Do Your Homework First Before Selecting Logbook Loans:

A Payday loan is the best option when you need money for a short time or in the case of emergency and these loans are not suitable for everyone. So, you must think about some alternatives before selecting these types of loans with high-interest rates. And when you have a poor credit card, don’t ever think about having a payday loan. But don’t worry, there are some good alternatives too. You can get other types of loans and these loans are completely dependent upon your needs and circumstances.

The best alternative for these short types of loans is the logbook loans offered by These logbook loans are given against the vehicle that you own. These loans are secured against the vehicle where you offer your car as a guarantee. When you are going to borrow a loan, you must have your own registered car in the UK and you must be above 18 years of age. Your lender will need your car documents so you must hand him over your V5 registration documents.

These loans don’t let you sell your belongings and you can easily get the amount that you need against the value of your car. You can continue to use the car despite handing over your documents to the lender as he will never stop you from using your car till you made all your repayments clearly. You will get the money as much as you can and it is highly dependent upon the car that you have.

If you have completed your homework and you think you know so much about these logbook loans, and you are ready to take the loan, but it’s hard to say that you are still missing so many things. As the loan is given against the car that you have, then you must do the following before handing over your documents to anyone.

  • Get All The Repairs:

If your car has a lot of problems and it needs to be repaired, then you can’t sell it as you won’t get enough money with such problems. Similar is the case with the logbook loans, if your car is having so many different problems, then you won’t be able to get enough loan. So, it’s better to repair all the things before applying for a logbook loan as you will get the maximum amount.

  • Have All The Documents Ready:

When getting money from the, you will need certain documents such as your car V5 registration documents. You will also have to share your proof of identity along with the documents that you are enough capable of repaying the borrowed amount. For this, you have to show your bank statements along with your income slips to ensure the lender that you are capable of paying the money back.

  • Must Pass MOT:

An out date MOT certificate and a car with multiple repairs needed, these things can highly affect your car value and they will have a very negative impact on it. You must have an updated MOT as it will not cost so much and it will help you in increasing the value of your car.