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V5 Logbook Loan: Key to Get Instant Credit

If you own a car, you are eligible to apply for V5 logbook loan. The loan entitles you for the 50 to 50,000 depending on the value of your car and the lender. Logbook loan also known as V5 loan is type of mortgage loan, where you provide your vehicle’s logbook as a security against the loan money. The lender keeps the logbook (V5 document) until the loan is paid. People with bad credit history as well as poor credit are benefited from this type of loans.

Benefits of Logbook Loan

The biggest advantage of logbook loan is instant approval of loan. A borrower can have his/her loan money in a matter of hours. On the contrary, you may not qualify for a loan in such short span of time if you approach a bank or mortgage lender for the same. Secondly, lenders do not check borrower’s credit history, which means borrowers with poor credit can also apply for this loan.

V5 Logbook Loan: Prerequisites

Authentic vehicle

If you are own a car on your name, which is not older than eight years, you are eligible for logbook loan. However, there should not be any other loan against the vehicle. The lenders often require you to insure your vehicle. Even if you take loan against the vehicle, you can still use the vehicle as normal, but without its logbook.

Source of income

The borrower must have regular source of income in order to avail logbook loan. Lenders will definitely check your regular source of income in order to be assured of loan repayment on time. It is likely that the lender will not lend you loan if you don’t have any income.

V5 logbook loan is exceptionally beneficial in any kind of emergency. If you have nowhere to go and need finances quickly, all you need to do is apply for a logbook loan. Visit @ http://www.loanmymotor.com/

This was posted in Bdaily's Members' News section by David Faulkner .