Although finance is usually arranged through reputable firms, the qualification criteria might sometime be complex and many consumers opt for lesser-known finance companies from the hope of standing an increased chance of securing financing. When loans are defaulted, some companies use intimidating collection tactics to extract their money, and this is sometimes a frightening experience for many who are already under excessive financial pressure.
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Lots of people are refused a new payday loan because they are self-employed or unemployed or because the monthly out-goings are above their income - or sometimes as the minimum net salary requirement isn't really met.
Others may have bad credit which include CCJ's, Defaults, be in arrears with loan repayments even when their net income is usually acceptable - payday lenders that do credit checks can observe your credit status when they get your credit file.
So if you fall into one of them categories what can you do - what are the alternatives to payday funds?
Well, if you have a car you just might like be in luck - you may qualify for a logbook bank loan. Logbook Loans offer the secured, same day loan solution along with log book of car as security.
One of the biggest companies in the uk that offer logbook loans pass the same name: Logbook Lending options. They are a reputable company and provide a Consumer Credit License to work in this market from your Office of Fair Investing (OFT).
The loans are available quickly (most of times within 24 hours). And in addition, NO CREDIT CHECKS are completed so your credit file just isn't accessed and therefore seekers with Bad Credit are usually ACCEPTED. This is very good news as even people with Bad Credit may not be excluded from the financial products market.
So what are the requirements to get yourself a logbook loan?
1. you need to be the legal owner belonging to the car (or the vehicle) that has the logbook;
2. the car/vehicle ought to be clear (or nearly clear) of finance. If you have 1 or possibly 2 months of finance repayments left to help with making on the car then Logbook Loans encourage you;
3. the car is required to be registered in 2002 or later - i. i. it must be 8 yrs . old or less;
4. you chose from a loan term all the way to 78 weeks and Fast Settlement is allowed without a penalty charges for to do so;
5. you drive in utilizing your car and drive away with the cash loan - are often as quick as 15 or so minutes;
6. you KEEP automobile, the lender just holds onto your log book (which you have back once you repay it the loan).
Logbook Loans have been established in the uk for more than 8 many years now. They are a accountable lender and will require you to complete a simple revenue and expenditure form to be sure you can afford the loan - a sensible step to avoid you ending up with debts you may not pay back.
Typical ANNUAL PERCENTAGE RATES at 437. 4% just isn't low but can be reduced significantly for those who opt to repay in addition to settle the loan fast. Also, there is no early settlement charge.
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