How To Get A Loan With No Credit Checks In 24 Hours

An example of a cheque. (Photo credit: Wikipedia)

Most of us are always facing a lot of issues that demand input of money to meet them. We all have lots of expenses to meet on a daily basis and it is never easy for many of us, especially during the middle of the month in case of an emergency. Your friends might not help and your bank might not be ready to give you a loan or it might simply take a long time more than you have to meet the emergency. Essentially, what you are looking for is a chance to access money fast through a loan whose paperwork, if any, takes the shortest period of time to deal with the issue at hand while pledging to repay the amount within the shortest time period or within the agreed time spread over a number of months.

A Way Out

There is no reason why you should let things go out of hand while there is a way out. Most individuals today think accessing a loan still takes long time for all lenders but this is hardly the case. Some take a day at most to process your loan and put money in your bank to use immediately. There are many ways of accessing a loan today but the best is perhaps the use of your car logbook. A logbook loan is a loan pledged under the papers of the vehicle logbook against the amount of money you want to borrow. It is the amount secured and provided against your car logbook documents. In an exchange with the money, the individual is given the amount of money he or she needs and the lender keeps the car logbook as security until the loan has been repaid. 

Nothing To Fear

Many people might fear the repayment period or even the interest rate but the truth is that the lender does not dictate to the owner of the car and everything is agreed one on one. Basically, you have a source of income such as a business or employment and the amount to be deducted on a monthly or weekly basis should be enough to repay the entire loan over a given period of time. 

Do Not Be Gullible

The important thing is not to be gullible and ask for money you might not have planned for, such as the entire value of the car. If you have a genuine emergency you can ask for a specific amount you are ready to pay back easily without any problem. At the end of the day, the most important thing is meeting the needs you have today, service the loan as agreed and keep driving the vehicle until you have repaid the entire amount and you get your vehicle logbook back. Across the UK, those with logbooks registered in their names can apply for loans against the car’s logbook. The logbook is the certificate given to the owner of the vehicle with a vehicle and driving license agency.

The most fascinating part of a logbook loan is that bad credit is a thing of the past since it hardly matters as a result of having the loan secured on the borrower’s logbook. It does not get better than that.

About Author
Michael is a finance broker who advises individuals on raising funds and getting loans. He recently reviewed services of Log Book Loan Experts, a company offering logbook loans in UK.

Quick Loan Advice Pros and Cons of Log book Loans

If you don’t own property and you suffer with a poor credit rating it can often be very difficult to obtain credit. Some people choose to opt for payday loans or their doorstep alternative, but these solutions can leave the lendee with truly extortionate rates of interest. Thanks to a new wave of logbook loan companies, this is now becoming less of a problem. 
This guide will tell you all you need to know about logbook loans, including both their pros and cons retrospectively. 

So What Is A Logbook Loan Anyway?

Basically, a logbook loan covers any type of credit issued against the value of a motor vehicle. You can generally apply online and receive a decision in minutes, which certainly saves a considerable amount of precious time and effort. Mobile Moneys logbook loan service is currently the most popular option around, and many people choose to opt for it every month.

Tell Me About The Pros

With a logbook loan the benefits are endless. Usually credit checks are not performed, allowing people with less than desirable credit scores to receive the cash they need in troublesome times. Also, once an application has been processed and accepted, logbook loan companies will usually be in a position to release the money instantly, meaning you could have cash in your pocket on the very same day - a truly useful tool for those unforeseen emergencies.

Because logbook loan companies don’t usually perform credit checks, proof of employment is often needed to process a successful application, although even this can sometimes be avoided. Repayment schedules can also spread over a much longer time period than their payday or doorstep counterparts allow, meaning that monthly bills can work out to be considerably less.

Okay, So What About The Cons?

As with any form of credit, certain risks are involved with taking out a logbook loan - mainly the possibility of default. If you miss a payment with logbook loan companies, you risk losing your car, so this is something seriously worth bearing in mind. Although this is the worst case scenario, if you default, expect collectors to take this very seriously. Obviously most lenders will allow you some leeway, but if you’re not certain you can make the repayments, don’t take out the loan.

Interest rates can be well over 300%, so the more time it takes you to pay the loan off, the more money it will end up costing you, but if you have no other option, you really have no other choice. Be sure to read the contract carefully, paying special attention to the small print, and never take out any loan without first working out how much you will end up paying back.

So there you go, thats the lowdown on logbook loans. Depending on your personal financial situation, this solution could be perfect for you, but be careful as some lenders will purposely avoid telling you the final repayment amount, and if you haven’t worked it out for yourself, you could well be in for a nasty shock come payday.

Refused Standard Loans What Are The Best Options?

If you are looking to borrow money, but you have problems getting standard unsecured loans for whatever reason, you may look to other options. Payday or secured loans, loans in which you use one of your assets as security, are possibilities. If these are options for you, which is best and why?

Payday Loans

Payday Loans are short-term loans taken out only until the end of the month when you receive your paycheck and can then repay the loan. To secure a payday loan you will need to show proof of employment and payslips. 

One benefit of payday loans is that they do not take security for the loan so you will not lose any asset in the process if you cannot repay, but they have downsides too. Payday loans come with generally higher rates of interest than other loans, so even borrowing for a short amount of time can be an expensive option.

Securing A Loan Against Your Property

Another option you may look into if you have been unsuccessful with other channels is a secured loan on your property. The lender has the added security of the property so if you cannot repay the loan, the risk to the lender is minimised. This means that secured loans can be much easier to come by than unsecured loans, especially to those with poor credit histories. 

The advantages and disadvantages to secured loans, as with logbook loans (see below) are the converse to those of payday loans. The downside is that you are putting your property at risk if you are unable to keep up with the repayments. The advantages, however, are that secured loans generally offer better rates than payday loans. In taking security the risk to the lender is minimised so they are capable of setting lower rates knowing they will not lose out themselves.

Logbook Loans

A third option you may consider are logbook loans. Logbook loans are, similarly to secured loans, the ability to borrow money that offers an asset as security, in this case your vehicle. Logbook loans typically allow you to borrow up to 70% of the value of your car and their advantages, similarly to property, are lower rates than payday loans. 

They may be considered less risky options than loans secured on property, however, as many of us view our vehicle as a more expendable item than our house, should you fail to repay.

In weighing up all these options you must consider a number of things. How long do you need to borrow money for? How much can you afford to pay for the loan? How capable are you of keeping up with the repayments? 

This last one is particularly important when considering secured or logbook loans and brings with it a further question, how likely are you to lose the asset you have secured the loan against? Many may consider their car to be a more expendable security. There is no one right answer, it is dependent on each customer's circumstances.

The Logbook Loan: Quick and Convenient Solution to Borrow Money

Loan (Photo credit: Philip Taylor PT)

What is a Logbook Loan? 

Logbook loan is a mode of obtaining funds. In logbook loans, commoners can borrow funds from logbook loan companies to have instant cash which can be used as business capital, for business use, and for other personal purposes. 

How a Logbook Loan Aids People?

Logbook loan is distinct from other loans because your vehicle will have to serve as collateral. However, logbook loan companies merely rely on the logbook V5 and possession of vehicle documents as security. They do not take possession and ownership of the vehicle until the applicant defaulted in making their payments. Logbook loan companies provide for an easy and expedient process in availing the loan.

Gone are the necessity for background check and credit investigations. It is fairly common for people with bad credit or financial history to find loan application burdensome. Often than not, their loan applications get discarded. If not, they may avail of a loan, but with very high interest. Availing such a loan will only put your financial status at a risk. It’s more of a loss than a winning solution. This is what logbook loan is made for. Logbook loans give all applicants a chance to obtain some funds without asking so much in return. Logbook loans are the cheapest of all loans. Also, logbook loans can be helpful in regaining your financial stability and further attain a good credit standing.

Logbook loans are the perfect choice for people who are in need of immediate cash. Companies may grant a loan amounting to several thousand but with very little rate of interest. But it bears stressing that the amount of loan which can be granted depends on the value of your vehicle. Moreover, logbook loan companies do not look into the bad credit or financial history of the applicant. 

Spotting a Reliable Logbook Loan Company

Logbook loan is a novel concept. Hence, people are not yet familiar with logbook loan companies. If interested in applying for a logbook loan, choosing the right company matters. In finding the credible logbook loan company, consider online reviews and customer testimonials. They can be found online or in the company’s message boards. Take more effort looking for suspicious and negative comments. They may be helpful in letting you decide whether to take the loan or not. Another thing to consider is the company reputation. Also shop or inquire for company information, loan grants and payment schemes. 

Advantages of a Logbook Loan

• A logbook loan is beneficial and convenient because it can be obtained in a definite and short period of time. This is a perfect loan option for commoners who are in need of instant money. 
• In logbook loan applications, a bad credit or good credit is not the sole basis for granting the loan. In logbook loans, applicants are spared from stringent credit scrutiny. 
• Logbook loans do not require applicants to place properties as collateral to the loan. Most logbook loan companies merely rely on the V5 document as security. 
• Logbook loans also promises an easy and fast processing. Moreover, logbook loan companies do not charge unconscionable rates of interest. They provide minimal interest rates which applicants can easily pay off. 
• Those who were granted with a logbook loan can choose from an array of reasonable payment options. There are installment schemes in monthly basis which is a fitting payment scheme even at financially difficult times. 

So, the next time that you will be in dire need of money and you have a car (but do not want to sell it), you can try availing for the Logbook loan. Who knows? This can be the best mode for you to borrow funds.

Author Bio:

Click 4 Logbook Loans is a leading UK price comparison provider for logbook loans site dedicated to bringing you the best possible deals from the top Log Book Loan providers in the UK. Click 4 log book loan helps you to get log book loan as quick as possible.