A logbook loan is a term used when a loan has been secured on a person’s vehicle, with the lender retaining the vehicle’s “logbook”, or vehicle registration certificate. The structure of the loan means that the lender can repossess the person’s vehicle without a court order.
Logbook loans have gained notoriety in the UK due to their often very high interest rates and potentially unfair terms and conditions. In December 2009, the UK government announced a consultation on whether to outlaw logbook loans.
A logbook loans is a no-credit check loan that offers a quick and easy means of raising cash for any purpose. Unsecured loans can be difficult to obtain for someone with bad credit and usually payday loans are only available for small values compared to a no-credit check loan secured on a car which could give the person seeking a loan up to £50,000 in as little as 24 hours.
If you have had problems obtaining credit in the past then a secured loan with no-credit checks could be an alternative solution.
Baines and Ernst Ltd