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Procure unsecured loans quickly
People show inclination towards unsecured loans, when they have to borrow a smaller loan amount with a shorter repayment term. For availing an unsecured loan, you need not have to put your home at stake. So, the first and the foremost benefit which you have here is that you can avoid the threat of repossession of your property.
Whether you are a tenant or a homeowner, you can avail unsecured loans for meeting your different needs. The eligibility criteria for availing an unsecured loan is that you need to be above 18 years of age and should be employed. The loan criteria can vary from lender to lender.
An unsecured loan comes with a fixed as well as a variable APR (Annual Percentage Rate). In a fixed interest rate loan, the interest rate would remain the same throughout the loan tenure. On the other hand, with variable interest rates, the rates can go up and down according to the base rates of the Bank of England.
People with poor credit can also seek an unsecured loan, if they meet the specific loan criteria of the lenders. A bad credit history can be anything like defaults, missed payments, County Court Judgments, or bankruptcies. Bad credit unsecured loansnot only helps us in meeting monetary requirements, but can also help us in improving your credit score. Once you have improved your credit score, you can easily avail a loan in the future.
There are various lenders in the UK who provide online loans. You can approach any high-street banks, building societies and private lenders across the UK. Due to the fierce competition among the private lenders, they can offer you a loan on competitive APR (Annual Percentage Rate).
Unsecured loans can be procured fast, as compared to a secured loan type. This is because the valuation of collateral doesnt take place with unsecured loans. Therefore, the turnaround time in the entire loan processing gets reduced.
Pledge Your Prize Possession And Attain Higher Amount With Logbook Loans
Larger chunk of UK who own vehicles are still looking for ways to crackdown the financial short comes. They are not even aware that their most precious possession can get them good cash or loans at the time of emergencies. People are not aware of the fact that the logbook of their car can convert their dreams into reality.
However, logbook loans are very much popular amongst many vehicle owners in the UK. The borrowers are not required to worry about their car as it can be used simultaneously.
A logbook is a legal document or a registration certificate issued by the Driving and Vehicle Licensing Agency (DVLA) in the UK. It contains information of the owner of the vehicle, chassis number, registered keeper of logbook, current registration mark, engine number, color and the model of the car. Hence, the amount borrowed against the logbook of a vehicle is known as the logbook loans and are often considered as the origin secured loans.
With the heavy effect of recession people are not able to borrow amount to meet their financial demands. The exacerbating economic condition has already pushed masses towards bad credit record. Therefore, looking at such circumstances, owing a car is like a blessing in disguise.
However, along with its brilliant service logbook loans are also backpacked with several things that are needed to be taken into consideration. They are as follows:
- The approached financial lender tends to offer the amount up to 50% (sometimes even more) of the trade value of the car.
- The prepared credit agreement and bill of sale is signed between the chosen lender and the borrower.
- Thereafter, the ownership of a car is transferred into the hands of the lender.
- The lender also carries all original documents that belong to the vehicle. It generally contains the insurance certificate, MOT certificate and the V5 registration document holding detailed information about the owner.
However, by pledging the logbook of the car, the borrower are provided with an amount ranging from £ 500 to £ 50, 000, it solely depends on the value of the car of the borrower. Thus, such a huge amount can be used to overcome any purpose such as debt consolidation, clearing bills, renovating homes.
Nevertheless, in order to get through the process of logbook loans, the borrower is required to fulfill the eligibility criteria which is decided on certain grounds. Such as:
- The logbook of the car should be in the name of a borrower.
- The vehicle should not be more than 8 years old.
- The borrower should be a full time employee and should carry handsome salary.
- The vehicle should not be held by any payments and should be cleared from any other side finances and
- The pledged vehicle must be insured and taxed before hand.
However, the amazing part of such borrowing is that it does not demand any kind of credit verification and also caters borrowers holding bad credit profile. Whereas, to be on a safer side, the lenders demands the borrower to fill up an income and expenditure form which determines the repayment capability of the borrower.
Logbook loans are also provided through online mode which further makes the whole process of application and approval much easier, simpler and faster.
Therefore, this type of borrowing enables the borrower to fulfill their dreams with such a huge amount.