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LogBook loans
Car, motorbike and van V5 documentation can now be used for secured short term finance which are referred to as logbook loans and are designed to help you with cash flow problems in an instant. Working similar to the quick payday loans you see advertised on the Internet, with a fixed monthly interest rate, your loan is secured by signing over the logbook on your vehicle until you clear the amount in full. Because the logbook loans are secured against a motorcycle, car, van or any vehicle that has a decent monetary value, bad credit applicants are usually accepted. Please be advised that logbook loans do come with a high APR, sometimes in the region of over 400%. However, because they are designed for short term funding only, if you pay back the cash advance as it is meant to be (less than 30 days), you should only pay about 10% interest on the money borrowed.
There are a few things that differ from unsecured payday loans. Your vehicle is at risk if you do not pay back the fund in full along with interest. It is secured against your vehicle. Technically, whlist the loan is outstanding, even though you still get to drive the bike, van or car, you don't actually own it. Your V5 documentation is returned to you up on full payment.
Use logbook loans wisely. Only enter into an agreement concerning your log books if you are 100 percent certain of clearing the advance in full within 30 days, 60 days maximum, otherwise you will end up paying over the odds in interest.
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