You have exhausted all of the options available to you - you simply cannot find anyone who is willing to give you a short-term loan. Maybe it’s because you have bad credit and every potential lender you’ve ever looked at wants to do a compulsory credit check on you. It might also be that you are not a full-time employee, but you’re self-employed, and then it doesn’t even matter if your credit record is stainless or not.
To skip this review and go straight to the lender page, click here: Logbook loan.
It may seem hopeless to ever get out of your financial situation - but there is hope. What you have been looking for is something called a logbook loan. This means that you secure the loan against your personal car, and you still get to keep and use it. Only the log book from your car is taken away - thus the name. Usually there are loans available for many types of vehicles, not only cars, but also for example motorcycles.
If you ever do decide to look into logbook loans, you might get overwhelmed by all the lenders that are offering their services. How do you know who to go with? In that case, we would recommend one particular business in the United Kingdom for you to go ahead with. It’s called V5 Loans, and they have a solid reputation.
Yes, they’ve only been operating since the year 2008, but they have established themselves well and you are in secure hands.
These are the terms and restrictions of V5 Loans that you need to be aware of. The loan amount can range from anywhere between £500 and £20,000, so even individuals with extended finance needs are serviced. The APR (annual percentage rate) is 439% - but this does not mean the flat rate of interest. It is a more complicated calculation, and if you pay it back timely, the payment on £1000 can be as little as £1107.
You need to be the legal owner of the car, and the car must not be older than 8 years (with one exception - it can be 10 years old if it’s valued at £1200 or more).
V5 Loans is a good choice to go with for a logbook loan, and we are happy to recommend them. Do not hesitate to read more about them here: v5 Loans review or here: V5 loans Review.
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