The demand for immediate short term credit is growing rapidly and recent evidence from lenders indicates that approval rates for loans are at an all time low. It is argued that the low approval rates are due to a combination of the individual’s credit history and ability to repay and/or the suitability of the security. This suggests that there are still a significant number of individuals whose credit needs remain unfulfilled.
The newest and most promising method of securing an immediate cash loan for customers with bad credit history or even made bankrupt is a logbook loan. This type of secured lending has quickly become a popular choice among borrowers because of its low risk and available of an immediate cash loan.
Car Cash Point Chief Executive Paul Hilburn “The demand for credit in the UK remains high and many customers have limited access to funds as mainstream financial institutions are refusing to lend. The Car Cash Point Logbook Loan is the best value in the UK market and is an quick cash loan solution for many customers”
What are Logbook Loans?
A Logbook loans is a loan secured by a Bill of Sale against a customer’s car. Generally for amounts ranging from £500 to £50,000 typically repaid over an 18 month period. APRs vary according to lender but tend to be c500%; however Car Cash Point APR is considerably lower at 387.40%, which is similar to other home credit products loans are taken out over a similar period (e.g. home credit).
Car Cash Point charge absolutely no fees unlike many lenders that charge consumers arrangement and registration fees (ranging from £10 to £100 depending on the size of the loan), which will be included in the APR calculation.
Repayment of a logbook loan can either be divided equally (i.e. a regular amount of interest and capital is paid each month) or follow a “balloon” profile, whereby the borrower pays only the interest each month and at the end of the term the repay entire capital is paid off. Car Cash Point the UK Logbook Loan specialist encourages customers to pay equal weekly interest and capital payments to help mange the loan and avoid unhelpful balloon payments.
Logbook loans are ideal for customer who need a quick cash loan who have bad credit or even require a bankruptcy loan.
How to apply for a Logbook Loan
There are a few basic requirements needed to qualify for a Logbook Loan with Car Cash Point
- The vehicle has to be in the borrower’s name.
- The borrower usually has to maintain full-time employment with a regular income.
- The vehicle needs to be less than ten years old, unless it is a classic car.
- The vehicle must be fully insured and taxed.
- In all cases, the car cannot have any outstanding finances or existing loans on it.
How does a Car Cash Point Logbook Loan Work?
A Logbook Loan is a quick and easy way to cash out of your car and Car Cash Point will provide cash immediately on your successful application. Simply call 0845 449 2274 or apply online at www.carcashpoint.com to arrange A Logbook Loan.
At Car Cash Point you can borrow from £500 – £50,000. The maximum loan is up to 50% of the trade value of your car and is repayable over 78 weeks.
Car Cash Point weekly repayments are up to 87% cheaper than other Logbook loans and Payday type loans and you can decide to settle early at any time and pay less interest with no payment penalties – guaranteed!
Car Cash Point abides by the code of conduct for Logbook Loans set out by the Consumer Credit Trade Association and is a responsible and ethical lender. Car Cash Point only lend to customers in full time employment or those with proof of a regular income.