Logbook Loans - Keep Driving

Logbook means a vehicle registration certificate issued by Driving and Vehicle Licensing Agency (DVLA) in the UK. It is valid up to 5 years and contains details like name of the owner of the vehicle, registered keeper of the logbook, current registration mark, engine number, chassis number, model and color of the vehicle. Logbook loans help borrowers to meet their financial emergencies.

They are secured in nature. They are approved by offering the vehicle as well as the logbook of the vehicle as security. But even though the vehicle is kept as a security, the borrower can use it as he wants. These finances are open for people with bad credit also so they can avail these advances in their need.

These advances provide the borrower with a large amount. The amount of the advance ranges from £2000 - £50000. They are long term in nature and therefore the repayment term of these finances ranges from 1 to 5 years. The amount of the credit is to be repaid on the due date of the repayment period. They carry a lower rate of interest as compared to unsecured advances.

The requirements for availing these credits are as follows:

• You must be an adult completing 18 years of age.
• You should be employed and have a regular source of income.
• You should have a valid bank account.
• The logbook of your vehicle should be in your name.
• The vehicle for which the loan is taken should be less than 8 years.
• The vehicle should be clear of any finance i.e. without any due payments.

A large number of online lenders are ready to give you these finances at cheaper rates. All you need to do is fill in an online application form giving all the details as required by the lender. If the details of your form are found true by the lender, the amount of the advance is credited to your bank account within no time.