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Am I Eligible for a Logbook Loan?

Logbook loans continue to gain popularity in UK. There's no surprise there given that the loan provides a quick solution to people who need money fast. The number of lenders offering loans secured by your vehicle is also ever increasing giving potential customers a lot of options to choose from. Lenders are available in the high market as well as online.

Before scouting for the right logbook loan lender, however, make sure that you are eligible and more likely to get approved to avoid wasting time.

To be eligible for a logbook loan, all you need is to have a vehicle (car or motorbike) that is officially registered under your name. The car will secure the borrowed money making other details such as credit checks and employment status unimportant. Even if you are self-employed, a contractor or a full-time employee with bad credit rating, you can still apply for a logbook loan.

Just remember that your car should meet the following criteria:

  • car should be taxed
  • car should be insured
  • car has MOT certificate
  • car is free of any financing
  • car's worth exceeds the value of the loan

In case you want to know more about MOT certificate and vehicle insurance in UK, ample information are provided at https://www.gov.uk/browse/driving/mot-insurance.

In addition to the five criteria, you also need to prove to the lender that you are able to make repayments regularly and on time. You need to have a regular source of income though not necessarily as an employee to qualify for a logbook loan.

As long as you meet the car criteria and ability to make payments, approval shouldn’t take long. Most lenders today can determine eligibility within minutes of application and within hours you can receive your money to meet any pressing financial demands.