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Logbook loans on vehicles with outstanding finance

Finances are becoming harder to predict, and with the shaken economy, you may need some funds and fast. There are a couple of options; you could go for personal loans or even cash advances. But there’s one problem, they’re a lot more expensive and have higher interest rates. Logbook loans are also another option. They are not as expensive. Additionally, a logbook loan can also work for you when the car has got additional finances on it.

Finances on cars

When applying for a logbook loan with us, there are a number of things that we check. For starters, we’ll need evidence that the vehicle is yours so you’ll have to provide the necessary documents to prove that. In addition, we’ll also check if the vehicle has got some outstanding finances on it. This is to verify that no other parties are interested in the car.

If for some reason you’ve got an outstanding balance on the car, don’t worry. We can settle the balance for you as you take your loan with us. Our finance department will take you through the process, and we strive to make it as seamless as possible.

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What is the outstanding balance is too high?

Not all finances can be settled for you. In some cases, the debt is too huge, and you’ll need to contact our experts for more information. If, for instance, you purchased your vehicle through your local dealership, then you’ll have to settle your finances first before getting a loan with us.

Can I use my car as part exchange when on loan?

Once you take a logbook loan, the vehicle is typically the lenders till you complete the payment of the loan. However, this doesn’t mean that you can’t exchange the vehicle for another. The thing is, you’ll still have to settle the deposit. The dealer may also choose to settle it.

How we can help

The good thing is, we’re here to help. All you have to do is click here, apply for the loan and we will do our best to serve you. Our experts will guide you on any documentation that is needed, and you’ll get your loan within a few hours after your application process.

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Remember, these loans can be used to rebuild your credit rating so try and make early and full payments towards at each agreed period.

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Best kind of loans if you’ve got a bad credit rating

Having a bad credit rating is not something that can be very limiting when it comes to getting a loan. But not to worry, there’s a lot you can do to counter this. Lenders are in plenty and there are multiple kinds of loans you can go for to increase your chances of success. In this guide, we discuss some of the best loans to go for.

HELOCs

This simply stands for ‘home equity line of credit.’ It’s a loan you take when you’ve got equity in your home. They remain some of the most sought after loans for people with bad credit simply because they’ve got reasonable interest rates and zero restrictions on what to do with the money. However, you risk losing your home when you fail to pay the debt in full.

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Bad credit loans

Some lenders focus on giving bad credit loans to their customers. They are tremendously easier to qualify for when your rating is low. But you need to be careful when taking these kinds of loans. Have the amount you need and can pay for before you apply. Taking a huge loan can trap you in an endless cycle of debt as they have considerably high interest rates.

Credit unions

Credit unions are easier to work with. They are more relaxed and don’t have rules as strict as the ones found in banks. With credit unions, you’re more likely going to be accepted when you’re part of the union. Joining credit unions is also an easy process, and they’ve got lesser fees and interest rates. A good tip is being involved in a union with the same interests as you. For instance, if you’re a teacher, you could participate in a teacher’s credit union.

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Secured loans

Secured loans are also available for people with poor rating. Apart from having your home as collateral, you could also have other assets such as your car as in the case of logbook loans. In fact, with logbook loans, your credit rating may not even be put into consideration when determining if you’re qualified for the loan. You may also have a much longer repayment period with lesser interest rates as compared to unsecured loans.

Co-signed loans

Co-signed loans can assist you in getting a loan by using someone else with a better credit rating. If you’ve got a willing family member or close friend, then this may be your best move. The lender would base your application based on your co-signers score, so it’ll be a lot easier to score a deal. However, these kinds of loans can stain your co-signers credit rating if you’re not prompt enough or miss payments.

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Secured loans for bad credit | All you need to know

Lenders are becoming increasingly picky about the people that qualify for secured loans. If you’ve got bad credit, then you may have suffered a couple of rejections as the rules are becoming even tighter.

But not to worry, just because your credit score is poor doesn’t mean that you can never get your hands on a loan. There are a number of lenders out there that have specialised in serving clients with tainted scores. Here’s a guide to help you out.

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What’s a bad credit secured loan?

For starters, this is simply a loan designed for individuals that have a poor score. The amounts to borrow can vary depending on your lender and your property’s value. For really large amounts like £100,000, you may be required to pay over a very long timeframe such as 20 years.

The loan is borrowed but you’ll have to provide your property as security for your home. Typically, the lender takes ‘possession’ of your property which may cause you to lose it if you don’t pay the loan back in time.

Usage of the loan

A good thing about such loans is that they can be used for most things. You could buy assets such as vehicles or caravans, pay for a holiday in Hawaii or even use the money to plan your wedding.

These loans are also suitable to pay off a large number of more expensive debts as you can borrow large amounts for long periods.

Advantages of these loans

Bad credit secured loans have a couple of advantages.

For starters, they’ll help you repair your credit score. This is particularly helpful if you’ve got a bad credit rating, and you wish to get back on track. All you have to do is pay the monthly repayments fully and on a timely basis.

These loans also have a less rigorous eligibility criteria. Applying for one would give you a much higher chance of success as compared to applying for other secured loans.

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Due to having your home as security, the loans are also a lot less expensive as compared to other kinds of loans. The reduced risk for the lender further makes the loan even more flexible. They can allow you to have a longer repayment period and borrow more money.

Need any help?

If you’re looking for a loan and have had multiple failed attempts at getting one, then feel free to contact us. We make it our business to offer customers the best loans for the best prices.

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Money advice | Secured vs unsecured loans explained

Sometimes, finances can really choke you without warning. That’s why loans exist. They assist you in managing your situation and give you enough time to slowly pay the money back. There are two interesting kinds of loans; secured and unsecured. Banks and other institutions prefer lending you money knowing that it’s backed up by some form of asset. These kinds of loans make a cheap way of borrowing very large amounts of money. This is what’s referred to as a secured loan.

Unsecured loans, on the other hand, are available to anyone with a fair credit score. For a better picture, here are some of the major pros and cons of these two types of loans.

What are secured loans?

Secured loans are loans borrowed against an asset. That is, failure to pay back the loan in time gives the lender a right to gain possession of the asset. In most cases, the security against your loan is your own property.

That’s what makes these kinds of loans a bit limiting. You need to have your own property before you can be eligible for them. However, these loans can give you the ability of borrowing huge amounts of up to £125,000.

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What are unsecured loans?

Unsecured loans are less complicated. You don’t have to risk your house or anything. You can borrow money from a lending institution and then agree to pay the amounts on an agreed monthly or even weekly period. Since there’s more risk to the lender, these loans have a much higher interest rates as compared to secured loans.

So what are the consequences of failing to pay? Well, that depends on our lender. You may incur additional charges and considerably damage your credit score. The lender may even go a step further and charge you in court, perhaps to gain claim over your home.

 

Merits and demerits of secured loans

Pros

With secured loans, you’ll have one major advantage; borrowing a huge amount of money. This is the kind of loan you go for when you want to start a huge business that needs immense capital. As mentioned, you could even borrow up to £125,000 at a fairly low interest rate.

Secured loans are also a lot easier to qualify for when you’ve got a tainted credit score. This is simply because you’ll be going your property as security so your credit score doesn’t count as much.

 

Cons

Apart from the obvious risk of losing your home, secured loans may also have variable interest rates. That may mean that you may be charged greater interest rates.

Secured loans may also have a lot more charges than the interest rates. They come with very expensive arrangement fees and multiple other charges such as early repayment penalties. So read the fine print and include all these costs when planning your loan repayment.

Merits and demerits of unsecured loans

Pros

Unsecured loans are a bit less formal, so you’ll have the flexibility of choosing the length to repay them.

You may also be in a position to score some fantastic deals with these types of loans. For instance, some lenders may give you a payment holiday of say two or three months during which you don’t have to pay a cent.

Cons

You’ll generally pay more interest for these kinds of loans. If you’re looking for a short term loan, then the interest rates rise even higher.

Top deals are only open if you’ve got a high credit rating, and are pretty hard to get. So this kind of loan may not suit you if your credit score is low. You may be forced to pay much higher interest rates.

But remember, lenders are increasing each coming dawn, and the best way to score a loan is by doing your research. A number of companies offer comparison services to assist you to find the best deal.

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Top reasons why you should get a short term loan

A short term loan offers you an easy and simple way to access finances anytime you have a gap in your budget. Ranging from payday loans to doorstep loans, these short term loans are readily available in most small banks and credit unions. So if you’re looking for a loan, here are some popular reasons as to why you should opt for a short term loan.

Urgency

When an unexpected emergency occurs, a short term loan can be your saviour. Having a simple process and being readily available, these loans can be accessed within hours. Additionally, these loans have faster approval rates as they don’t require collateral. This means that you will get your loan in a very short time since there no property to be appraised.

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Short term debt

The good thing about these short term loans is that they will not keep you in debt for long.  They mature a lot faster and do not need a long term commitment. Furthermore, it is much difficult to manage a loan that is spread over a long period of time than one that is paid off almost immediately.

Unsecured

Even though different lending companies have different terms, most short term loan lenders do not need collateral. This means that you do not have to tie your car or house and risk losing them in case you default the loan. After all, short term loans are usually for small amounts of money borrowed for a short period of time. That’s why they tend to be unsecured.

Credit history

If your credit history is not all gold and roses, don’t worry. You’ll still be in a position to acquire such a loan. Often when you have a bad credit record, you cannot get traditional loans, credit cards and overdrafts since they do require a background check on your history. However, most short term lenders do not always perform credit check thus you can borrow from them despite your poor credit history.

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Additionally, you can use a short term loan to improve your credit records. Whenever you borrow this loan, it’s reflected on your credit records and other lenders can also see. When you pay on time it eventually boosts your credit records.

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