Have you recently been in a situation where you have found yourself with bills that have not yet been paid, waiting for the next month’s pay? What would you do in such a scenario? You would want to take a payday loan which is offered by many companies, but then the problem arises when you realize that you can’t seem to get one! Perhaps, it is time you asked yourself these questions :
1) Why Is There A Problem In Securing A Payday Loan?
The reason could be any of the following :
• Your salary may not be high enough for the lenders.
• You may have a bad credit history or a CCJ against your name.
As all payday loan companies carry out a credit check they are sure to find out these ugly details and use it against you.
2) What Do You Do In Such A Situation?
You can always go for a logbook loan. They are easy and convenient. These loans enable you to draw a certain amount of money against your car. All you need is a vehicle of which you are a registered owner and which doesn’t have other loans drawn against it.
3) What Should You Expect When Applying For A Logbook Loan?
In order to apply for the loan - you have to be a citizen of UK, 18 years or above in age and you must own a vehicle. Apart from these things, you must also ensure that there are no other loans secured on the vehicle you will use for the logbook loan, and even if you have a loan, you have repaid the whole amount.
You cannot use the same collateral for two separate loans. You will have to furnish all papers to prove the repayment of the loan and also the V5 document to prove your ownership of the vehicle. Apart from that, you will require to furnish a recent ID prove with your photograph in it.
For any further queries or information on logbook loans, you can check this out. You will have to fill out a form to apply for logbook loans, where you have to state your car’s make, the year of manufacture, registration number and other details like your address and occupation. After that you will be asked to visit the company so that they can evaluate the car to ascertain how much money you can get against it.