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Logbook Loan has created a great impact in today’s money market. It has become popular among people as because it is very easy and hassle free. With banks and other financial institutions becoming more and more reluctant to lend to people logbook loans make it easy for them to get the credit they need in a straightforward and transparent way. The logbook loan is growing popular among people because logbook loan do away with much of the paperwork and credit checks required by banks. Today in the market with the steep rise of the consumption and consumer durable goods now and then, it becomes very hard for people to meet their both hands meet. In this situation if they have to make some unexpected expenses they have to search for some other alternative which can solve their financial crunch. In this situation logbook loan is the best solution provider. This is because logbook loan can be used for any purpose and the lender would never ask the reason for which the said loan will be used. The most significant thing of logbook loan is it takes very little time to get sanctioned and disbursed.The vast majority of customer use logbook loans for short-term use – to pay an unexpected bill, cover some debts, pay for children’s education or for making a holiday trip with their family. Apart frombanks,there are manymoneylenders abide by the CCTA voluntary Code of Practice in the market who uses to give logbook loan. However, who can apply for a logbook loan? Anyone who is above 18 years old and possess his own car or any types of vehicle can apply for a logbook loan. However, before applying for a loan the person must be well informed about the rules and should have a clear idea of the institution from which he is intending to apply for the said loan. The stability of the institution in the market, its reputation, creditability and history of the institution dealing with its clients is of prime importance, as the person has to pledge his expensive vehicle to the lender for availing the logbook loan. Applying for logbook loan takes no time as it can be applied through online with some simple questions to be answered in the application form. After applying the intending borrower have to submit some necessary documents to get the loan approved by the concern lenders. The car or vehicle against which logbook loan is prayed for should not be more than 8 years old. It should be in the name of the person concerned applying for such loan. There should not be any prior financial attachments on the vehicle. Road taxes and insurance premium of the vehicle should be updated and in continuation. The owner of the vehicle should produce the MOT certificate. During the loan period in every three years, a new MOT inspection will take place and the certificate to be submitted to the lender as a proof that the vehicle is still in good condition andup to the standard for driving on roadways. The income proofof the intending borrower has to be submitted, as it is very important for calculating the amount of loan to be sanctioned. The amount of logbook loan depends on the present market value of the car and the income of the borrower. And above all the borrower have to submit the logbook of his vehicle to the lender. The logbook will remain as a pledge with the lenders till the said loan is not completely repaid. With all the necessary papers required are submitted the logbook loan is disbursed within next 24 hours. The two interesting features that make people crazy for logbook loan are that no credit check of the intending borrower is required for sanctioning the loan and people can use his vehicle as usual with no restriction imposed on by the lender for using the vehicle. Thus, to know more about Logbook Loans kindly logon to http://www.logbookcredit.co.uk and get any information on logbook loans that you need.
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