If you want a loan, then securing it against your vehicle is one of the easiest ways to solve your financial crisis. It is understandable that you might want some money that will solve your problems and pay your bills for the interim. And hence, the logbook loan was created. Almost anyone can apply for it, without any hassle, even if you have a bad credit score. It is extremely easy to apply for and the process of acquiring it is pretty fast too. You can repay this loan in instalments, weekly or monthly, depending upon how much you can afford.
At meritmyweb.net, we help to choose the most affordable rate and terms that anyone can pay easily. We understand the kind of crisis you are under and thus help alleviate your situation. Moreover, the rate of interest that we provide on the amount is easy to pay back. You can borrow as much money we evaluate the value of your vehicle. We are ready to loan the money, if you have the requisite documents to supply along with the application.
How much do they cost?
For a logbook loan, anyone can borrow within a range of £500 to £50,000. However, it depends upon the value of your vehicle.
Like, for example, if the estimated value of your vehicle comes around £2000, then it will be awarded around 50% to 70% of that value by the lender and will get around £1500. If the interest charged on it is 400% APR, charged weekly, then you might have to pay back around £4250 as the total amount. So, for 78 weeks, you have to pay over £2750 in interest and in weekly instalments as well.
What are the interest charges?
The interest charges on these loans are usually high. They are around 400% or higher. However, we understand that you might just run into another crisis while paying the loan back and thus help out in such situations. We help to choose a suitable plan via which you can afford to pay us back. This is done by adjusting the term of loan. Like for example, if your term of loan is 36 months, we change it based upon your convenience so that you can pay us back. Plus, you can pay back in instalments weekly or monthly as well.
Is there any additional charges?
Before going for a loan, you need to find out whether there are any additional charges levied on it or not? Like for example, if you opt for cash, would they charge 4% extra or not? We, at meritmyweb.net, levy no additional costs on the loan you opt for. Our loan terms are absolutely transparent and extremely affordable.
It is essential that you note that we offer our loans only to those we think can afford to pay us back. This is done through rigorous background checks based on your financial accounts and income status. We go through every application before approving it, and help you out with your crisis and ensure that our rates are affordable.