Logbook Loans, which can get you quick cash at emergencies, logon to http://www.logbookcredit.co.uk . ">Needing credit urgently from banks and other financial institutions can sometimes be complicated as the enormous quantity of paperwork and legal red tape can make the process lengthy. Moreover, before sanctioning any credit to an intending borrower banks and alternative financial institutions checks thoroughly the credit ratings of the concerned borrower to determine his credit worthiness. These ratings are provided by third party agency which can take a varying period of time and there is often further forms to authorize. Therefore, for quick cash at emergencies people try to find some better options. Logbook loan is introduced in the money market to fulfill the demand of this section of people. Logbook loan is amazing because it is separate from the traditional loans issued by banks and other alternative financial organizations. The process of availing logbook loan is very simple. An intending borrower has to fill up a very simple form with some simple questions to be answered. This too can be done within a couple of minutes during the busy schedule at office or during staying at home through online. There are many service provider who are engaged in providing logbook loan within 24 hours within performing minimum paper works. It is quick because no credit check of the borrower is necessary for availing logbook loan. It makes the procedure simple and easy and people who are in hurry to meet some emergencies can easily avail it in time. Basically logbook is the registration book of a vehicle which contains all the basic informations of the vehicle like registered keeper of the vehicle, owner of the vehicle, latest registration mark, engine and chassis number, model and color of the vehicle and so on. For availing logbook loan the logbook of the vehicle have to be kept as security with the lender. Any one above 18 years of age and having a vehicle of his own can apply for logbook loan keeping the vehicle as pledge. The conditions for availing logbook loan are: The vehicle should not be more than 8 years old; the vehicle should be in the name of the intending borrower approaching for loan; There should not be any prior financial attachments on the concerned vehicle; all short of taxes and insurance should remain in continuation and should be paid regularly in time; income proof of the borrower is necessary; the applicant has to submit MOT certificate of the vehicle and during the loan period in every three years a fresh MOT certificate have to be produced to the lender as a proof that the vehicle is in good condition to ply on the road. The quantum of the loan will depend on the market value of the vehicle and the income of the borrower. The maximum limit of logbook loan is 50000 pounds. It can be repaid in equated monthly installments and often the time period is negotiable. Since logbook loan is a secured loan it carry lower rate of interest than payday loan. During the period of logbook loan though the legal ownership of the vehicle lies with the lender but the actual possession remains with the owner and he is free to use it as usual as before. No mileage restriction is imposed by the lender but it is the prime duty of the borrower to keep the vehicle in good condition. Overall flexibility and convenience are two reasons why individuals use these any purpose loans. However, before applying logbook loan everyone should be concerned about his ability to repay the loan. Late or missed payments may incur a charge for chasing letters and telephone calls. A Log Book loan is secured against the vehicle, which may be repossessed if the borrower do not make payment in time. So, to know more about Logbook Loans, which can get you quick cash at emergencies, logon to http://www.logbookcredit.co.uk .
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