working out a payment plan and so on. Most instant logbook loans lenders would agree that acquiring and selling an individual’s vehicle is in neither the company nor the customer interest.