As a trusted short term and payday loan lender, we at LoanPig provide you with information you need when it comes to borrowing. When searching for the right type of loan for you, it is essential that you have a thorough understanding of what you are applying for. At LoanPig, we can offer you the very best Log book loans, so you are able to resolve any financial difficulties you may be having. Finding the right logbook loans in the UK for your personal circumstance can sometimes be difficult, particularly if you are facing a financial emergency and you have bad credit.
If you own an asset, such as your home, a car, or another personal item then secured logbook loans online may just be the perfect solution. This is especially beneficial if you require a substantial sum of money. This is because logbook loans are secured against a highly valuable asset. Whether you’re looking for a log book loan or simply want to compare the best logbook loans on the UK market, contact LoanPig today.
What Is A Logbook Loan?
Log book loans are a type of secured loan, requiring you to put up an asset of value. By using an asset as collateral, you are able to secure your loan. With a logbook loan, the collateral in question is a car. If you fail to make the monthly log book loan repayments, then your asset may be repossessed by the loan provider. In some cases, lenders will require you to physically give them your logbook or car registration documents, although this isn’t always necessary. When you take out logbook loans online, this this may not be needed, but even without giving the lender your paperwork, you’ll still be giving the logbook loan lender temporary ownership of your car until the full repayment has been made. Although you will be physically keeping your car when you take out logbook loans online, it belongs to the log book loan lender in legal terms.
Here at LoanPig, while we do not offer logbook loans directly. However, we do have the facilities available for you to effectively compare logbook loans online as well as other loan types in order to ensure that you find the best financial solution for your needs.
Are Logbook Loans Secured Lending?
Yes, logbook loans in the UK are a form of secured lending. Not all secured loans are log book loans.
Some examples of secured lending that aren’t logbook loans include:
– Mortgage loans.
– Share-secured or savings-secured Loans.
– Secured credit cards.
– Secured lines of credit.
At LoanPig, we offer logbook loans suitable for those facing financial difficulty, with ability to direct you to trusted log book loan lenders.
What Happens If I Default On A Log Book Loan in the UK?
Defaulting on a logbook loan, of which your car is collateral for, may result on your asset being repossessed by the lender. Many logbook loan lenders also incur fees when you don’t meet the specified payments in a timely manner.
Additionally, it is advisable that you avoid this at all costs, due to the potential of your credit score being impacted in a negative way.
Warning: Late repayments or failure to make payment can have significant financial implications. Assessing your affordability before you apply for a logbook loan can help to avoid late repayments.
Can I Pay Off A Logbook Loan Early?
It may be entirely possible to make an early repayment of your logbook loan in the UK. However, some lenders do apply early payment fees in some cases. These early repayment charges will be discussed with you during your application process, with all legal documents clearly presented to you within this stage. Comparing different options on the market can help you to find the best logbook loans, which is why a loan comparison organisation such as LoanPig can help you.
What To Know Before Applying For a Logbook Loan Online
Before you apply for logbook loans UK, there are certain things you should address.
Are you able to make the monthly logbook loan repayments that you’ve agreed to? This is an important area we must assess. We do not always take your credit score into account, but we will perform a credit check to assess your current affordability. When you compare logbook loans, you may find a better rate or a loan type that is more suitable for your requirements.
When applying for logbook loans in the UK, you must think carefully before making this decision. It is essential that you do not borrow the full value of your car. This is because the percentage of your car’s worth may differ from lender to lender, meaning the amount you can borrow will differ.
If looking to borrow for a longer period, logbook loans online may not be the best option for you.
Am I Eligible For A Logbook Loan?
All applicants who desire logbook loan will be required to prove their affordability through an income assessment and credit check. If you are approved, you’ll either complete your application with us, or through one of our lending partners’ own website. To be eligible to apply for a log book loan in the UK, you will need to:
– Be a current UK resident.
– Be at least 18-years-old.
– Have an active bank account and valid debit card.
– Either be in permanent employment or receiving some form of disability/living allowance or a pension.
Logbook Loans UK FAQs
What Can I Secure My Logbook Loan Against?
Logbook loans in the UK are secured against your car. By using this as collateral, a lender may repossess your car if timely payments are not met.
Can I Get Logbook Loans On The Same Day?
Each logbook loan lender is different in this respect. Review each lenders payment times and see if they advertise logbook loans with the option of cash on the same day. Additionally, attempt to avoid lenders that advertise guaranteed loans. As they do not carry out adequate checks in terms of your affordability, you could end up in further financial difficulties.
Will You Check My Credit Score?
By law, any direct lender or broker is operating in a legal manner will check your credit score. Furthermore, a logbook loan lender does this for their own protection, as well as your own. The last thing anyone would want is for you to put yourself in an even worse financial situation.
Can I Get a Logbook Loan Online?
Absolutely, we can direct you to a logbook loan lender who operates online. Although we do not provide a loan such as this ourselves, we can help find a lender who is just right for you,
Bear in mind, if you default on the loan, your car could be repossessed, so you should only apply with logbook loan lenders that you are certain you are able to pay back.
Can You Get a Logbook Loan on a Financed Car?
As every lender of log book loans in the UK is different, this will depend on their own personal policy. Whatever type of car you choose to use as an asset, please ensure you are able to make the promised repayments in a timely manner.