Get Rid Of Your Financial Woes With The Help Of Logbook Loans!

April 5, 2010 - PRLog -- You need money immediately but to arrange for the same you also need to provide security (in case if you are applying for a loan product). But then again, you don’t have a house to pledge but a car, can it help? Of course, it can! You can now avail the facility of getting loan amount against your four-wheeler.

Yes, the new logbook loans allow borrowers to get loan against their cars. For those who don't know, a logbook is a document or certificate that gives important relevant details about your car such as chassis number, current registration, and owner of the vehicle, model of the car, colour and other info. The details in the logbook are connected with the owner of the vehicle, and he/she is the person who ought to keep the logbook with them. While applying for it, the borrower only needs to produce the log book of the vehicle and if everything goes well, he/she (referring to the borrower) will be given the loan against it. Meanwhile, the lender will also give you the liberty to use your car in any way without causing any further interference even when its logbook is with him.

Among the chief conditions that need to be met prior to applying are that the logbook should be in the name of the borrower. Another important condition that needs to be mentioned here is the fact that the car should be less than 8 years old. Moreover, the car should also be insured and every tax applicable on it must be paid by the owner of the vehicle. Prospective loans applicants are asked to stay watchful of the fact that a logbook stays valid for up to 5 years only. So better check in advance.

Interestingly, irrespective of everything else, this form of financial assistance is extremely beneficial for the borrower and the lender can file for claim of the car in case if the promise of repayment (from the borrower's end) is not honored. Interested loan applicants can get loan amount ranging from £500 to £50,000 in the logbook loan.

In addition to it, the borrower will only need to meet certain eligibility criteria to get this loan (which is extremely easy), which is as follows:-

The client need to have a logbook registered in his/her your name.
He/she should be 18 or above to apply for logbook loans.
He/she should be a salaried individual.
His/her car should not be more than 8 years old.
The car should be completely insured and taxed with no pending payments standing against it. (As told above).


Note - The lender granting the loan amount sanctioned to you in the name of logbook loans, have the authority to reduce any pending amount from the principal, that you need to pay for the car.

So if it is about finding instant finance, trust no one but logbook loan products.

For more detail:-http://www.online-unsecured-loans.co.uk/