As the difficult economic times continue, many people in the UK are struggling financially. Millions who were once financially stable are having trouble with mortgage and utility payments. People are seeing their hours cut at work and many others are being made redundant, taking financial concerns to a new level.
The stress of worrying about money on a daily basis can eventually take its toll emotionally and physically. Before people get to this point, they should explore ways to consolidate debt and get access to additional funds. Logbook lending is one solution that many Brits find appealing. Logbook loans are offered against the value of the car owned by the borrower.
Not only is this type of loan easy to apply for, there are few requirements. The only stipulations are that the car be registered in the name of the borrower and be owned outright. The equity of the vehicle is released in the form of a loan. The borrower is allowed to keep the car while repaying the loan over a period of up to 36 months.
Logbook loans are often funded within one hour of application approval. Borrowers receive loans of between £300 and £25,000 based on the equity they have in their vehicle. The quick payout and respectable loan amount may be all it takes for someone to get through these recessionary times unscathed. Lenders work with borrowers to ensure that the loan repayment amount is affordable so there will be no complications.
A logbook loan application can be completed online and requires the individual to supply personal information and details regarding the vehicle. Those who feel more comfortable completing an application over the phone can speak with a local representative. Once the loan is approved, the borrower must visit a logbook loan store to complete the process.