At Big5 Loans, we offer another form of lending called bad credit logbook loans. Now you may have heard of this credit product, but aren’t sure of how it works or what it entails.
What is a logbook loan?
A logbook loan is secured against the value of a vehicle you own, be it a car, van, truck or even motorcycle. With this product, you can secure a loan with affordable repayments within 24 hours while still using your vehicle daily.
Perhaps best of all – there are no credit checks made against you when you apply for a loan such as this so even if you have a bad credit rating, you are able to secure a loan.
The amount you can borrow depends on the condition of your vehicle and the mileage. We keep your vehicle logbook for the duration of the loan but as soon as it is paid up and closed, we return it to you.
Why do we keep your logbook? Well, this proof of ownership offers us the security we need should you stop paying your loan. Note, you cannot secure a logbook loan on a vehicle that you are still paying off.
How do I secure a logbook loan?
To be eligible for a logbook loan you need to meet the following criteria.
- You must be older than 18 years of age.
- You must reside in the United Kingdom.
- You must earn a monthly salary and have payslips for the last three months
- The vehicle must have comprehensive insurance.
- You must be the legal owner of the vehicle.
- We require proof of ID, proof of residence and the MOT of the vehicle
Should you be interested in securing a bad credit logbook loan, bring the relevant documents and apply at our offices.