How they work?
Logbook loans over the years have become a go to option for quick cash. Because of its fast process and easy eligibility, almost anyone can apply for it. Despite the number of people opting for logbook loans being high, many are not rightly aware of its process and do not even in fact, are acquainted with terms and conditions of a logbook loan. In UK, almost 17% did not get the terms of loan explained in a simple manner which they could comprehend. And thus, they landed up with huge debts.
We, at meritmyweb.net, help through the entire application process till you get the loan. We help in understanding the terms and conditions associated with the loan and even explain how it works. Like for example, if borrowed £1500 for 400% APR for 78 weeks, you need to pay £4250 as the total sum. Apart from that, there are certain ways an application process works. You need to first check eligibility criteria to ascertain whether you qualify and then proceed.
Qualifications for getting a logbook loan
There are certain criteria which you need to fulfil in order to acquire your loan. These are:
- Must be 18 years of age and a resident of UK.
- Have to substantiate the fact that there is a regular income and can afford to pay instalments for the loan.
- Need to have a vehicle which is insured and has a legal MOT.
- The V5 document must be in your name and must be the legal owner of that vehicle.
- Must have a UK bank account.
- Your vehicle should not have an outstanding loan against it and should be clear of finance.
How does the process work?
When applying for loan, we will contact you and explain the terms and interest and our loan policy as well. Our agent will answer and clarify all doubts that you have. You can talk to the agent and work out a price that will be suitable so that you can afford the repayments.
Once we check whether you can afford your instalments or not, we will fix an appointment to complete all the paperwork and substantiate with verified documents.
Once you submit the documents, you can go over the contract and check whether every term agrees with you. You need to sign the Bill of sale, credit agreement, and the income expenditure declaration form.
After it is completed, a representative will call for your account details so that they could forward funds. They will also confirm a date for your first repayment. The funds will be transferred on that same day; however it may take some time to reflect in your account.
The documents required
The documents required are:
- V5 logbook
- Tax, MOT and insurance documents
- Photo ID proof
- Banks statements for past 2 months
You can pay early if desired so before date assigned and we will collect funds on agreed date. However, if you fail to repay that loan we will communicate to bring out a solution. However, if we fail to communicate with you or you do not respond to us, we will be forced to repossess your car.