Welcome to MCM Loans! If your credit standing has been a cause of loan application rejections and are in need of financial assistance, then we are here to help you. We can assist you in finding the most ideal logbook loan that fits your needs and profile. With the lenders we have partnered with, we can, for sure, find the perfect loan arrangement that works for all of us.
When it comes for the best logbook loans online, MCM Loans is definitely a name you can trust. Unlike our toughest competitors such as Loansy, we provide impartial and excellent logbook loans comparison that can bring a myriad of deals and promotions that suit your every need.
We recognize the negative effects of a bad credit standing, and how it could paralyze your finances because your borrowing ability is affected. We know that it is not entirely your fault, and we also believe that we deserve second chances, especially if it involves financing the needs of our family. Because of this, MCM Loans is here to help you find the best deals – saving you time that you can spend with your loved ones.
What’s a Logbook Loan?
A logbook loan is a secured type of loan that is offered for those with bad credit standing, who are otherwise not qualified for a traditional standard loan. Also called a “V5 loan”, this short-term arrangement allows you to get cash through your vehicle by listing it as collateral against the money you borrowed. The lending company will then be safekeeping the V5 document or logbook, and has the ability to repossess the vehicle if the loan is defaulted. The logbook can be obtained back as soon as the loan is fully settled.
Logbook loans allow borrowers to get between £500 and £50,000, based on the model of the vehicle. As soon as the loan is finalized and approved, the borrower can receive the money within 24 after a successful application.
Because it is a secured loan, logbook loans involve no credit checks, making it an ideal option for borrowers with poor credit ratings and have already been denied a loan elsewhere. Regardless if you’ve had collection accounts, foreclosures, repossessions, or histories of bankruptcy, logbook loansare one of the easiest ways to obtain cash.
What are the Advantages?
The primary advantage of getting a logbook loan is that you can still receive that much-needed money regardless of your credit standing. If you are found able to afford repayment, then you can qualify for the loan – regardless if you are employed or self employed, or have been bankrupt.
Another advantage of logbook loans over other kinds of lending systems is that only a few requirements are needed. There is not much need for paperwork as well – and the typical long wait that traditional loans are known for, is virtually nonexistent with logbook loans. To qualify, you must be living in England or Wales, are 18 years old or older, and are a legal owner of a vehicle that is not being financed currently. You also do not need to submit a lot of documents –what is needed is your proof of identity and income, as well as the vehicle’s logbook and MOT certificate.
Furthermore, unlike other secured loans, logbook loans allow you to keep your vehicle in the duration of the loan. As long as you can meet your repayments on time, then there is no need to worry about being car-less as you can still use the very same vehicle you loaned on, to earn more and pay back.
Logbook loans also provide flexible repayment terms. Depending on your paying capacity, you can either extend the loan or shorten,if you want to be debt-free quickly. Also, you can choose the payment schedules – weekly or monthly; whatever suits your needs. Find out more about logbook loans repayment schemes here.
Lastly, because logbook loans offer fast cash, then you can make use of the money to pay for something urgent. Typically, the loans are out in as early as one day upon successful application.
Here at MCM Loans, we will give you the best options – because that is what you deserve.