Bad Credit? Why not consider a logbook loan?

Logbook Loans: provider of loans for bad credit!

If you have ever been in the position of having a bad credit rating you will know exactly how it feels. Life is very complicated these days and it can be easy to slide into debt through various circumstances. It can feel very unfair – especially if some of these circumstances are beyond your control, such as losing a job, going through a divorce, or trying to help our family and friends.

Once you have debts it can then affect your overall financial standing. Every adult in the UK is given a credit rating by a credit reference agency. The rating is an indicator of their ability to manage existing credit and repay any further loans. If you have a lot of debt this is likely to impact your credit rating.

The problem is that once you have a bad credit rating it then seems that the financial world is against you. No matter how determined you are to get things sorted out you may repeatedly be turned down for further credit, even if you have a regular income. Yet ironically, sometimes taking out just one loan to consolidate the rest of your debts – and have one monthly payment to manage instead of juggling several – could be the answer you are looking for.

So what do you do? Can you actually find loans for bad credit, or are you going to keep getting rejected?

Logbook Loans offer loans for bad credit, as long as we can see you are able to make the repayments. We are prepared to look at the bigger picture and assess you not just on your credit rating but on your overall circumstances, the affordability and reasons for the loan that you are requesting.

At Logbook Loans we always consider each case on its merit. We will never encourage you to get into more debt than you can handle, but equally we understand that sometimes a loan is the solution that will enable you to get back on your feet again.

A logbook loan is secured against your vehicle ie car, bike, van – or even vintage car. This means that we retain your logbook (vehicle registration document – V5) as security for the duration of the loan. You keep your vehicle and have full use of it as normal, and once the loan is repaid you get your logbook back again.

Yes you would still need to undergo a credit check so that we can establish that the loan is affordable for you, but a poor credit history would not be an issue if you can now afford the repayments. We perform our affordability assessments through checking your current income and outgoings via various means such as bank statements and payslips.

With a logbook loan you are able to borrow between £250 to £50,000. The exact amount will depend on your vehicle and the repayments you are able to make. For loans up to £5,000 you can receive your money in cash, usually the same day. Repayments can be made on a weekly, fortnightly or monthly basis. We do not charge any set up fees as we are a Direct Lender. You can settle your loan at any point.

The only criteria for your vehicle is that it needs to be taxed, MOT’d and in a roadworthy condition. We can even consider lending against vehicles that still have finance on them: we can potentially look to settle this so we can help you with the loan you are looking for.

Why not browse through our Frequently Asked Questions page to find out more information about Logbook Loans and see if we might be able to help you with loans for bad credit? If you then decide to apply you can enquire online, call us on 0330 400 0403, or visit your nearest Logbook Loans branch.